Central Bank (Supervision and Enforcement) Act 2013

Central Bank (Supervision and Enforcement) Act 2013 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 2013 Central Bank (Supervision and Enforcement) Act 2013 Central Bank (Supervision and Enforcement) Act 2013 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 26 of 2013 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 ARRANGEMENT OF SECTIONS PART 1 Preliminary Section 1. Short title, collective citation and construction. 2. Commencement. 3. Interpretation. 4. Repeals and revocations. 5. Amendments. 6. Savings and transitional provisions. PART 2 Provision of Report to Bank 7. Definitions (Part 2). 8. Persons to whom this Part applies. 9. Giving of notice to reviewee to provide a report. 10. Matters to which Bank shall have regard before giving notice under section 9. 11. The reviewer. 12. Contract with reviewer. 13. Cost of report. 14. Assisting the reviewer. 15. Duty of reviewee to ensure performance of reviewer’s functions. 16. Reviewer to provide explanation to the Bank. 17. Bank not bound by report nor liable for it. 18. Offence of providing false information to a reviewer. 19. Bank may apply to High Court for an order. 20. Guidelines for reviewees and reviewers. PART 3 Information, etc. Chapter 1 Introductory 21. Persons to whom this Part applies. Chapter 2 Bank’s power to gather information, etc. 22. Power of Bank to require information, records, plans, etc. 23. Form of information, etc. Chapter 3 Authorised officers 24. Appointment of authorised officers. 25. Warrant of appointment. 26. Power of authorised officer to enter premises. 27. Powers of authorised officer. 28. Warrant required to enter premises. 29. Authorised officer may attend meetings. Chapter 4 Supplementary 30. Provision of information, record or other document not to be treated as breach or to affect lien. 31. Failure to comply with a requirement. 32. Offence. 33. Privileged legal material. 34. Use of information. PART 4 Auditor Assurance 35. Amendment of Central Bank Act 1997. 36. Amendment of section 27G of Central Bank Act 1997. PART 5 Protection for Persons Reporting Breaches 37. Definitions (Part 5). 38. Protected disclosure. 39. Guidelines for persons referred to in section 38(2)(a). 40. Protection from civil liability of persons who have made a protected disclosure. 41. Protection of employees from penalisation for making a protected disclosure. 42. Tortious liability of person for victimisation. PART 6 Customer Protection 43. Bank’s power to direct redress for customers. 44. Actions for damages. PART 7 Bank’s Power to Give Directions 45. Bank’s power to give directions. 46. Prior approval of High Court for certain proceedings. 47. Bank may apply to High Court for orders enforcing directions. PART 8 Bank’s Power to Make Regulations 48. Bank’s power to make regulations. 49. Consultation before making regulations. 50. Matters to which Bank to have regard when making regulations. 51. Supplementary provisions relating to regulations. PART 9 Enforcement 52. High Court enforcement orders on application by Bank. 53. Notices to the public. 54. Restitution orders. 55. Prosecution of offences. 56. Copies of documents for juries. 57. Convicted person liable for costs and expenses of investigation and proceedings. 58. Limitation of liability. PART 10 Extension of Part V of Central Bank Act 1997 to Debt Management Firms, etc. 59. Amendment of section 28 of Central Bank Act 1997. 60. Amendment of section 31 of Central Bank Act 1997. 61. Amendment of section 31A of Central Bank Act 1997. 62. Amendment of section 32A of Central Bank Act 1997. 63. Amendment of section 33A of Central Bank Act 1997. 64. Transitional provision for existing debt management firms. 65. Amendment of section 36 of Central Bank Act 1997. 66. Amendment of section 36A of Central Bank Act 1997. PART 11 Amendments to Part IIIC of Act of 1942 67. Amendment of section 33AO of Act of 1942. 68. Amendment of section 33AQ of Act of 1942. 69. Amendment of section 33AV of Act of 1942. 70. Amendment of section 33BA of Act of 1942. 71. Amendment of section 33BC of Act of 1942. PART 12 Other Amendments to Financial Services Legislation 72. Ombudsman’s report to include information about complaints. 73. Third country branches. 74. Amendment of section 76 of Central Bank Act 1989. 75. Amendment of section 43 of Investment Intermediaries Act 1995. 76. Amendment of section 30 of Consumer Credit Act 1995. 77. Amendment of section 45 of Consumer Credit Act 1995. 