Central Bank Reform Act 2010

Central Bank Reform Act 2010 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2010 Central Bank Reform Act 2010 Central Bank Reform Act 2010 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Revised Act Acht Athbh… Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 23 of 2010 CENTRAL BANK REFORM ACT 2010 ARRANGEMENT OF SECTIONS PART 1 Preliminary Section 1. Short title and collective citation. 2. Commencement. 3. Interpretation. PART 2 Reform of the Central Bank of Ireland — transitional and saving provisions 4. Transitional arrangements in relation to certain office-holders. 5. Preservation of rights of employees. 6. Arrangements for secondment of certain employees. 7. Saving of certain regulations, rules, codes, etc. 8. Saving of certain schemes. 9. Applications, etc., made to Regulatory Authority. 10. Information in possession of Regulatory Authority. 11. Regulatory action taken by Regulatory Authority. 12. Inquiries, etc., undertaken by Regulatory Authority. 13. Legal proceedings to which Regulatory Authority is party. 14. Amendments of Central Bank Acts. 15. Amendments of other Acts. 16. Amendments of statutory instruments. 17. Construction of certain references. PART 3 Powers of Bank in relation to officers, etc., of financial service providers Chapter 1 Preliminary 18. Definitions (Part 3). Chapter 2 Controlled functions 19. Definition (Chapter 2). 20. Controlled functions. 21. Application of standards of fitness and probity. 22. Pre-approval controlled functions. 23. Appointment of persons to perform pre-approval controlled functions. Chapter 3 Suspension and investigation of fitness and probity of persons performing controlled functions, etc. 24. Definition (Chapter 3). 25. Head of Financial Regulation may investigate persons’ fitness and probity. 26. Head of Financial Regulation may issue suspension notice, etc. 27. Effect of suspension notices. 28. Suspension notices that have not been confirmed — period of effect. 29. Confirmation of suspension notices. 30. Enforcement of suspension notice. 31. Court’s power to extend validity of suspension notices. 32. Head of Financial Regulation may require persons to give evidence or produce documents. 33. Offence of failing to appear. 34. Investigation into fitness and probity — conduct of proceedings. 35. Proceedings normally to be in private. 36. Offence of failing to produce document, etc. 37. Offence of refusing to answer question, etc. 38. Privilege for evidence given under this Chapter, etc. 39. Payment of allowances and expenses to persons who appear before Head of Financial Regulation. 40. Head of Financial Regulation may certify failure to produce document, etc. 41. Head of Financial Regulation to prepare report. Chapter 4 Prohibition of certain persons from performing controlled functions 42. Definitions (Chapter 4). 43. Bank may prohibit person from carrying out controlled function, etc. 44. Enforcement of certain prohibition notices. 45. Application to Court to confirm prohibition notice. 46. Agreement between Bank or Governor, prohibited person and regulated financial service provider. Chapter 5 Miscellaneous 47. Use of information. 48. Offences of providing false or misleading information, etc. 49. Penalties for offences under this Part. 50. Standards of fitness and probity. 51. Effect of this Part. 52. Appointment of nominees, etc., for purposes of this Part. 53. Regulations — facilitation of performance of functions. SCHEDULE 1 Amendments of Central Bank Acts PART 1 Amendments of Central Bank Act 1942 PART 2 Provisions of the Central Bank Act 1942 repealed PART 3 Amendments of Central Bank Act 1971 PART 4 Amendments of Central Bank Act 1989 PART 5 Amendments of Central Bank Act 1997 PART 6 Amendment of Central Bank Act 1998 SCHEDULE 2 Amendments of other Acts PART 1 Amendments of Anglo Irish Bank Corporation Act 2009 PART 2 Amendments of Companies (Auditing and Accounting) Act 2003 PART 3 Amendments of Company Law Enforcement Act 2001 PART 4 Amendments of Consumer Credit Act 1995 PART 5 Amendments of Consumer Protection Act 2007 PART 6 Amendments of Credit Institutions (Financial Support) Act 2008 PART 7 Amendments of Credit Union Act 1997 PART 8 Amendments of Disability Act 2005 PART 9 Amendments of Health (Repayment Scheme) Act 2006 PART 10 Amendments of Insurance Act 1989 PART 11 Amendments of National Asset Management Agency Act 2009 PART 12 Amendments of Official Languages Act 2003 PART 13 Amendment of Personal Injuries Assessment Board Act 2003 PART 14 Enactments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland” SCHEDULE 3 Amendments of statutory instruments PART 1 Amendments of Ethics in Public Office (Prescribed Public Bodies, Designated Directorships of Public Bodies and Designated Positions in Public Bodies) Regulations 2004 PART 2 Amendments of European Communities (Consumer Credit Agreements) Regulations 2010 PART 3 Amendments of European Communities (Cooperation between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2006 PART 4 Amendments of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 PART 5 Amendments of Market Abuse (Directive 2003/6/EC) Regulations 2005 PART 6 Amendments of Prospectus (Directive 2003/71/EC) Regulations 2005 PART 7 Amendment of Transparency (Directive 2004/109/EC) Regulations 2007 PART 8 Provisions of statutory instruments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland” Acts Referred to Adoptive Leave Acts 1995 and 2005 Anglo Irish Bank Corporation Act 2009 2009, No. 1 Asset Covered Securities Act 2001 2001, No. 47 Assurance Companies Act 1909 9 Edw 7, c. 49 Building Societies Act 1989 1989, No. 17 Carbon Fund Act 2007 2007, No. 12 Carer’s Leave Act 2001 2001, No. 19 Central Bank Act 1942 1942, No. 22 Central Bank Act 1971 1971, No. 24 Central Bank Act 1989 1989, No. 16 Central Bank Act 1997 1997, No. 8 Central Bank Act 1998 1998, No. 2 Central Bank and Financial Services Authority of Ireland Act 2003 2003, No. 12 Central Bank and Financial Services Authority of Ireland Acts 1942 to 2009 Commissions of Investigation Act 2004 2004, No. 23 Companies (Amendment) Act 1990 1990, No. 27 Companies (Auditing and Accounting) Act 2003 2003, No. 44 Companies Act 1963 1963, No. 33 Companies Act 1990 1990, No. 33 Company Law Enforcement Act 2001 2001, No. 28 Consumer Credit Act 1995 1995, No. 24 Consumer Protection Act 2007 2007, No. 19 Council of Europe Development Bank Act 2004 2004, No. 37 Credit Institutions (Financial Support) Act 2008 2008, No. 18 Credit Union Act 1997 1997, No. 15 Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 2010, No. 6 Criminal Justice (Mutual Assistance) Act 2008 2008, No. 7 Criminal Justice (Terrorist Offences) Act 2005 2005, No. 2 Development Banks Act 2005 2005, No. 34 Disability Act 2005 2005, No. 14 Dormant Accounts Act 2001 2001, No. 32 European Communities Act 1972 1972, No. 27 European Communities Act 2009 2009, No. 33 Financial Emergency Measures in the Public Interest Act 2009 2009, No. 5 Financial Services (Deposit Guarantee Scheme) Act 2009 2009, No. 13 Financial Transfers Act 1992 1992, No. 27 Health (Repayment Scheme) Act 2006 2006, No. 17 Housing (Miscellaneous Provisions) Act 1992 