(a) the Rome Treaty and the ESCB Statute, and (b) any restrictions that are imposed on a person to whom this section applies by or under the Central Bank Acts, or any other enactment, in relation to appearing before the Joint Committee referred to in subsection (2)(a).”.
\nAmendment of section 35 of the Principal Act (restrictions on amount of consolidated bank notes outstanding).
\n27.—Section 35 of the Principal Act is amended— (a) by substituting “Schedule 4” for “the Third Schedule to this Act”, wherever occurring, and (b) by substituting “Schedule 4” for “the said Third Schedule”, wherever occurring.
\nInsertion into the Principal Act of new Part VIIA.
\n28.—The Principal Act is amended by inserting the following Part after Part VII: “PART VIIA Irish Financial Services Appeals Tribunal
\nPreliminary Interpretation: Part VIIA and Schedule 5.
\n57A.—(1) In this Part and Schedule 5— ‘affected person’ means a person whose interests are directly or indirectly affected by an appealable decision; ‘appeal’ means an appeal under this Part; ‘appealable decision’ means a decision of the Regulatory Authority made under a designated enactment or designated statutory instrument that has the effect of imposing a sanction or liability of a kind specified in an order made under subsection (2); ‘appellant’ means a person who has lodged an appeal; ‘Chairperson’ means the Chairperson of the Appeals Tribunal; ‘Deputy Chairperson’ means the Deputy Chairperson of the Appeals Tribunal; ‘lay member’ means a member of the Appeals Tribunal other than the Chairperson and Deputy Chairperson; ‘member’ means a member of the Appeals Tribunal; ‘party’, in relation to proceedings before the Appeals Tribunal, means either the appellant or the Regulatory Authority as respondent; ‘Registrar’ means the Registrar of the Appeals Tribunal; ‘the rules’ means rules of the Appeals Tribunal made and in force under section 57AI.
\nObjects of this Part.
\n57B.—The objects of this Part are as follows: (a) to establish the Irish Financial Services Appeals Tribunal as an independent tribunal— (i) to hear and determine appeals under this Part, and (ii) to exercise such other jurisdiction as is conferred on it by this Part or by any other enactment or law; (b) to ensure that the Appeals Tribunal is accessible, its proceedings are efficient and effective and its decisions are fair; (c) to enable proceedings before the Appeals Tribunal to be determined in an informal and expeditious manner.
\nConstitution and jurisdiction of Appeals Tribunal Establishment of the Appeals Tribunal.
\n57C.—A tribunal called ‘Binse Achomhairc Seirbhísí Airgeadais na hÉireann’ or in the English language the ‘Irish Financial Services Appeals Tribunal’ is established by this section.
\nMembership of the Appeals Tribunal.
\n57D.—(1) The Appeals Tribunal consists of the following members: (a) a Chairperson; (b) a Deputy Chairperson; (c) no fewer than 1 and no more than 5 lay members.
\nEligibility for appointment as a member.
\n57E.—(1) A person is eligible to be appointed as the Chairperson or Deputy Chairperson only if the person is— (a) a former judge of the Supreme Court or the High Court, or (b) a barrister or solicitor of not less than 7 years standing.
\nAppointment of acting members.
\n57F.—(1) The President may, on the advice of the Government, appoint as an acting Chairperson or acting Deputy Chairperson a person qualified for appointment as Chairperson or Deputy Chairperson if satisfied that the appointment is necessary to enable the Appeals Tribunal to exercise its functions effectively during the period of the appointment.
\nJurisdiction and powers of the Appeals Tribunal.
\n57G.—(1) The Appeals Tribunal has jurisdiction to hear and determine— (a) appeals made by affected persons against appealable decisions of the Regulatory Authority, and (b) such other matters, or class of matters, as may be prescribed by any other Act or law.
\nConstitution of the Appeals Tribunal for particular proceedings.
\n57H.—(1) For the purpose of hearing a particular appeal, the Appeals Tribunal is constituted by 3 members or, if that Tribunal has more than 3 members, by 3 members designated by the Chairperson.
\nFunctions of Chairperson.
\n57I.—(1) The Chairperson is responsible for directing the business of the Appeals Tribunal, subject to this Part and the rules.
\nRegistrar and staff of the Appeals Tribunal.
\n57J.—(1) The Chairperson shall appoint a Registrar of the Appeals Tribunal and such other staff as may be necessary for the functioning of that Tribunal.
\nResponsibilities of Registrar of the Appeals Tribunal.
\n57K.—(1) The Registrar has the following responsibilities: (a) to assist the Chairperson in administering the Appeals Tribunal; (b) such other responsibilities as are imposed on the Registrar by or under this Part or by any other enactment or law.
\nHearing and determination of appeals Right of appeal to Appeals Tribunal against appealable decision.
\n57L.—(1) An affected person may appeal to the Appeals Tribunal in accordance with this section against an appealable decision of the Regulatory Authority.
\nAppeals Tribunal may decide persons whose interests affected by a decision.
\n57M.—(1) If it is necessary for the purposes of this Act to decide whether the interests of a person are affected, or are likely to be affected, by a decision of the Regulatory Authority, that matter is to be decided by the Appeals Tribunal.
\nDuty of Regulatory Authority to give reasons on request.
\n57N.—(1) If the Regulatory Authority has made an appealable decision, an affected person may make a written request to that Authority for a statement setting out the reasons for the decision.
\nRegulatory Authority may refuse reasons in certain cases.
\n57O.—(1) The Regulatory Authority may refuse to prepare and provide a statement of reasons requested by a person under section 57N if— (a) it is of the opinion that the person is not entitled to be given the statement, or (b) in the case of a decision the terms of which were recorded in writing and set out in a document that was provided to the person — the request was not made within 28 days after the person was provided with the document, or (c) in any other case — the request was not made within a reasonable time after the decision was made.
\nAppeals Tribunal may determine whether person entitled to reasons or made request within reasonable time.
\n57P.—(1) The Appeals Tribunal may, on the application of a person who has been refused a statement of reasons under section 57O(1)(a), make an order declaring that the person was, or was not, entitled to make the request to which the notice relates.
\nAppeals Tribunal may order Regulatory Authority to provide a statement of reasons or an adequate statement of reasons.
\n57Q.—(1) If an affected person has requested a statement of reasons under section 57N but has not received it within the period specified by or under that section, the Appeals Tribunal may, on the application of the person, order the Regulatory Authority to give the statement of reasons within such time as may be specified in the order.
\nOperation and implementation of appealed decision pending determination of appeal.
\n57R.—(1) Subject to this section, the lodgement of an appeal with the Appeals Tribunal against a decision of the Regulatory Authority does not affect the operation of the decision or prevent the taking of action to implement that decision.