78. Amendment of section 149 of Consumer Credit Act 1995. 79. Amendment of section 27 of Central Bank Act 1997. 80. Amendments of Investor Compensation Act 1998. 81. Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009. 82. Amendment of Central Bank and Credit Institutions (Resolution) Act 2011. PART 13 Miscellaneous 83. Amendment of section 1 of Insurance Act 1964. 84. Amendment of section 6 of Insurance Act 1964. 85. Amendment of section 4 of Landlord and Tenant Act (Ground Rents) (No. 2) Act 1978. 86. Amendment of section 4 of Landlord and Tenant (Amendment) Act 1980. 87. Amendment of section 3 of Companies (Amendment) Act 1990. 88. Disclosure to Bank of tax information about qualifying companies and FVCs. 89. Amendment of section 11 of Electronic Commerce Act 2000. 90. Amendment of Planning and Development Act 2000. 91. Amendment of section 56 of Personal Injuries Assessment Board Act 2003. 92. Amendment of Credit Institutions (Financial Support) Act 2008. 93. Amendment of section 38 of Credit Institutions (Stabilisation) Act 2010. 94. Amendment of section 6 of Irish Bank Resolution Corporation Act 2013. SCHEDULE 1 Repeals and Revocations PART 1 Repeals PART 2 Revocations SCHEDULE 2 Amendments of Central Bank Acts PART 1 Amendments of Central Bank Act 1942 PART 2 Amendments of Central Bank Act 1971 PART 3 Amendment of Central Bank Act 1997 PART 4 Amendments of Central Bank Reform Act 2010 PART 5 Amendments of Central Bank and Credit Institutions (Resolution) Act 2011 SCHEDULE 3 Amendments of Certain other Acts PART 1 Amendments of Investment Intermediaries Act 1995 PART 2 Amendments of Credit Union Act 1997 PART 3 Amendments of Investor Compensation Act 1998 PART 4 Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009 SCHEDULE 4 Amendments of Certain Statutory Instruments PART 1 Amendments of European Communities (Markets in Financial Instruments) Regulations 2007 PART 2 Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 PART 3 Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007 PART 4 Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 SCHEDULE 5 Redress for Contravention of section 41 (1) Acts Referred to Asset Covered Securities Act 2001 2001, No. 47 Bankers’ Books Evidence Act 1879 42 & 43. Vict., c. 11 Bankruptcy Act 1988 1988, No. 27 Building Societies Act 1989 1989, No. 17 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 Acts 1942 to 2012 Central Bank and Credit Institutions (Resolutions) Act 2011 2011, No. 27 Central Bank Reform Act 2010 2010, No. 23 Charities Act 2009 2009, No. 6 Companies Act 1963 1963, No. 33 Companies Act 1990 1990, No. 33 Companies (Amendment) Act 1990 1990, No. 27 Consumer Credit Act 1995 1995, No. 24 Consumer Protection Act 2007 2007, No. 19 Credit Institutions (Financial Support) Act 2008 2008, No. 18 Credit Institutions (Stabilisation) Act 2010 2010, No. 36 Credit Union Act 1997 1997, No. 15 Credit Union and Co-operation with Overseas Regulators Act 2012 2012, No. 40 Criminal Justice (Terrorist Offences) Act 2005 2005, No. 2 Debtors (Ireland) Act 1840 3 & 4 Vict., c. 105 Dormant Accounts Act 2001 2001, No. 32 Electronic Commerce Act 2000 2000, No. 27 European Communities (Amendment) Act 1993 1993, No. 25 Financial Services (Deposit Guarantee Scheme) Act 2009 2009, No. 13 Financial Transfers Act 1992 1992, No. 27 Insurance (No. 2) Act 1983 1983, No. 29 Insurance Act 1964 1964, No. 18 Insurance Act 1989 1989, No. 3 Investment Funds, Companies and Miscellaneous Provisions Act 2005 2005, No. 12 Investment Intermediaries Act 1995 1995, No. 11 Investment Limited Partnerships Act 1994 1994, No. 24 Investor Compensation Act 1998 1998, No. 37 Irish Bank Resolution Corporation Act 2013 2013, No. 2 Landlord and Tenant (Amendment) Act 1980 1980, No. 10 Landlord and Tenant (Ground Rents) Act 1967 1967, No. 3 Landlord and Tenant (Ground Rents) (No. 2) Act 1978 1978, No. 16 Personal Injuries Assessment Board Act 2003 2003, No. 46 Personal Insolvency Act 2012 2012, No. 44 Petty Sessions (Ireland) Act 1851 14 & 15. Vict., c. 93 Planning and Development Act 2000 2000, No. 30 Protection of Employees (Employers’ Insolvency) Act 1984 1984, No. 21 Protection of Employees (Fixed-Term Work) Act 2003 2003, No. 29 Succession Act 1965 1965, No. 27 Taxes Consolidation Act 1997 1997, No. 39 Trustee Savings Banks Act 1989 1989, No. 21 Unclaimed Life Assurance Policies Act 2003 2003, No. 2 Unfair Dismissals Act 1977 1977, No. 10 Unfair Dismissals Acts 1977 to 2007 Unit