1992, No. 18 Insurance (Amendment) Act 1978 1978, No. 30 Insurance (No. 2) Act 1983 1983, No. 29 Insurance Act 1936 1936, No. 45 Insurance Act 1953 1953, No. 7 Insurance Act 1964 1964, No. 18 Insurance Act 1989 1989, No. 3 International Criminal Court Act 2006 2006, No. 30 Investment Funds, Companies and Miscellaneous Provisions Act 2005 2005, No. 12 Investment Funds, Companies and Miscellaneous Provisions Act 2006 2006, No. 41 Investment Intermediaries Act 1995 1995, No. 11 Investment Limited Partnerships Act 1994 1994, No. 24 Investor Compensation Act 1998 1998, No. 37 Markets in Financial Instruments and Miscellaneous Provisions Act 2007 2007, No. 37 Maternity Protection Acts 1994 and 2004 Minimum Notice and Terms of Employment Acts 1973 to 2005 National Asset Management Agency Act 2009 2009, No. 34 National Oil Reserves Agency Act 2007 2007, No. 7 Netting of Financial Contracts Act 1995 1995, No. 25 Official Languages Act 2003 2003, No. 32 Organisation of Working Time Act 1997 1997, No. 20 Parental Leave Acts 1998 and 2006 Personal Injuries Assessment Board Act 2003 2003, No. 46 Postal and Telecommunications Services Act 1983 1983, No. 24 Protection of Employees (Fixed-Term Work) Act 2003 2003, No. 29 Protection of Employees (Part-Time Work) Act 2001 2001, No. 45 Redundancy Payments Acts 1967 to 2007 Sea Pollution (Hazardous Substances) (Compensation) Act 2005 2005, No. 9 Sea Pollution (Miscellaneous Provisions) Act 2006 2006, No. 29 Solicitors (Amendment) Act 1994 1994, No. 27 Statutory Instruments Act 1947 1947, No. 44 Terms of Employment (Information) Acts 1994 and 2001 Trustee Savings Banks Act 1989 1989, No. 21 Unclaimed Life Assurance Policies Act 2003 2003, No. 2 Unfair Dismissals Acts 1977 to 2007 Unit Trusts Act 1990 1990, No. 37 Number 23 of 2010 CENTRAL BANK REFORM ACT 2010 AN ACT TO ESTABLISH THE CENTRAL BANK OF IRELAND AS A SINGLE FULLY-INTEGRATED STRUCTURE WITH A UNITARY BOARD — THE CENTRAL BANK COMMISSION — REPLACING THE BOARDS OF THE CENTRAL BANK AND IRISH FINANCIAL SERVICES REGULATORY AUTHORITY; TO ENHANCE THE SYSTEM OF REGULATORY CONTROL AND TO CONFER ADDITIONAL POWERS ON THE CENTRAL BANK, THE GOVERNOR AND THE HEAD OF FINANCIAL REGULATION TO PREVENT POTENTIAL SERIOUS DAMAGE TO THE FINANCIAL SYSTEM IN THE STATE, SUPPORT THE STABILITY OF THAT SYSTEM AND TO PROTECT USERS OF FINANCIAL SERVICES; TO TRANSFER CERTAIN FUNCTIONS OF THE CENTRAL BANK TO THE NATIONAL CONSUMER AGENCY; TO AMEND THE ENACTMENTS RELATING TO THE CENTRAL BANK AND CERTAIN OTHER ACTS CONSEQUENTIAL ON THAT REORGANISATION; TO AMEND THE LAW RELATING TO THE REGULATION OF LENDING BY CREDIT UNIONS; TO EXTEND THE RANGE OF PERSONS WHO CAN BE AUTHORISED TO INVESTIGATE THE AFFAIRS OF AN INSURER; AND TO PROVIDE FOR RELATED MATTERS. [17th July, 2010] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART 1 Preliminary Short title and collective citation. 1.— (1) This Act may be cited as the Central Bank Reform Act 2010. (2) The Central Bank and Financial Services Authority of Ireland Acts 1942 to 2009 and this Act may be cited together as the Central Bank Acts 1942 to 2010. Commencement. 2.— (1) This Act comes into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to a particular purpose or provision. Different days may be so appointed for different purposes or different provisions. (2) An order under subsection (1) may, in relation to the amendments of Acts and statutory instruments set out in Schedules 1 to 3, appoint different days for the amendment of different Acts or statutory instruments or different provisions of them. Interpretation. 3.— (1) In this Act— “Act of 1942” means the Central Bank Act 1942 ; “cessation date” means the last day on which section 33B of the Act of 1942 is in operation. (2) An expression used in this Act and also in the Act of 1942 has, unless the contrary intention appears, the same meaning in this Act as in the Act of 1942. PART 2 Reform of the Central Bank of Ireland — transitional and saving provisions Transitional arrangements in relation to certain office-holders. 4.— (1) The person who held, on the cessation date, the office of Chief Executive of the Regulatory Authority (within the meaning then given by the Act of 1942) shall be taken, on the following day, to be appointed as Head of Financial Regulation. (2) Subject to subsection (5), the person referred to in subsection (1) holds the office of Head of Financial Regulation until the time at which his or her appointment as Chief Executive of the Regulatory Authority would have expired. (3) The person who held, on the cessation date, the office of Director General of the Bank shall be taken, on the following day, to be appointed as Head of Central Banking. (4) Subject to subsection (5), the person referred to in subsection (3) holds the office of Head of Central Banking until the time at which his or her appointment as Director General of the Bank would have expired. (5) A person referred to in subsection (1) or (3) may be removed from office for the same reasons, and in the same way, as a person appointed to hold office as a Head of Function under section 23B of the Act of 1942. (6) This section has effect notwithstanding sections 23B(2) and 23C(2) of the Act of 1942. Preservation of rights of employees. 5.— Other than the holder of a statutory office that ceases to exist because of amendments to the Act of 1942 by this Act, nothing in this Act affects the terms and conditions of the employment of any officer or employee of the Bank. Arrangements for secondment of certain employees. 6.— (1) In this section— “secondee” means an employee seconded from the Bank to the Agency under arrangements referred to in subsection (2). (2) The Bank and the Agency may make arrangements for the secondment of employees of the Bank to the Agency for the purposes of any function transferred from the Bank to the Agency pursuant to amendments to the Act of 1942 by this Act. (3) A secondee may elect to become an employee of the Agency at any time until 29 February 2012. (4) A secondee who does not make an election under subsection (3) continues to be an employee of the Bank until 29 February 2012. His or her terms of employment (including any term conferring a right to an increase in remuneration) continue to be those applicable to his or her employment by the Bank. (5) On 1 March 2012, a secondee who has not made an election under subsection (3) shall be taken to have elected to continue to be an employee of the Bank. (6) An election under subsection (3) to become an employee of the Agency has effect if and only if the chief executive officer of the Agency, the Minister for Finance and the Minister for Enterprise, Trade and Innovation all consent. If all of them so consent, the election has effect immediately after the latest of those consents is given. Until that time the employee concerned continues to be an employee of the Bank. (7) If a secondee elects to become an employee of the Agency, the terms of employment by the Agency at the time the election has effect shall not be less favourable than the terms at that time of his or her employment by the Bank (subject to any provision in any enactment). (8) If a person’s employment is transferred under this section, the person’s previous service with the Bank is to be counted as service for the purposes of the following Acts: (a) the Redundancy Payments Acts 1967 to 2007; (b) the Protection of Employees (Part-Time Work) Act 2001 ; (c) the Protection of Employees (Fixed-Term Work) Act 2003 ; (d) the Organisation of Working Time Act 1997 ; (e) the Terms of Employment (Information) Acts 1994 and 2001; (f) the Minimum Notice and Terms of Employment Acts 1973 to 2005; (g) the Unfair Dismissals Acts 1977 to 2007; (h) the Maternity Protection Acts 1994 and 2004; (i) the Parental Leave Acts 1998 and 2006; (j) the Adoptive Leave Acts 1995 and 2005; (k) the Carer’s Leave Act 2001 . Saving of certain regulations, rules, codes, etc. 7.