\nConditions of stay order.
\n57S.—(1) An order in force under section 57R (including an order that has previously been varied on one or more occasions) is subject to such conditions as are specified in the order.
\nOpportunity of parties to make submissions.
\n57T.—The Appeals Tribunal shall ensure that each party to proceedings before that Tribunal is given a reasonable opportunity— (a) to present the party's case (whether at a hearing or otherwise), and (b) to make submissions in relation to the issues arising in the proceedings.
\nRepresentation of parties.
\n57U.—(1) A party to proceedings before the Appeals Tribunal may— (a) appear without representation, or (b) be represented by an agent, or (c) if the party is an incapacitated person — be represented by such other person as may be appointed by that Tribunal under subsection (2).
\nProcedure of the Appeals Tribunal.
\n57V.—(1) The Appeals Tribunal may, subject to this Part and the rules, determine its own procedure.
\nProceedings on hearing to be normally conducted in public.
\n57W.—(1) The hearing of an appeal is to be open to the public, unless the parties to the hearing agree that it should be conducted in private.
\nPower to remit matters to Regulatory Authority for further consideration.
\n57X.—(1) At any stage of proceedings to determine an appeal against an appealable decision, the Appeals Tribunal may remit the decision to the Regulatory Authority for its reconsideration.
\nReconstitution of Appeals Tribunal during hearing of appeal.
\n57Y.—(1) The Chairperson may replace a member during the hearing of an appeal if the member becomes mentally or physically incapacitated or otherwise becomes unavailable, or ceases to be a member, before the appeal is determined, but only if the parties agree.
\nWhat decisions the Appeals Tribunal can make in determining an appeal.
\n57Z.—(1) In determining an appeal against an appealable decision, the Appeals Tribunal shall decide what the correct and preferable decision is having regard to the material then before it, including— (a) any relevant factual material, and (b) any applicable enactment or other law.
\nHow decisions of the Appeals Tribunal are to be made and given.
\n57AA.—(1) If the members are not in unanimous agreement on a matter to be determined in proceedings before the Appeals Tribunal, the decision of the majority on the matter is the decision of that Tribunal.
\nAppeals Tribunal may reserve decision.
\n57AB.—(1) The Appeals Tribunal may reserve its decision in any proceedings before it.
\nEffect of decision of the Appeals Tribunal.
\n57AC.—(1) A decision determining an appeal takes effect on the date on which it is given or such later date as may be specified in the decision.
\nAmendments and irregularities.
\n57AD.—(1) The Appeals Tribunal may, in any proceedings before it, make any amendments to the proceedings that that Tribunal considers to be necessary in the interests of justice.
\nRecovery of amounts ordered to be paid.
\n57AE.—(1) To facilitate the recovery of any amount (including costs) that the Appeals Tribunal has ordered to be paid, the Registrar is required to certify the amount to be paid.
\nPowers in relation to witnesses.
\n57AF.—(1) The Appeals Tribunal may, in relation to proceedings before it— (a) call witnesses on its own initiative, and (b) examine witnesses on oath, or by use of a statutory declaration, and (c) examine or cross-examine any witness to such extent as it thinks proper in order to elicit information relevant to the determination of the proceedings, and (d) require any witness to answer questions that it believes to be relevant to the proceedings.
\nPower to correct decisions of the Appeals Tribunal.
\n57AG.—(1) If, after making a decision, the Appeals Tribunal is satisfied that there is an obvious error in the text of the decision or in a written statement of reasons for the decision, it may direct the Registrar to alter the text of the decision or statement in accordance with its directions.
\nAppeals Tribunal may award costs in certain circumstances.
\n57AH.—(1) The Appeals Tribunal may award costs in relation to proceedings before it and may determine by whom and to what extent costs are to be paid.
\nAppeals Tribunal may make rules of procedure.
\n57AI.—(1) The Appeals Tribunal may make rules, not inconsistent with this Part, for or with respect to any matter— (a) that by this Part is required or permitted to be prescribed by the rules, or (b) that is necessary or convenient to be prescribed in relation to the practice and procedure of that Tribunal.
\nReferences and appeals to High Court References of questions of law to High Court.
\n57AJ.—(1) When hearing an appeal, the Appeals Tribunal may, on its own initiative or at the request of a party, refer a question of law arising in the appeal to the High Court for the opinion of the Court.
\nRight of appeal to High Court.
\n57AK.—(1) A party to an appeal determined by the Appeals Tribunal may appeal to the High Court against the decision of the Appeals Tribunal in respect of the appeal.
\nOrders on appeal to the High Court.
\n57AL.—(1) The High Court is to hear and determine an appeal made under section 57AK and may make such orders as it thinks appropriate in light of its determination.
\nAppeal does not stay decision of the Appeals Tribunal.
\n57AM.—An appeal under section 57AK does not— (a) affect the operation of the decision appealed against, or (b) prevent the taking of action to implement the decision, unless the High Court otherwise orders.
\nMiscellaneous Contempt of Appeals Tribunal.
\n57AN.—(1) The Appeals Tribunal may report the following matters to the High Court: (a) if a person fails to attend in obedience to a summons after having been served with a summons to attend before the Appeals Tribunal as a witness, or (b) if a person fails to produce any document or other thing in the person's custody or control that the person is required by a summons to produce after having been served with a summons to attend before the Appeals Tribunal, or (c) if a person refuses to be sworn or to make an affirmation or refuses or otherwise fails to answer any question that is put to the person by the Appeals Tribunal after being called or examined as a witness before that Tribunal, or (d) if a person threatens or insults— (i) a member, assessor or officer of the Appeals Tribunal, or (ii) any witness or person summoned to attend before that Tribunal, or (iii) a barrister, solicitor or other person authorised to appear before that Tribunal, or (e) if a person interrupts the proceedings of, or otherwise misbehaves before, the Appeals Tribunal, or (f) if a person obstructs or attempts to obstruct the Appeals Tribunal, a member of that Tribunal or a person acting with the authority of that Tribunal in the exercise of any lawful function, or (g) if a person discloses, or authorises the disclosure of, evidence given before the Appeals Tribunal or any of the contents of a document produced at a hearing that that Tribunal has ordered not to be published, or (h) if a person discloses, or authorises the disclosure of, evidence given before the Appeals Tribunal at a hearing held in private or any of the contents of a document produced at a hearing held in private (except to a member of staff of that Tribunal or as permitted by that Tribunal), or (i) if a person does any other thing that, if the Appeals Tribunal were a court of law having power to commit for contempt, would be contempt of that court.
