Central Bank and Financial Services Authority of Ireland Act 2004

In short

This law amends existing legislation related to the Central Bank and the regulation of financial services in Ireland. Its main purpose is to establish the Financial Services Ombudsman's Bureau, define its functions, and introduce new provisions for auditing financial service providers and regulating money transmission businesses.

What it regulates

• The establishment and functions of the Financial Services Ombudsman's Bureau.
• The auditing of accounts for financial service providers.
• The regulation of money transmission businesses.
• The establishment of consultative panels to advise the Irish Financial Services Regulatory Authority.

Who it concerns

• The Central Bank and Financial Services Authority of Ireland.
• Financial service providers and their associated entities.
• The Financial Services Ombudsman and Deputy Financial Services Ombudsman.

Key points

• The Act introduces definitions for "associated entity," "Deputy Financial Services Ombudsman," "EEA country," "Financial Services Ombudsman," "financial service provider," "holding company," "publication," and "regulated financial service provider" into the Central Bank Act 1942.
• It amends various sections of the Central Bank Act 1942 and the Central Bank Act 1997.
• The Act also makes miscellaneous amendments to other legislation and European Communities Regulations administered by the Bank.
• The Act comes into operation on a day or days fixed by the Minister for Finance.