— (1) Any instrument (whether described as a rule, regulation, order or code of practice or in any other way, and whether or not a statutory instrument to which the Statutory Instruments Act 1947 primarily applies) made or issued by or on behalf of the Regulatory Authority or the Consumer Director and in force on the cessation date has, after that date, the same force and effect as it had on that date. (2) An instrument referred to in subsection (1) may be revoked or amended by the Bank as if made by the Bank. Saving of certain schemes. 8.— (1) The repeal of section 33 of the Act of 1942 by this Act does not affect the operation of any scheme made by the Bank or the Governor under that section and still in operation, or any rights of any person under such a scheme. (2) A scheme referred to in subsection (1) may be amended by the Bank as if section 33 of the Act of 1942 had not been repealed. Applications, etc., made to Regulatory Authority. 9.— (1) An application for a licence, authorisation or permission (however described) made to the Regulatory Authority on or before the cessation date has, after that date, the effect that it would have if made to the Bank. (2) Nothing in subsection (1) is taken to alter the date on which an application referred to in that subsection was made. Information in possession of Regulatory Authority. 10.— (1) On the day after the cessation date, the records of the Regulatory Authority and information that was, on the cessation date, in the possession of the Regulatory Authority come into the possession of the Bank. (2) The Bank has the same rights, powers, duties and obligations in relation to records and information referred to in subsection (1) as the Regulatory Authority had on the cessation date. (3) In particular, without prejudice to the generality of subsection (2), the Bank— (a) may have regard, in carrying out its regulatory functions under the Act of 1942 as amended by this Act, to any record or information referred to in subsection (1), (b) specifically, may have regard to any such record or information for the purpose of deciding whether a person may have committed an offence (whether against the Central Bank Acts 1942 to 2010 or any other law), and (c) has the same powers and obligations to deal with such records and information (including that of disclosing such information to another authority in accordance with section 33AK of the Act of 1942) as the Regulatory Authority had on the cessation date. Regulatory action taken by Regulatory Authority. 11.— (1) A regulatory action taken by the Regulatory Authority on or before the cessation date, and not already spent, continues to have effect according to its terms. The Bank may enforce such a regulatory action. (2) In subsection (1) “regulatory action” includes any direction, order, requirement, sanction, condition, appointment or request (however described) of a regulatory nature made, given or imposed by the Regulatory Authority. Inquiries, etc., undertaken by Regulatory Authority. 12.— (1) An inquiry undertaken by the Regulatory Authority under Chapters 2 and 3 of Part IIIC of the Act of 1942 on or before the cessation date, and not already completed, may be continued by the Bank. The Bank may take regulatory action on the basis of such an inquiry. (2) An assessor appointed by the Regulatory Authority on or before the cessation date under— (a) Part 5 of the Market Abuse (Directive 2003/6/EC) Regulations 2005, (b) Part 5 of the Prospectus (Directive 2003/71/EC) Regulations 2005, or (c) Part 10 of the Transparency (Directive 2004/109/EC) Regulations 2007, may continue, if the assessment for which he or she was appointed is not completed at that date, to carry out that assessment. The Bank may take regulatory action on the basis of such an assessment. (3) In subsections (1) and (2) “regulatory action” includes any direction, order, requirement, sanction, condition, appointment or request (however described) of a regulatory nature that the Bank may make, give or impose. Legal proceedings to which Regulatory Authority is party. 13.— (1) If on the cessation date the Regulatory Authority is a party to any legal proceedings, then the Bank is taken, immediately after that date, to be substituted for the Regulatory Authority as such a party. (2) Nothing in subsection (1) makes available against the Bank any right (including, in particular, any right to seek discovery of documents) that was not or is no longer available against the Regulatory Authority. (3) An order by a court or the Appeal Tribunal against the Regulatory Authority has effect, after the cessation date, as an order against the Bank. (4) In this section “legal proceedings” includes— (a) an appeal to the Appeal Tribunal, and (b) a prosecution where the Regulatory Authority is prosecutor. Amendments of Central Bank Acts. 14.— (1) The Act of 1942 is amended as set out in Part 1 of Schedule 1 . (2) Parts IIIC, VIIA and VIIB of the Act of 1942 are further amended as follows: (a) by deleting “Regulatory Authority” and substituting “Bank” in each place where it occurs; (b) by deleting “that Authority” and substituting “the Bank” in each place where it occurs. (3) The provisions of the Act of 1942 set out in Part 2 of Schedule 1 are repealed. (4) The Central Bank Act 1971 is amended as set out in Part 3 of Schedule 1 . (5) The Central Bank Act 1989 is amended as set out in Part 4 of Schedule 1 . (6) The Central Bank Act 1997 is amended as set out in Part 5 of Schedule 1 . (7) The Central Bank Act 1998 is amended as set out in Part 6 of Schedule 1 . Amendments of other Acts. 15.— (1) The Anglo Irish Bank Corporation Act 2009 is amended as set out in Part 1 of Schedule 2 . (2) The Companies (Auditing and Accounting) Act 2003 is amended as set out in Part 2 of Schedule 2 . (3) The Company Law Enforcement Act 2001 is amended as set out in Part 3 of Schedule 2 . (4) The Consumer Credit Act 1995 is amended as set out in Part 4 of Schedule 2 . (5) The Consumer Protection Act 2007 is amended as set out in Part 5 of Schedule 2 . (6) The Credit Institutions (Financial Support) Act 2008 is amended as set out in Part 6 of Schedule 2 . (7) The Credit Union Act 1997 is amended as set out in Part 7 of Schedule 2 . (8) The Disability Act 2005 is amended as set out in Part 8 of Schedule 2 . (9) The Health (Repayment Scheme) Act 2006 is amended as set out in Part 9 of Schedule 2 . (10) The Insurance Act 1989 is amended as set out in Part 10 of Schedule 2 . (11) The National Asset Management Agency Act 2009 is amended as set out in Part 11 of Schedule 2 . (12) The Official Languages Act 2003 is amended as set out in Part 12 of Schedule 2 . (13) The Personal Injuries Assessment Board Act 2003 is amended as set out in Part 13 of Schedule 2 . (14) Each enactment specified in Part 14 of Schedule 2 is amended by deleting “Central Bank and Financial Services Authority of Ireland” and substituting “Central Bank of Ireland”. Amendments of statutory instruments. 