\nAct or omission that is both an offence and contempt.
\n57AO.—(1) An act or omission may be punished as a contempt of the Appeals Tribunal even though it could be punished as an offence.
\nAppeals Tribunal to have seal.
\n57AP.—The Appeals Tribunal is required to have a seal, which is to be judicially noticed.
\nAuthentication of documents.
\n57AQ.—Every document requiring authentication by the Appeals Tribunal is sufficiently authenticated without the seal of that Tribunal if it is signed by the Chairperson, the Deputy Chairperson or the Registrar.
\nJudicial notice to be taken of certain signatures.
\n57AR.—Judicial notice is to be taken of the signature of the Chairperson, the Deputy Chairperson or the Registrar when appearing on a document issued by the Appeals Tribunal.
\nProof of certain matters not required.
\n57AS.—In any legal proceedings, no proof is required (unless evidence to the contrary is given) of— (a) the constitution of the Appeals Tribunal, or (b) any decision of that Tribunal, or (c) the appointment, or the holding of office by, a member of that Tribunal or the Registrar.
\nProtection of barristers, solicitors, witnesses and others.
\n57AT.—(1) A barrister, solicitor or other person appearing before the Appeals Tribunal on behalf of a party has the same protection and immunity as a barrister has in appearing for a party in proceedings in the High Court.
\nAllowances and expenses of witnesses.
\n57AU.—(1) A person (other than an employee of the Bank or a civil servant for the purposes of the Civil Service Regulation Acts 1956 to 1996) who is required to appear or give evidence before the Appeals Tribunal is entitled to be paid such allowances and expenses as are ascertained in accordance with a scale of allowances and expenses prescribed by regulations made under section 57AZ for the purposes of this section.
\nNotices, service and lodgement of documents.
\n57AV.—(1) For the purposes of this Part, a notice or document may be given to a person (or a notice or document may be served on a person)— (a) in the case of a natural person, by— (i) delivering it to the person personally, or (ii) leaving it at, or by sending it by pre-paid post to, the residential or business address of the person last known to the person serving the document, or (b) in the case of a body corporate — by leaving it at, or by sending it by pre-paid post to, the head office, a registered office or a principal office of the body corporate, or (c) in the case of the Regulatory Authority — by leaving it with, or by sending it by pre-paid post to, the Chief Executive or a member of staff of that Authority.
\nAnnual report of the Appeals Tribunal.
\n57AW.—(1) Not later than 3 months after the end of each financial year, the Chairperson shall provide the Minister and the Board with a report on the operations of the Appeals Tribunal for that year.
\nHow the cost of operating the Appeals Tribunal is to be met.
\n57AX.—(1) The cost of operating the Appeals Tribunal is to be met from funds provided in accordance with this section.
\nRegistrar to keep proper accounting records.
\n57AY.—(1) The Registrar shall keep all proper accounting records in respect of all money received and spent by or in respect of the Appeals Tribunal.
\nGovernment may make regulations with respect to the Appeals Tribunal.
\n57AZ.—The Government may make regulations, not inconsistent with this Act, for or with respect to any matter that by this Part is required or permitted to be prescribed by regulation.”.
\nInsertion into the Principal Act of new Part VIIIA.
\n29.—The Principal Act is amended by inserting the following Part after section 57AZ: “PART VIIIA Regulations and Orders Regulations for purposes of this Act.
\n61A.—(1) The Minister may, after consulting the Bank, make regulations, not inconsistent with this Act, for or with respect to any matter that by this Act is required or permitted to be prescribed (other than a matter required or permitted to be prescribed by the Government or the Bank), or that is necessary or expedient to be prescribed, for carrying out or giving effect to this Act (Part VIIA excepted).
\nPower to amend or revoke certain orders.
\n61B.—(1) If the effect of an order made by the Minister under this Act has not become spent, the Minister may, after consulting the Bank, by further order, amend or revoke the order.
\nRegulations and orders to be laid before each House of Oireachtas.
\n61C.—The Minister shall arrange for every regulation made by the Government, Minister or the Chief Executive, and every order made by the Government or the Minister, under this Act to be laid before each House of the Oireachtas as soon as practicable after it is made.
\nHouse of Oireachtas may annul regulation or order.
\n61D.—(1) Either House of the Oireachtas may, by resolution passed within 21 sitting days after the day on which a regulation or order was laid before it in accordance with section 61C, annul the regulation or order.
\nInsertion into the Principal Act of new sections 61E and 61F.
\n30.—The Principal Act is amended by inserting the following sections in Part IX before section 62: “Bank and certain other persons required to consult.
\n61E.—(1) This section applies to the following persons: (a) the Bank; (b) any delegate of the Bank; (c) the Pensions Board; (d) the Director of Consumer Affairs; (e) the Competition Authority; (f) the Registrar of Friendly Societies; (g) the Director of Corporate Enforcement; (h) any person whom the Minister (after consultation with the person) designates in writing for the purposes of this section.
\nExpenses incurred by Minister in administering this Act.
\n61F.—The expenses incurred by the Minister in administering this Act are payable out of money provided by the Oireachtas.”.
\nSubstitution of the First and Second Schedules to the Principal Act.
\n31.—The Principal Act is amended by substituting the following Schedules for the First and Second Schedules: “SCHEDULE 1 Section 32.
\nProvisions Applicable to the Board General procedure.
\n1.—The procedure for the calling of meetings of the Board and for the conduct of business at those meetings is, subject to this Schedule, to be as determined by the Board. The Board may determine that procedure by means of rules or standing orders or by any other means.
\nQuorum.
\n2.—(1) Subject to subparagraph (2), a quorum for all meetings of the Board is 7.
\nWho is to preside at meetings of the Board.
\n3.—(1) Subject to subparagraph (3), a meeting of the Board is to be presided over by— (a) the Chairperson, or (b) in the absence of the Chairperson or if there is no Chairperson— (i) the Director appointed under section 22 to act as Governor, or (ii) if no Director has been appointed under that section — a Director elected by the Directors present at the meeting.
\nVoting at Board meetings.
\n4.—A decision supported by a majority of the votes cast at a meeting of the Board at which a quorum is present is the decision of the Board.
\nTransaction of business otherwise than at ordinary meetings.
\n5.—(1) The Board may, if it thinks fit, transact any of its business by the circulation of papers among all its members for the time being. A resolution approved in writing by a majority of those members is taken to be a decision of the Board.
\nDisclosure of Directors' pecuniary interests.