16.— (1) The Ethics in Public Office (Prescribed Public Bodies, Designated Directorships of Public Bodies and Designated Positions in Public Bodies) Regulations 2004 ( S.I. No. 699 of 2004 ) are amended as set out in Part 1 of Schedule 3 . (2) The European Communities (Consumer Credit Agreements) Regulations 2010 ( S.I. No. 281 of 2010 ) are amended as set out in Part 2 of Schedule 3 . (3) The European Communities (Cooperation between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2006 ( S.I. No. 290 of 2006 ) are amended as set out in Part 3 of Schedule 3 . (4) The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 ( S.I. No. 211 of 2003 ) are amended as set out in Part 4 of Schedule 3 . (5) The Market Abuse (Directive 2003/6/EC) Regulations 2005 ( S.I. No. 342 of 2005 ) are amended as set out in Part 5 of Schedule 3 . (6) The Prospectus (Directive 2003/71/EC) Regulations 2005 ( S.I. No. 324 of 2005 ) are amended as set out in Part 6 of Schedule 3 . (7) The Transparency (Directive 2004/109/EC) Regulations 2007 ( S.I. No. 277 of 2007 ) are amended as set out in Part 7 of Schedule 3 . (8) If a provision of an Order made pursuant to section 4 of the Financial Transfers Act 1992 provides that the Central Bank and Financial Services Authority of Ireland may give directions or issue instructions for any purpose, the provision is amended by deleting “Central Bank and Financial Services Authority of Ireland” and substituting “Central Bank of Ireland”. (9) If a provision of Regulations made pursuant to section 3 of the European Communities Act 1972 (being Regulations made for the purpose of a Regulation of the European Commission or the Council of the European Union imposing financial sanctions) provides that the Central Bank and Financial Services Authority of Ireland may give directions or issue instructions for any purpose, the provision is amended by deleting “Central Bank and Financial Services Authority of Ireland” and substituting “Central Bank of Ireland”. (10) If a provision of Regulations made pursuant to section 42 (6) of the Criminal Justice (Terrorist Offences) Act 2005 provides that the Central Bank and Financial Services Authority of Ireland may give directions or issue instructions for any purpose, the provision is amended by deleting “Central Bank and Financial Services Authority of Ireland” and substituting “Central Bank of Ireland”. (11) Each provision of a statutory instrument specified in Part 8 of Schedule 3 is amended by deleting “Central Bank and Financial Services Authority of Ireland” and substituting “Central Bank of Ireland” in each place where it occurs. (12) The amendment of a statutory instrument by this section does not prevent or restrict the subsequent amendment or revocation of the instrument by another statutory instrument. Construction of certain references. 17.— (1) After the cessation date, a reference in an enactment or a provision of a statutory instrument to the Board of the Central Bank and Financial Services Authority of Ireland shall be construed as a reference to the Commission. (2) After the cessation date, a reference in an enactment or a provision of a statutory instrument to a member of the Board of the Central Bank and Financial Services Authority of Ireland shall be construed as a reference to a member of the Commission. (3) After the cessation date, a reference in an enactment or a provision of a statutory instrument to the Chief Executive of the Irish Financial Services Regulatory Authority shall be construed as a reference to the Head of Financial Regulation. (4) After the cessation date, any other reference in an enactment or a provision of a statutory instrument to the Central Bank and Financial Services Authority of Ireland shall be construed as a reference to the Bank. (5) After the cessation date, any other reference in an enactment or a provision of a statutory instrument to the Irish Financial Services Regulatory Authority (as “the Regulatory Authority ” or in any other way) shall be construed as a reference to the Bank. PART 3 Powers of Bank in relation to officers, etc., of financial service providers Chapter 1 Preliminary Definitions (Part 3). 18.— (1) In this Part— “ Court ” means the High Court; “ evidentiary notice ” means a notice under section 32 ; “ controlled function ” means a function prescribed in regulations made under section 20 ; “ pre-approval controlled function ” shall be construed in accordance with section 22 ; “ suspension notice ” means a notice under section 26 . (2) This Part applies to and in relation to regulated financial service providers other than credit unions. (3) On and from a date to be fixed by the Minister by order, this Part applies to and in relation to all regulated financial service providers, including credit unions. Chapter 2 Controlled functions Definition (Chapter 2). 19.— In this Chapter “relevant obligations” has the same meaning as in Part IV of the Central Bank Act 1997 . Controlled functions. 20.— (1) The Bank may make regulations prescribing functions that are to be controlled functions. (2) The Bank may prescribe a function under subsection (1) if and only if the function is a function in relation to the provision of a financial service and— (a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a regulated financial service provider, (b) is related to ensuring, controlling or monitoring compliance by a regulated financial service provider with its relevant obligations, or (c) is likely to involve the person responsible for its performance in the provision of a financial service by a regulated financial service provider in one or more of the following ways: (i) the giving of advice or assistance to a customer of the regulated financial service provider in the course of providing, or in relation to the provision of, the financial service; (ii) dealing in or having control over property of a customer of the regulated financial service provider to whom a financial service is provided or to be provided, whether that property is held in the name of the customer or some other person; (iii) dealing in or with property on behalf of the regulated financial service provider, or providing instructions or directions in relation to such dealing. (3) A controlled function that is carried on by a person who, or a partnership or an entity that, is not a regulated financial service provider remains a controlled function. (4) A controlled function remains a controlled function even if— (a) it is carried on at an office or location outside the State, (b) it is carried on at the office or location of another person, whether or not the other person is a regulated financial service provider, or (c) it relates to a business of a regulated financial service provider established in the State conducted by that provider outside the State. (5) A function may be prescribed as a controlled function in relation to a specified class or classes of regulated financial service providers or in relation to regulated financial service providers generally. (6) The Bank shall give to the Minister a copy of any regulations made by it under this section as soon as practicable after the regulations are made and the Minister shall, as soon as may be, cause a copy of the regulations to be laid before each House of the Oireachtas. Application of standards of fitness and probity. 21.— (1) A regulated financial service provider shall not permit a person to perform a controlled function unless— (a) the regulated financial service provider is satisfied on reasonable grounds that the person complies with any standard of fitness and probity in a code issued under section 50 , and (b) the person has agreed to abide by any such standard. (2) The Bank may take into account standards of fitness and probity referred to in subsection (1) when performing its functions and exercising its powers. Pre-approval controlled functions. 22.— (1) A function is a pre-approval controlled function if— (a) it is prescribed as such in regulations made pursuant to subsection (2), or (b) it has been declared by the Bank to be a pre-approval controlled function by written notice pursuant to subsection (8). (2) The Bank may prescribe by regulation a controlled function as a pre-approval controlled function if the function is one by which a person may exercise a significant influence on the conduct of a regulated financial service provider’s affairs. In prescribing such a function, the Bank may describe or identify the function by reference to a title commonly used for a person who performs the function. (3) Without prejudice to the generality of subsection (2), the Bank may, pursuant to that subsection, prescribe a controlled function as a pre-approval controlled function if— (a) the person who performs the function reports directly to— (i) a person who holds an office or position mentioned in a subparagraph of subsection (4)(a), or (ii) a person referred to in paragraph (b) or (c) of subsection (4), and (b) the Bank is satisfied that the prescription of the function as a pre-approval controlled function— (i) is warranted on the grounds of the size or complexity of the regulated financial service provider or its business, and (ii) is necessary or prudent in order to verify the compliance by the regulated financial service provider with its relevant obligations. (4) For the purposes of subsection (2)— (a) in the case of a regulated financial service provider that is a body corporate of a prescribed class, a person who holds or performs the duties of any of the following positions or offices in a regulated financial service provider shall be taken to exercise a significant influence on the conduct of the regulated financial service provider’s affairs: (i) the office of director; (ii) the office of chief executive; (iii) the office of secretary; (iv) subject to subsection (3), an office or position the holder of which reports directly to— (I) a person who holds an office or position referred to in subparagraph (i), (ii) or (iii), or (II) a person referred to in paragraph (b) or (c), (b) each member of a partnership that is a regulated financial service provider of a prescribed class shall be taken to exercise a significant influence on the conduct of the regulated financial service provider’s affairs, and (c) if a natural person is a regulated financial service provider of a prescribed class, he or she shall be taken to exercise a significant influence on the conduct of the regulated financial service provider’s affairs. (5) For the purposes of subsection (4)(a), the Bank may prescribe bodies corporate of a specified class or may prescribe all bodies corporate to be a class. In prescribing bodies corporate of a particular class, the Bank may define the class by reference to any common characteristic of the class, including in particular the kind of business engaged in or the size of the balance sheets of the bodies corporate. (6) For the purposes of paragraph (b) or (c) of subsection (4), the Bank may prescribe regulated financial service providers that are partnerships or natural persons, as the case may be, of a specified class or may prescribe all regulated financial service providers that are partnerships or natural persons to be a class. In prescribing regulated financial service providers that are partnerships or natural persons of a particular class, the Bank may define the class by reference to any common characteristic of the class, including in particular the kind of business engaged in or the annual turnover of the partnerships or natural persons concerned. (7) Regulations made under this section may be made in the same instrument as regulations made under section 20 . (8) The Bank may declare by notice in writing served on a regulated financial service provider that a function performed by, for or on behalf of the regulated financial service provider is a pre-approval controlled function if— (a) the person who performs the function is concerned in the management of the regulated financial service provider, (b) the function is not prescribed as a pre-approval controlled function in regulations made pursuant to subsection (2), and (c) no other person in the regulated financial service provider performs a pre-approval controlled function. Appointment of persons to perform pre-approval controlled functions. 23.— A regulated financial service provider shall not offer to appoint a person to perform a pre-approval controlled function unless the Bank has approved in writing the appointment of the person to perform the function. An offer made in contravention of this subsection does not create any contractual obligation. (2) For the purposes of considering whether or not to approve a person under subsection (1), the Bank may request the person, or a specified officer or employee of the regulated financial service provider that proposes to appoint the person to perform a controlled function, by notice in writing to do any one or more of the following: (a) produce a specified document or documents to the Bank; (b) provide specified information to the Bank; (c) produce to the Bank documents of a kind described in the notice; (d) answer a question or questions set out in the notice; (e) attend before a specified officer or employee of the Bank for interview. (3) A notice under subsection (2) shall specify a date and time by which, and a place at which, the person shall provide the document or documents or information, provide answers to the question or questions, or attend for interview, as the case may be. (4) Nothing in subsection (2) or any notice given by the Bank under that subsection requires a person— (a) to produce to the Bank a document that the person could not have been compelled to produce to a court, (b) to give the Bank information that the person could not have been compelled to give a court, or (c) to answer