\n6.—(1) If— (a) a Director has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Board, and (b) the interest appears to raise a conflict with the proper performance of the Director's duties in relation to the consideration of the matter, the Director shall, as soon as possible after the relevant facts have come to the Director's knowledge, disclose the nature of the interest at a meeting of the Board or to the Secretary to the Board who shall advise the next meeting of the Board of the disclosure.
\nSCHEDULE 2 Section 33C(1) and (2).
\nEnactments and Regulations under which Regulatory Authority is to Perform Functions of the Bank
\nEnactments Number and Year Short Title Provisions affected 1909 c. 49 Assurance Companies Act 1909 The whole Act No. 45 of 1936 Insurance Act 1936 The whole Act No. 7 of 1953 Insurance Act 1953
\nNo. 33 of 1963 Companies Act 1963
\nNo. 18 of 1964 Insurance Act 1964 The whole Act No. 24 of 1971 Central Bank Act 1971 The whole Act, other than sections 7(1) and (4), 18, 23, 44-46, 48-50 and 55 No. 30 of 1978 Insurance (Amendment) Act 1978 The whole Act No. 24 of 1983 Postal and Telecommunications Services Act 1983
\nNo. 29 of 1983 Insurance (No. 2) Act 1983 The whole Act No. 3 of 1989 Insurance Act 1989 The whole Act No. 16 of 1989 Central Bank Act 1989 The whole Act, other than sections 22-25 and 118-126 No. 17 of 1989 Building Societies Act 1989 The whole Act No. 21 of 1989 Trustee Savings Banks Act 1989 The whole Act No. 27 of 1990 Companies (Amendment) Act 1990 Sections 3, 3C, 18, 23, 24 and 27 No. 33 of 1990 Companies Act 1990
\nNo. 37 of 1990 Unit Trusts Act 1990 The whole Act No. 18 of 1992 Housing (Miscellaneous Provisions) Act 1992
\nNo. 15 of 1994 Criminal Justice Act 1994
\nNo. 24 of 1994 Investment Limited Partnership Act 1994 The whole Act No. 27 of 1994 Solicitors (Amendment) Act 1994
\nNo. 9 of 1995 Stock Exchange Act 1995 The whole Act No. 11 of 1995 Investment Intermediaries Act 1995 The whole Act No. 24 of 1995 Consumer Credit Act 1995 The whole Act No. 25 of 1995 Netting of Financial Contracts Act 1995 Sections 2 and 3 No. 8 of 1997 Central Bank Act 1997 The whole Act other than Parts II and III No. 15 of 1997 Credit Union Act 1997 The whole Act No. 37 of 1998 Investor Compensation Act 1998 The whole Act No. 32 of 2001 Dormant Accounts Act 2001
\nNo. 47 of 2001 Asset Covered Securities Act 2001 The whole Act
\nStatutory instruments Number and Year Short Title Provisions affected S.R. & O. No. 75 of 1940 Actuary (Qualification) Regulations 1940 The whole instrument S.R. & O. No. 76 of 1940 Industrial Assurance (Contents of Policies) Order 1940 The whole instrument S.R. & O. No. 78 of 1940 Insurance (Deposits) Rules 1940 The whole instrument S.R. & O. No. 80 of 1940 Insurance Regulations 1940 The whole instrument S.R. & O. No. 81 of 1940 Industrial Assurance (Fees for Determination of Disputes) Regulations 1940 The whole instrument S.I. No. 64 of 1971 Decimal Currency (Friendly Society and Industrial Assurance Contracts) Regulations 1971 The whole instrument S.I. No. 115 of 1976 European Communities (Non-Life Insurance) Regulations 1976 The whole instrument S.I. No. 178 of 1978 European Communities (Insurance Agents and Brokers) Regulations 1978 The whole instrument S.I. No. 382 of 1978 European Communities (Insurance) (Non-life) Regulations 1978 The whole instrument S.I. No. 65 of 1983 European Communities (Co-Insurance) Regulations 1983 The whole instrument S.I. No. 57 of 1984 European Communities (Life Assurance) Regulations 1984 The whole instrument S.I. No. 27 of 1987 Building Societies Regulations 1987 First Schedule to Article 8 S.I. No. 78 of 1989 European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 The whole instrument S.I. No. 191 of 1990 Insurance (Bonding of Intermediaries) Regulations 1990 The whole instrument S.I. No. 142 of 1991 European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 The whole instrument S.I. No. 197 of 1991 European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 The whole instrument S.I. No. 244 of 1992 European Communities (Non-Life Insurance) (Amendment) Regulations 1992 The whole instrument S.I. No. 294 of 1992 European Communities (Credit Institutions: Accounts) Regulations 1992 Regulations 8, 14 and 15 S.I. No. 395 of 1992 European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 The whole instrument S.I. No. 396 of 1992 European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 The whole instrument S.I. No. 359 of 1994 European Communities (Non-Life Insurance) Framework Regulations 1994 The whole instrument S.I. No. 360 of 1994 European Communities (Life Assurance) Framework Regulations 1994 The whole instrument S.I. No. 128 of 1995 Insurance (Fees) Order 1995 The whole instrument S.I. No. 168 of 1995 European Communities (Deposit Guarantee Schemes) Regulations 1995
\nThe whole instrument S.I. No. 202 of 1995 European Communities (Non-Life Insurance Accounts) Regulations 1995 The whole instrument S.I. No. 23 of 1996 European Communities (Insurance Undertakings: Accounts) Regulations 1996 The whole instrument S.I. No. 25 of 1996 European Communities (Swiss Confederation Agreement) Regulations 1996 The whole instrument S.I. No. 267 of 1996 Supervision of Credit Institutions, Stock Exchange Member Firms and Investment Business Firms Regulations 1996 The whole instrument S.I. No. 380 of 1997 Rules entitled Stock Exchange Act 1995 (Determination Committees Rules of Procedure) Regulations 1997 The whole instrument S.I. No. 381 of 1997 Rules entitled Investment Intermediaries Act 1995 (Determination Committee) Rules of Procedure 1997 The whole instrument S.I. No. 399 of 1999 European Communities (Supplementary Supervision of Insurance Undertakings in an Insurance Group) Regulations 1999 The whole instrument S.I. No. 473 of 2000 Insurance Act 1989 (Reinsurance) (Form of Notice) Regulations 2000 The whole instrument S.I. No. 15 of 2001 Life Assurance (Provision of Information) Regulations 2001 The whole instrument S.I. No. 221 of 2002 European Communities (Electronic Money) Regulations 2002 The whole instrument S.I. No. 335 of 2002 European Communities (Cross Border Payments in Euro) Regulations 2002 The whole instrument SCHEDULE 3 Section 33E(4).
\nProvisions Applicable to Regulatory Authority
\nDefinitions Definitions.
\n1.—In this Schedule— ‘appointed member’ means a member appointed by the Minister, other than an official member; ‘official member’ means a person is a member by virtue of being the holder of an office specified by the Minister.
\nMembers Terms of office of members.
\n2.—(1) Appointed members hold office for an indefinite period, but on the fifth anniversary after the commencement of section 33E, and on every subsequent anniversary, 2 of the appointed members are required to retire. Which of those members is or are to retire is to be determined as provided by the Regulatory Authority's rules of procedure.
\nRemuneration of members.
\n3.—An appointed member is entitled to be paid such remuneration (including travelling and subsistence allowances) and be subject to such conditions of service as the Minister determines in respect of the member from time to time.
\nDeputies of members.
\n4.—(1) The Minister may, from time to time, appoint a person to be the deputy of an appointed member. The Minister may also revoke such an appointment.
\nVacancy in office of member.
\n5.—(1) A person ceases to be an official member if the person dies or otherwise ceases to hold the office by virtue of which the person is a member.
\nFilling vacancy in office of member.
\n6.—(1) If the office of an appointed member becomes vacant, the Minister is required to arrange for a suitably qualified person to be appointed to fill the vacancy in accordance with this Act within 60 days after the date on which the vacancy occurred.
\nDisclosure of members' pecuniary interests.
\n7.—(1) If— (a) a member has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Regulatory Authority, and (b) the interest appears to raise a conflict with the proper performance of the member's duties in relation to the consideration of the matter, the member shall, as soon as possible after the relevant facts have come to the member's knowledge, disclose the nature of the interest at a meeting of the Regulatory Authority or to the Secretary to the Authority who shall advise the next meeting of the Regulatory Authority of the disclosure.
\nProcedure of Regulatory Authority Procedure for meetings.
\n8.—(1) The procedure for the calling of meetings of the Regulatory Authority and for the conduct of business at those meetings is, subject to this Schedule, to be as determined by that Authority.
\nQuorum for meetings of Regulatory Authority.
\n9.—The quorum for a meeting of the Regulatory Authority is a majority of the members.
\nWho is to preside at meetings of the Regulatory Authority.
\n10.—(1) A meeting of the Regulatory Authority is to be presided over by— (a) the Chairperson, or (b) in the absence of the Chairperson, a member elected by the members present at the meeting.
\nVoting at meetings of the Regulatory Authority.
\n11.—A decision supported by a majority of the votes cast at a meeting of the Regulatory Authority at which a quorum is present is the decision of that Authority.
\nTransaction of business of Regulatory Authority otherwise than at ordinary meetings.
\n12.—(1) The Regulatory Authority may, if it thinks fit, transact any of its business by the circulation of papers among all the members for the time being. A resolution approved in writing by a majority of those members is taken to be a decision of that Authority.
\nFirst meeting of the Regulatory Authority.
\n13.—The Chairperson is responsible for calling the first meeting of the Regulatory Authority.”.
\nAmendment of Third Schedule to the Principal Act.
\n32.—The Third Schedule to the Principal Act is amended by substituting “SCHEDULE 4” for “THIRD SCHEDULE”.
\nInsertion into the Principal Act of new Schedule 5.
\n33.—The Principal Act is amended by inserting the following Schedule after Schedule 4 (as amended by section 32 of this Act): “SCHEDULE 5. Section 57D(5).
\nProvisions Applicable to Members of the Appeals Tribunal Acting Chairperson.
\n1.—(1) If the Chairperson is absent from duty, the Deputy Chairperson is to be acting Chairperson.
\nTerms of appointment of members.
\n2.—(1) Subject to Part VIIA of this Act and to this Schedule, a member holds office for 5 years.
\nMembers to take oath of office.
\n3.—A member is required to take an oath before performing the functions of the member's office. The regulations may make provision for the oaths that are to be taken by members.
\nProtection and immunities of members.
\n4.—A member has as such the same protection and immunities as a Judge of the High Court.
\nRemuneration and other conditions of service of members.
\n5.—A member is entitled to such remuneration and other conditions of service as the President may from time to time determine on the advice of the Government. This paragraph is subject to paragraph 10.
\nVacancy in office of Chairperson and Deputy Chairperson.
\n6.—(1) A person ceases to be Chairperson or Deputy Chairperson if the person— (a) dies, or (b) completes a term of office and is not re-appointed, or (c) resigns the office by notice in writing given to the President, or (d) ceases to be eligible to practice as a barrister or solicitor, or (e) is, with the person's consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann, or (f) is, with the person's consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or (g) is, with the person's consent, nominated as a candidate for election as a member of a local authority, or (h) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person's creditors, or (i) becomes physically or mentally incapable of performing the duties of Chairperson or Deputy Chairperson, or (j) is removed from office by a resolution passed in accordance with subparagraph (2).
\nVacancy in office of other members.
\n7.—(1) A person who is a lay member ceases to be such a member if the person— (a) dies, or (b) completes a term of office and is not re-appointed, or (c) resigns the office by notice in writing addressed to the President, or (d) is, with the person's consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann, or (e) is, with the person's consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or (f) is, with the person's consent, nominated as a candidate for election as a member of a local authority, or (g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person's creditors, or (h) becomes physically or mentally incapable of performing the duties of a member, or (i) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or (j) is removed from office under subparagraph (2).
\nFormer member whose term expires may complete unfinished matters.
\n8.—(1) Even though a person's term of office as a member has come to an end, the person may finish or otherwise continue to deal with any matters relating to proceedings before the Appeals Tribunal that have been heard or partly heard (or were otherwise the subject of deliberations) by the person before the end of that term.
\nSuperannuation and leave — preservation of certain accrued rights.
\n9.—(1) In this paragraph— ‘eligible member’ means a member who, immediately before being appointed to the Appeals Tribunal, was a civil servant or an officer or employee of a public authority declared by an enactment or other law to be an authority to which this paragraph applies; ‘superannuation scheme’ means a scheme, fund or arrangement under which any superannuation or retirement benefits are provided and which is established by or under an Act.
\nChairperson may delegate certain functions and powers.
\n10.—(1) The Chairperson may— (a) delegate to the Deputy Chairperson any of the functions or powers of the Chairperson, or (b) delegate to the Registrar or any other member of staff of the Appeals Tribunal any of the functions or powers of the Chairperson prescribed by the rules, other than this power of delegation.
\nDisclosure of members' pecuniary and other interests.