a question (either in writing or at interview) that the person could not have been compelled to answer in a court. (5) The Bank may refuse to approve the appointment of a person for the purposes of subsection (1) where— (a) the Bank is of the opinion that the person is not of such fitness and probity as is appropriate to perform the function for which he or she is proposed to be appointed, or (b) the Bank is unable to decide, on the basis of the information available to it, whether the person is of such fitness and probity. (6) Without prejudice to the generality of subsection (5), the Bank may refuse to approve the appointment of a person under subsection (1) if— (a) the person, or an officer or employee of the regulated financial service provider concerned, has failed to comply with a request under subsection (2), or (b) any of the grounds set out in paragraphs (a) to (g) of section 25 (3) apply. (7) A refusal pursuant to subsection (5) is an appealable decision for the purposes of Part VIIA of the Act of 1942. Chapter 3 Suspension and investigation of fitness and probity of persons performing controlled functions, etc. Definition (Chapter 3). 24.— In this Chapter “ suspended person ” means a person who is the subject of a suspension notice. Head of Financial Regulation may investigate persons’ fitness and probity. 25.— (1) If in relation to a person to whom subsection (2) applies, the Head of Financial Regulation is of the opinion that— (a) there is reason to suspect the person’s fitness and probity to perform the relevant controlled function, and (b) in the circumstances an investigation is warranted into the person’s fitness and probity, the Head of Financial Regulation may conduct an investigation, in accordance with this Chapter, in relation to the fitness and probity of the person to perform the controlled function. (2) This subsection applies to a person— (a) if the person performs a controlled function in relation to a regulated financial service provider, (b) if, to the knowledge of the Head of Financial Regulation, a regulated financial service provider proposes to appoint the person to carry out a controlled function (other than a pre-approval controlled function), or (c) if the Head of Financial Regulation has reason to believe that a regulated financial service provider is considering the appointment of the person to perform a controlled function (other than a pre-approval controlled function). (3) Without prejudice to the generality of subsection (1), the Head of Financial Regulation may form the opinion referred to in that subsection if there is reason to suspect that— (a) the person does not have the experience, qualifications or skills necessary to perform properly and effectively the controlled function, the part of a controlled function or any controlled function, as the case may be, (b) the person does not satisfy an applicable standard of fitness and probity in a code issued pursuant to section 50 , (c) the person has participated in serious misconduct in relation to the business of a regulated financial service provider, (d) the person has directly or indirectly provided information to the Bank, the Governor or the Head of Financial Regulation (whether pursuant to this Part or otherwise) that the person knew or ought to have known was false or misleading, (e) the person has directly or indirectly provided information that the person knew or ought to have known was false or misleading to another person in order for it to be provided to the Bank, the Governor or the Head of Financial Regulation, (f) the person has caused or sought to cause information requested by the Head of Financial Regulation by evidentiary notice from a regulated financial service provider or a person who is carrying out a controlled function not to be provided by the due date, (g) the person has failed to comply with an evidentiary notice, or (h) the person has been convicted of an offence (whether in the State or outside the State) of money laundering or terrorist financing or an offence involving fraud, dishonesty or breach of trust. Head of Financial Regulation may issue suspension notice, etc. 26.— (1) If a person’s fitness and probity is or has been the subject of an investigation under section 25 , and the Head of Financial Regulation is satisfied that it is necessary in the interests of the proper regulation of a regulated financial service provider concerned that the person not perform the relevant controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor, as the case may be, is carrying out any function in relation to the person under this Chapter or Chapter 4 , the Head of Financial Regulation may issue a notice (in this Part called a “suspension notice”) in relation to the person. (2) When considering whether to issue a suspension notice, the Head of Financial Regulation shall have particular regard, where appropriate, to— (a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and (b) the need to protect users of financial services. (3) Before issuing a suspension notice in the circumstances referred to in section 25 (2)(c), the Head of Financial Regulation shall ask the regulated financial service provider concerned in writing whether it is actually considering the appointment of the person concerned to perform the relevant controlled function. If the regulated financial service provider confirms in writing that it is not considering such an appointment, the Head of Financial Regulation shall not issue the notice unless there is reason to believe that such an appointment will nevertheless be made, or has been made. (4) A suspension notice— (a) is required to be in writing, (b) shall set out the grounds on which the Head of Financial Regulation holds the opinion referred to in section 25 (1), (c) shall specify whether the suspended person is suspended from performing— (i) a particular specified controlled function, (ii) a specified part of a particular specified controlled function, or (iii) all controlled functions, (d) shall require the suspended person and the regulated financial service provider concerned to show cause, in writing, within 5 days after service of the notice, why the suspension order should not be confirmed, and (e) shall set out any condition imposed under subsection (8) on the regulated financial service provider. (5) The Head of Financial Regulation shall serve a copy of a suspension notice on each of the following: (a) the suspended person; (b) each regulated financial service provider for whom, to the knowledge of the Head of Financial Regulation, the suspended person performs the specified controlled function, the specified part of a controlled function, or any controlled function, as the case requires; (c) any regulated financial service provider that— (i) to the knowledge of the Head of Financial Regulation, proposes to appoint the suspended person to perform the specified controlled function, the specified part of a controlled function, or any controlled function, as the case requires, or (ii) the Head of Financial Regulation believes to be considering appointing the suspended person to perform the specified controlled function, the specified part of a controlled function, or any controlled function, as the case requires. (6) A suspension notice may be served on a person (including a regulated financial service provider)— (a) by delivering it to the person, (b) by leaving it at the address at which the person ordinarily resides or, in a case in which an address for service has been furnished, at that address, (c) by sending it by post in a prepaid letter to the address at which the person ordinarily resides or, in a case in which an address for service has been furnished, to that address, or (d) electronically (by electronic mail to an email address, or by facsimile to a facsimile number, furnished by the person to, or otherwise known to, the Head of Financial Regulation). (7) A regulated financial service provider on which a suspension notice is served shall immediately— (a) give a copy of the notice to the suspended person (unless it is impracticable to do so), and (b) after it has done so, certify in writing to the Head of Financial Regulation that it has done so. (8) In a suspension notice the Head of Financial Regulation may impose on any regulated financial service provider concerned any terms and conditions relating to the enforcement of, or compliance with, the notice that the Head of Financial Regulation thinks fit (including any condition as to the cessation, restriction or conduct of all or part of the business of the regulated financial service provider concerned until the regulated financial service provider complies with the notice). (9) A suspended person, and a regulated financial service provider on which a suspension notice is served, may, within the period mentioned in subsection (4)(d), make a written submission to the Head of Financial Regulation in relation to the fitness and probity of the suspended person concerned or any terms or conditions imposed. (10) Where a person on whom a suspension notice has been served asks the Head of Financial Regulation to decide, before the end of the period provided by section 28 (b) (i), whether or not to confirm the suspension notice, and provides material that the Head of Financial Regulation is satisfied allows him or her to make a proper and fair decision, the Head of Financial Regulation shall make all reasonable efforts to make that decision as soon as reasonably practicable. Effect of suspension notices. 27.— (1) A regulated financial service provider on whom a suspension notice is served— (a) shall immediately remove the suspended person concerned from performing— (i) the particular controlled function concerned, (ii) the specified part of the controlled function concerned, or (iii) all controlled functions, as specified in the notice, or (b) shall not appoint the suspended person to carry out the controlled function or part, or any controlled function, as specified in the notice, as the case requires. (2) A regulated financial service provider on whom a suspension notice is served shall comply with any condition imposed on the regulated financial service provider by the notice. (3) A suspended person on whom a suspension notice in relation to him or her is served, or who has been given a copy of such a notice by a regulated financial service provider shall cease performing, or (as the case requires) shall not begin to perform— (a) the particular controlled function concerned, (b) the specified part of the controlled function concerned, or (c) all controlled functions, as specified in the relevant suspension notice. (4) A suspension notice does not alter the contractual rights of any person to remuneration or benefits. Those rights shall continue to be determined in accordance with the relevant contract. Suspension notices that have not been confirmed — period of effect. 28.— A suspension notice that has not been confirmed by the Head of Financial Regulation pursuant to section 29 — (a) takes effect on its service on the regulated financial service provider for whom the suspended person performs the relevant controlled function, and (b) ceases to have effect— (i) at the end of the 10th day after that service, unless within that period it is confirmed in accordance with section 29 , or (ii) if before the end of that day the Head of Financial Regulation revokes the notice, when the notice is revoked. Confirmation of suspension notices. 29.— (1) If the Head of Financial Regulation, having considered any written submissions made pursuant to section 26 within the period mentioned in section 26 (4) (d) by a person on whom, or a regulated financial service provider on which, a suspension notice has been served, is satisfied that— (a) there is still reason to believe that the person is not of such fitness and probity as is appropriate to perform the relevant controlled function, (b) in the circumstances an investigation is still warranted into the person’s fitness and probity, and (c) it is necessary in the interests of the proper regulation of the financial service provider that the person not perform the controlled function, or any controlled function, while the matter is investigated, the Head of Financial Regulation may confirm the suspension notice. (2) To avoid any doubt, the Head of Financial Regulation may confirm a suspension notice at the end of the period mentioned in section 26 (4)(d) even if no submission has been made in relation to it by either or both of the suspended person and any regulated financial service provider concerned. (3) If a suspended person makes a submission in relation to a suspension notice after the end of the period mentioned in section 26 (4)(d), and the Head of Financial Regulation is satisfied that there was good reason why the submission could not have been made within that period, or that it is necessary to do so in the interests of justice, the Head of Financial Regulation shall— (a) consider the submission, and (b) if after doing so he or she is satisfied that any condition in paragraph (a), (b) or (c) of subsection (1) is no longer satisfied, revoke the notice. (4) A suspension notice that has been confirmed in accordance with subsection (1) has effect for 3 months (unless sooner revoked) from the date upon which the suspension notice would otherwise have ceased to have effect under section 28 (b). (5) The Head of Financial Regulation shall serve a notice of the confirmation of a suspension notice on each person on whom the suspension notice was served. (6) The Head of Financial Regulation may revoke a suspension notice at any time if he or she considers that— (a) there is no longer any reason to suspect the person’s fitness and probity to perform the relevant controlled function, or (b) although the investigation continues, it is no longer necessary in the interests of the proper regulation of the regulated financial service provider concerned that the person not perform the relevant controlled function, or any controlled function, during the investigation. Enforcement of suspension notice. 30.