\n11.—(1) If a person is, or is to be, a member of the Appeals Tribunal as constituted for the purposes of proceedings and the person has or acquires an interest (pecuniary or otherwise) that could conflict with the proper performance of the person's functions in relation to the proceedings, the person— (a) shall disclose the nature of the interest to the parties to the proceedings, and (b) may not, without the consent of all of the parties, take part in the proceedings, or exercise any powers in relation to the making by that Tribunal of the decision to which the proceedings relate.
\nApplication of Schedule to acting members.
\n12.—(1) All of the provisions of this Schedule except paragraph 2 apply to acting members.
\nRepeal and Amendment of Other Enactments, etc.
\nRepeal of certain enactments.
\n34.—The following Acts are repealed: (a) the Central Bank Act 1961 ; (b) the Central Bank Act 1964 ; (c) the Insurance Act 1990 .
\nConsequential amendment of other legislation.
\n35.—(1) The Acts specified in Schedule 1 are amended as indicated in that Schedule.
\nSavings and Transitional Provisions Schedule 3 (savings and transitional provisions).
\n36.—The savings and transitional provisions set out in Schedule 3 have effect.
\nSCHEDULE 1 Consequential Amendments to other Acts
\nAmendment of Assurance Companies Act 1909 Item Provision affected Amendment 1.
\nSections 2, 7, 9, 14, 22, 34, 35 and the Schedules (a) Substitute “Bank” for “Board of Trade”, wherever occurring; (b) substitute “Bank” for “Board”, wherever occurring.
\n2.
\nSubstitute the following section: “Custody and inspection of documents deposited with the Bank 20.—(1) The Bank may direct any documents deposited with it under this Act, or any certified copies of the documents, to be kept by a specified officer or employee of the Bank.
\n3.
\nSubstitute the following section: “Evidence of documents.
\n21.—(1) Every document deposited under this Act with the Bank and certified by an authorised person as being a document so deposited is for all purposes taken to be a document so deposited.
\n4.
\nSubstitute the following section: “Bank to lay accounts etc. before Oireachtas.
\n27.—(1) In each financial year, the Bank shall lay before each House of the Oireachtas the financial statements and other documents deposited under this Act during the immediately preceding financial year. The Bank may attach to those documents any note prepared by the Bank, and any correspondence, relating to them.
\n5.
\nDelete subsection (1).
\n6.
\n(a) Insert the following definition after the definition of “chairman”: “The expression ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”; (b) substitute the following definition for the definition of “Court”: “The expression ‘Court’ means the High Court, except where the Supreme Court is expressly referred to;”; (c) substitute the following definition for the definition of “Companies Acts”: “The expression ‘Companies Acts’ means the Companies Acts 1963 to 2001;”; (d) in the definition of “actuary”, substitute “regulations in force under section 5 of the Insurance Act 1936 ” for “rules made by the Board of Trade”; (e) substitute the following definition for the definition of “Gazette”: “The expression ‘Gazette’ means Iris Oifigiúil.”.
\n7.
\nSections 32 and 33 Substitute “with the Bank” for “at the Board of Trade”, wherever occurring.
\n8.
\nSubstitute “Bank” for “the Board, after consulting the Chief Registrar of Friendly Societies,”.
\nAmendment of Insurance Act 1936 Item Provision affected Amendment 1.
\nDelete “, but no order shall be made by the Minister under this section in relation to Part VI of this Act without the consent of the Minister for Finance”.
\n2.
\n(a) Insert the following definition before the definition of the expression “the Minister”: “the expression ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”; (b) substitute the following definition for the definition of the expression “the Minister”: “the expression ‘the Minister’ means the Minister for Finance.”.
\n3.
\nSubstitute the following section: “Expenses incurred in administering this Act.
\n4.—Expenses incurred by the Minister in administering this Act are, except in so far as they are expressly provided for by a provision of this Act, payable out of money provided by the Oireachtas.”.
\n4.
\nSubstitute “Bank may” for “Minister may be order”.
\n5.
\nRepeal the section.
\n6.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (2), substitute “it” for “he”; (c) in subsection (3), substitute “its” for “his”.
\n7.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (2), substitute “its” for “his”; (c) in subsection (2), substitute “it” for “he”.
\n8.
\n(a) in subsections (1), (2), (3) and (4), substitute “Bank” for “Minister”; (b) insert the following at the end of subsection (4): “If the register is kept in a form that is not immediately legible, the Bank shall make available to members of the public a version of the register that is in legible form.”; (c) substitute the following subsection for subsection (5): “(5) A person who, during the ordinary business hours of the Bank, attends the office at which the Bank keeps the register is entitled— (a) to inspect the register without charge or make enquiries regarding its contents, and (b) on payment of the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this subsection, to obtain a copy of any entry in the register.”; (d) delete subsections (6) and (7).
\n9.
\nIn subsection (3), substitute “Bank” for “Minister”, wherever occurring.
\n10.
\nIn subsection (2), substitute “Bank” for “Minister”.
\n11.
\nIn subsection (1), substitute “Bank” for “Minister”.
\n12.
\nIn subsection (1), substitute “Bank” for “Minister”.
\n13.
\nSubstitute “Bank” for “Minister”.
\n14.
\n(a) In subsections (1), (2), (3), (5) and (6), substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (1), substitute “it” for “him”; (c) in subsections (3) and (4), substitute “it” for “he”; (d) in subsection (4), substitute “Bank” for “Minister”, where firstly and thirdly occurring; (e) delete “, with the consent of the Minister,”, wherever occurring.
\n15.
\nSubstitute “Bank” for “Minister”, wherever occurring.
\n16.
\nSubstitute the following subsections for subsection (5): “(5) The sum assured under a policy of industrial assurance that is issued for a purpose for which industrial assurance companies can issue policies of industrial assurance under this section is presumed to be reasonable if the sum does not exceed the prescribed sum.
\n17.
\nSubstitute the following subsection for subsection (2): “(2) Subject to this section, an industrial assurance company may pay, or undertake liability (by the issue of a policy or otherwise) to pay, on the death of a child who is under 10 years of age any sum of money that, when added to the amount or the total of the amounts payable on the death of the child by one or more other industrial companies (exclusive of bonus or free paid-up policies) exceeds— (a) €1,300, or (b) if the Bank by order prescribes some other sum for the purposes of this subsection, that other sum.”.
\n18.
\nIn paragraph (c), substitute “Bank” for “Minister”.
\n19.
\nIn paragraph (d), substitute “Bank” for “Minister”.
\n20.
\nSubstitute “Bank” for “Minister”, wherever occurring.
\n21.
\n(a) Substitute “Bank” for “Minister”; (b) substitute “it” for “him”; (c) substitute “it” for “he”; (d) substitute “itself” for “himself”.
\n22.
\nSubstitute “Bank” for “Minister”.
\n23.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “him”.
\n24.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (2), substitute “it” for “he”.
\n25.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring.
\n26.
\n(a) In subsections (1) to (9), substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “him”, wherever occurring; (c) in subsection (8), substitute “it” for “he”; (d) substitute the following subsection for subsection (10): “(10) Whenever a dispute is referred to the Bank for determination under this section, there shall be paid to the Bank such fee as shall be prescribed by regulations under section 33K of the Central Bank Act 1942 , and such fee shall be paid by (as the case may require) the industrial assurance company which or the applicant who refers such dispute to the Bank or, where such dispute is referred by the industrial assurance company and the applicant jointly to the Bank by both such company and the applicant in equal parts, and the due payment of such fee shall be a condition precedent to the determination of such dispute by the Bank.”; (e) delete subsection (11).
\n27.
\n(a) Substitute “Bank” for “Minister”; (b) substitute “it” for “he”.
\n28.
\nRepeal the Part.
\n29.
\nIn subsection (2)(c), substitute “Bank” for “Minister”.
\n30.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (1), substitute “it” for “he”; (c) substitute the following subsection for subsection (2): “(2) The Bank may, by order, amend the Eighth Schedule to the Act of 1909 (by addition, omission or variation).”; (d) delete subsections (3), (4) and (5).
\n31.
\n(a) Substitute “Bank” for “Minister”; (b) substitute “it” for “he”.
\n32.
\nSubstitute “Bank” for “Minister”, wherever occurring.
\n33.
\nSubstitute the following section: “Accounts and statements to be provided by syndicates.
\n99.—(1) Every syndicate shall provide the Bank with accounts and statements in respect of each class of assurance business carried on in the State by the syndicate during the year preceding the year in which the accounts and statements are given. The accounts and statements are to be in such form and manner and to be provided at such times as the Bank directs.
\n34.
\nSubstitute “Bank” for “Board of Trade”.
\n35.
\nSubstitute “Bank” for “Board of Trade”.
\n36.
\nSubstitute the following paragraph for paragraph (b): “(b) the company shall each year prepare a statement of its assurance business in such form as the Bank directs (in which case section 7(1) of the Act of 1909 is to apply to the statement), and”.
\n37.
\nIn subsection (3), substitute “Bank” for “Minister”.
\n38.
\nSections 106 and 107 Repeal the sections.
\n39.
\nSubstitute “Bank” for “Minister”, wherever occurring.
\n40.
\nSecond Schedule, paragraphs 3 and 4 Substitute “Bank” for “Minister”, wherever occurring.
\n41.
\nThird Schedule, Part IV Substitute “Bank” for “Minister”.
\nAmendment of Insurance Act 1953 Item Provision affected Amendment 1.
\nIn subsection (1), insert the following definition after the definition of “the Act of 1936”: “ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”.
\n2.
\n(a) In subsection (1), substitute “Bank” for “Minister”; (b) substitute the following subsection for subsection (2): “(2) The Bank may attach to a licence to which this section applies such conditions as it thinks proper and may revoke the licence if it appears to it that any such condition is not being complied with.”.
\nAmendment of Companies Act 1963 1.
\nInsert the following subsection after subsection (6A): “(6B) The report referred to in subsection (1) shall contain a copy of any Disclosure Issue Notice issued under section 33AK (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003) during the financial year ending with the relevant balance sheet date.”.
\nAmendment of Insurance Act 1964 Item Provision affected Amendment 1.
\n(a) Insert the following definition after the definition of “the Act of 1936”: “ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland.”; (b) substitute the following definition for the definition of “the Minister”: “ ‘Minister’ means the Minister for Finance”.
\n2.
\n(a) In subsection (1A), delete “by the Minister”; (b) in subsection (2C)(b), delete “with the consent of the Minister for Finance”; (c) in subsection (2D), delete “by the Minister”.
\n3.
\n(a) In subsection (1), substitute “on the recommendation of the Bank” for “on the recommendation of the Minister”; (b) in subsection (2), substitute “after consulting the Bank” for “after consultation with the Minister”.
\n4.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring; (c) in subsection (2)(a), substitute “its” for “his”.
\n5.
\nRepeal the section.
\n6.
\n(a) In subsection (1), substitute “Bank” for “Minister”; (b) in subsection (1), substitute “it” for “he”; (c) substitute the following subsections for subsection (2): “(2) The Bank shall arrange for every regulation made under this section to be laid before each House of the Oireachtas as soon as practicable after it is made.
\n7.
\nSubstitute the following section: “Expenses incurred by Minister 15.—The expenses incurred by the Minister in administering the provisions of this Act are payable out of money provided by the Oireachtas.”.
\nAmendment of Central Bank Act 1971 Item Provision affected Amendment 1.
\n(a) In subsection (1), substitute the following definition for the definition of “Bank”: “ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”; (b) in subsection (1), insert the following definition after the definition of “banking business”: “ ‘Central Bank Acts’ means the Central Bank Acts 1942 to 2001, and any enactment amending those Acts; (c) in subsection (1), insert the following definition after the definition of “the Minister”: “ ‘Regulatory Authority’ means the Irish Financial Services Regulatory Authority.”.
\n2.
\nFor section 17 substitute the following sections: “Holders of licences etc. to keep certain records.
\n17.—(1) The holder of a licence and each related body shall— (a) keep at an office or offices within the State such records as may be specified from time to time by the Bank, in the due discharge by the Bank of its functions, and (b) notify the Bank in writing of the address of the office or offices where those records are kept.
\nDifferent kinds of records may be specified under this subsection for different licence holders and related bodies.
\nPowers of authorised persons with respect to holders of licences.
\n17A.—(1) Either the Governor of the Bank or the Chief Executive of the Regulatory Authority may, in writing, authorise an employee of the Bank or a suitably qualified person to investigate the business or any aspect of the business of the holder of a licence or of a related body.
\n3.
\nRepeal the section.
\n4.
\nRepeal the section.
\n5.
\nIn subsection (1), insert “17A,” after “17,”.
\nAmendment of Insurance (No. 2) Act 1983 Item Provision affected Amendment 1.
\n(a) In subsection (1), insert the following definition after the definition of “body”: “ ‘the Bank’ means the Central Bank and Financial Services Authority of Ireland;”; (b) in subsection (1), insert the following definition after the definition of “insurer” and “policy”: “ ‘the Minister’ means the Minister for Finance;”.
\n2.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (1), substitute “it” for “him”.
\n3.