— If— (a) a person performs a controlled function or part of a controlled function in contravention of a suspension notice, or (b) a regulated financial service provider permits a suspended person to perform a controlled function or part of a controlled function in contravention of a suspension notice, the Head of Financial Regulation may apply ex parte to the Court for an order directing the person or regulated financial service provider to comply with the notice. Court’s power to extend validity of suspension notices. 31.— (1) During the period of validity of a suspension notice that has been confirmed by the Head of Financial Regulation, the Head of Financial Regulation may apply to the Court, on notice to the suspended person and any regulated financial service provider on which the notice was served, for an order extending the period of validity of the notice. (2) If the Court is satisfied, having regard to the reasons for the issue and confirmation of the notice stated by the Head of Financial Regulation, that there are sufficient grounds to extend the period of validity of the notice, the Court may extend the notice for such further period (but not longer than a further 3 months) as the Court orders. (3) When considering whether to make an order under subsection (2), the Court shall give particular regard to— (a) the need to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and (b) the need to protect users of financial services. Head of Financial Regulation may require persons to give evidence or produce documents. 32.— (1) The Head of Financial Regulation may serve a notice (in this Part called an “ evidentiary notice ”) on a person requiring the person— (a) to appear before the Head of Financial Regulation to give evidence about a matter, (b) to provide information to the Head of Financial Regulation, or (c) to produce a document for examination, if— (i) the Head of Financial Regulation is investigating the person’s fitness and probity under this Chapter, or (ii) the Head of Financial Regulation believes on reasonable grounds that the person may be able to give evidence, or to produce a document, that relates to a matter concerning the fitness or probity of a person whose fitness and probity is being investigated under this Chapter. (2) Without prejudice to the generality of subsection (1), the Head of Financial Regulation may serve a notice under subsection (1) on— (a) a regulated financial service provider, (b) a former regulated financial service provider, or (c) an officer or employee, or former officer or employee, of a regulated financial service provider or a former regulated financial service provider. (3) An evidentiary notice shall— (a) specify the matter to which the evidence relates, or specify or describe the document to be produced or the information to be provided, as the case requires, (b) in the case of a notice to appear before the Head of Financial Regulation to give evidence— (i) specify the date, time and place at which the person is required to appear before the Head of Financial Regulation, and (ii) state whether and to what extent the evidence is to be given orally or on affidavit, and (c) in the case of a notice to provide information or produce a document for examination, specify— (i) the date and time by which, and the place at which, the information is to be provided or the document is to be produced, and (ii) the officer or employee of the Bank to whom the information is to be provided or the document produced. (4) The Head of Financial Regulation may take a copy or copies of a document produced pursuant to an evidentiary notice, and may retain any such copy. (5) Nothing in this section affects any power of the Bank, the Governor or the Head of Financial Regulation to obtain documents or information otherwise than under this section. Offence of failing to appear. 33.— (1) A person commits an offence if, having been required to appear before the Head of Financial Regulation in compliance with an evidentiary notice, the person fails to comply with the requirement, and has not been excused, or released from further attendance, by the Head of Financial Regulation. (2) Subsection (1) does not apply if the person has a reasonable excuse. Investigation into fitness and probity — conduct of proceedings. 34.— (1) The Head of Financial Regulation may hear oral evidence where he or she is satisfied that it is necessary to do so for the proper conduct of an investigation. (2) The Head of Financial Regulation may permit a person giving oral evidence to be cross-examined. (3) The Head of Financial Regulation shall determine the procedures for the conduct of proceedings in an investigation, subject to any regulations made by the Bank under section 53 (2). Proceedings normally to be in private. 35.— (1) Except as provided by this section, evidence to be given, or a document to be produced, to the Head of Financial Regulation by a person who appears before the Head of Financial Regulation in compliance with an evidentiary notice shall be given or produced in private. (2) If a person who appears before the Head of Financial Regulation in compliance with an evidentiary notice requests that the matter or any part of it be dealt with in public, the Head of Financial Regulation shall comply with the request unless— (a) the matter raises issues that, in the opinion of the Head of Financial Regulation, should be dealt with in private, or (b) the Head of Financial Regulation considers that it is necessary or desirable to deal with the matter or part of it in private in order to avoid the disclosure of information of the kind referred to in section 33AK(1A) of the Act of 1942. (3) Subject to subsections (1) and (2), if the Head of Financial Regulation is satisfied that it is desirable in the public interest that the evidence to be given should be given, or the document to be produced should be produced, in public, the Head of Financial Regulation may direct accordingly. (4) If the evidence is to be given, or the document is to be produced, in private, the Head of Financial Regulation may do either or both of the following: (a) give directions as to the persons (other than the Head of Financial Regulation or an officer or employee of the Bank) who may be present during the proceeding; (b) give directions preventing or restricting the publication of the whole or any part of the evidence or of matters contained in the document. (5) If the evidence is to be given, or the document is to be produced, in private, a person (other than the person required to appear before the Head of Financial Regulation, the Head of Financial Regulation or an officer or employee of the Bank) may be present only if entitled to be present because of a direction given under subsection (4)(a). (6) A person who contravenes a direction of the Head of Financial Regulation under subsection (4)(b) commits an offence. Offence of failing to produce document, etc. 36.— (1) A person commits an offence if, having been required to produce a document or provide information to the Head of Financial Regulation in compliance with an evidentiary notice, he or she fails to comply with the requirement and has not been excused by the Head of Financial Regulation. (2) Subsection (1) does not apply if the person has a reasonable excuse. (3) It is a reasonable excuse for the purposes of subsection (2) that— (a) the person does not have the document or inf …