\n(a) In subsections (1) to (5), substitute “Bank” for “Minister”, wherever occurring; (b) substitute the following subsections for subsection (6): “(6) For the purpose of enabling an administrator to perform effectively the functions imposed on administrators by this Act, the Minister may, by order, make such modifications to the enactments and instruments referred to in subsection (1), and to any rules of court relating to them, in their application to this Act as the Minister considers appropriate.
\n4.
\n(a) In subsection (1), substitute “Bank” for “Minister”; (b) in subsection (1), substitute “it” for “he”, wherever occurring; (c) insert the following subsection after subsection (1): “(1A) The Bank may make regulations under this section only with the consent of the Minister.”.
\n5.
\nSubstitute the following section: “Regulations to be laid before Oireachtas.
\n11.—(1) The Bank shall arrange for every regulation made by it under this Act to be laid before each House of the Oireachtas as soon as practicable after it is made.
\nAmendment of Insurance Act 1989 Item Provision affected Amendment 1.
\n(a) In the definition of “authorisation”, delete “by the Minister”; (b) insert the following definition after the definition of “authorised agent”: “ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”; (c) substitute the following definition for the definition of “the Minister”: “ ‘Minister’ means the Minister for Finance;”; (d) in the definition of “solvency certificate”, delete “by the Minister”.
\n2.
\n(a) In subsections (2B) and (2D), substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (5), delete “to the Minister”.
\n3.
\nSubstitute “Bank” for “Minister”, wherever occurring.
\n4.
\nSubstitute “Bank” for “Minister”, wherever occurring.
\n5.
\nSubstitute the following section: “Orders.
\n6.—(1) The Bank may, by order, revoke or amend any order made by it under this Act.
\n6.
\nSubstitute the following section: “Levies and fees.
\n7.—(1) The holder of an authorisation shall pay an annual levy of such amount (if any) as may be prescribed under section 33J of the Central Bank Act 1942 , for the purposes of this subsection.
\n7.
\nSubstitute the following section: “Regulations and orders to be laid before Oireachtas.
\n8.—(1) The Bank shall arrange for every regulation and order made under this Act to be laid before each House of the Oireachtas as soon as practicable after it is made.
\n8.
\nSubstitute the following section: “Expenses incurred by the Minister.
\n10.—Expenses incurred by the Minister in administering this Act are payable out of money provided by the Oireachtas.”.
\n9.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (1)(b), substitute “it” for “he”; (c) in subsection (1)(b), substitute “it” for “him”.
\n10.
\n(a) Substitute “Bank” for “Minister”; (b) substitute “its” for “his”.
\n11.
\nIn subsection (2), substitute “Bank” for “Minister”.
\n12.
\nIn subsection (3), substitute “Bank” for “Minister”.
\n13.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring; (c) in subsection (1), substitute “itself” for “himself”; (d) substitute “it” for “him”, wherever occurring.
\n14.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (1), substitute “itself” for “himself”; (c) in subsection (2), substitute “it” for “he”, wherever occurring; (d) in subsection (2), substitute “it” for “him”, wherever occurring; (e) in subsection (4), substitute “the undertaking's” for “its”.
\n15.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “the Bank” for “he”, wherever occurring; (c) in subsection (2), substitute “it” for “him”; (d) in subsection (4), substitute “the undertaking's” for “its”.
\n16.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring; (c) in subsection (1), substitute “it” for “him”.
\n17.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring; (c) substitute “it” for “him”, wherever occurring.
\n18.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring.
\n19.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring; (c) in subsection (1F), substitute “it” for “him”.
\n20.
\nSection 22A Substitute the following section: “Persons not to carry on certain reinsurance business without authorisation.
\n22A.—(1) A person shall not carry on a business of reinsuring business of a class to which the Insurance Acts apply otherwise than under an authorisation issued in accordance with regulations made under this section.
\n21.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) insert the following subsection after subsection (2): “(3) Regulations under this section may be made only with the consent of the Minister.”.
\n22.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”, wherever occurring.
\n23.
\nDelete subsection (3).
\n24.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) substitute “it” for “he”.
\n25.
\nSubstitute “Bank” for “Minister”.
\n26.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (3), substitute “its” for “his”; (c) in subsection (3), substitute “it” for “he”, wherever occurring; (d) in subsection (3), substitute “it” for “him”, wherever occurring.
\n27.
\nIn subsection (3), substitute “Bank” for “Minister”, wherever occurring.
\n28.
\nSubstitute the following section: “Power of Bank to require reduction in commissions.
\n37.—(1) If the Bank thinks the commission payments of the holder of an authorisation are excessive, it may (but only with the consent of the Minister) send the holder a commission reduction notice requiring it to reduce the commission payments relating to its insurance business, or specified classes of insurance business, to not more than such level or levels as are specified in the notice.
\n29.
\nSubstitute the following section: “Payment of certain commissions may be prohibited.
\n38.—(1) The Bank may, by order given to the holder of an authorisation, prohibit that holder from— (a) paying commission in the form of any benefit in kind, or as a loan of money made to an intermediary or to be made on that holder's behalf by another person to an intermediary, or (b) paying to, or crediting to the account of, an insurance intermediary commission in respect of an insurance policy until the insurance premium to which the commission relates is received by that holder or by the intermediary on behalf of that holder.
\n30.
\n(a) In subsection (1), substitute “the conviction is a ground for revoking the authorisation. Accordingly, the Bank may revoke the authorisation in accordance with” for “the conviction shall be a ground for the revocation by the Minister of the authorisation and, accordingly, the Minister may revoke the said authorisation in accordance with the provisions of”; (b) in subsection (2), substitute “the conviction is a ground for revoking the authorisation. Accordingly, the Bank may revoke the authorisation in accordance with” for “the conviction shall be a ground for the revocation by the Minister of the authorisation and, accordingly, the Minister may revoke the said authorisation in accordance with the provisions of”.
\n31.
\n(a) Substitute “Bank” for “Minister”; (b) substitute “it” for “him”.
\n32.
\n(a) Substitute “Bank” for “Minister”; (b) substitute “it” for “him”.
\n33.
\nSection 43B Substitute “Bank” for “Minister”.
\n34.
\nSection 43D (a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsections (1) and (3), substitute “it” for “he”.
\n35.
\nSection 43E (a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (2), substitute “it” for “he”.
\n36.
\nSection 43F Substitute “Bank” for “Minister”, wherever occurring.
\n37.
\nSection 43FF Substitute “Bank” for “Minister”.
\n38.
\n(a) Substitute “Bank” for “Minister”, wherever occurring; (b) in subsection (1), substitute “it” for “he”.
\n39.
\nsection 9 of the Insurance Act 2000 ) Substitute the following section: “Appointment of authorised officers.