Trusts Act 1990 1990, No. 37 Number 26 of 2013 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 AN ACT TO FURTHER PROVIDE FOR THE REGULATION AND SUPERVISION OF FINANCIAL SERVICE PROVIDERS AND FINANCIAL SERVICES; TO FURTHER PROVIDE FOR THE ENFORCEMENT OF FINANCIAL SERVICES LEGISLATION; TO PROVIDE FOR THE PROTECTION OF PERSONS REPORTING BREACHES; FOR THOSE AND OTHER PURPOSES TO PROVIDE FOR AMENDMENTS TO, AND TO FURTHER AMEND AND EXTEND, THE CENTRAL BANK ACTS 1942 TO 2012 AND CERTAIN OTHER ACTS AND STATUTORY INSTRUMENTS, AND TO PROVIDE FOR RELATED MATTERS. [11th July, 2013] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART 1 Preliminary Short title, collective citation and construction. 1.— (1) This Act may be cited as the Central Bank (Supervision and Enforcement) Act 2013 . (2) The Central Bank Acts 1942 to 2012 and this Act (other than section 5 , in so far as it relates to Schedules 3 and 4, and sections 75 to 78 , 80 to 87 and 89 to 94 ) may be cited together as the Central Bank Acts 1942 to 2013 and shall be construed together. 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 or class of person and different days may be so appointed for different purposes or different provisions or different classes of person. (2) An order under subsection (1) may, in respect of the repeal of certain Acts to the extent specified in Part 1 of Schedule 1 and the revocation of certain statutory instruments to the extent specified in Part 2 of that Schedule, effected by section 4 , appoint different days for the repeal of different provisions of the Acts so specified or the revocation of different provisions of the statutory instruments so specified and for such repeal or revocation, as the case may be, for different purposes of any such provision. (3) An order under subsection (1) may, in respect of the amendment of Acts and statutory instruments set out in Schedules 2, 3 and 4, effected by section 5 , 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 ; “authorisation” means an authorisation, licence or any other permission required to carry on business as a regulated financial service provider granted by the Bank pursuant to any provision of financial services legislation, and includes registration; “authorised officer” means a person appointed by the Bank under section 24 to be an authorised officer; “contravene” includes fail to comply, and also includes— (a) attempting to contravene, (b) aiding, abetting, counselling or procuring a person to commit a contravention, (c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention, (d) being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and (e) conspiring with others to commit a contravention; “customer”, in relation to a regulated financial service provider, means— (a) any person to whom the regulated financial service provider provides or offers financial services, or (b) any person who requests the provision of financial services from the regulated financial service provider, and includes a potential customer and a former customer; “financial services legislation” means— (a) the designated enactments, (b) the designated statutory instruments, and (c) the Central Bank Acts 1942 to 2013 and statutory instruments made under those Acts; “Minister” means the Minister for Finance; “prescribed contravention” has the same meaning as in section 33AN of the Act of 1942; “regulated market” has the same meaning as in Regulation 3 of the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ); “related undertaking”, in relation to a person (“the first-mentioned person”), means— (a) if the first-mentioned person is a company, another company that is related within the meaning of section 140(5) of the Companies Act 1990 , (b) a partnership of which the first-mentioned person is a member, (c) if the businesses of the first-mentioned person and another person have been so carried on that the separate business of each of them, or a substantial part thereof, is not readily identifiable, that other person, (d) if the decision as to how and by whom the businesses of the first-mentioned person and another person shall be managed can be made either by the same person or by the same group of persons acting in concert, that other person, (e) a person who performs a specific and limited purpose by or in connection with the business of the first-mentioned person, or (f) if provision is required to be made for the first-mentioned person and another person in any consolidated accounts compiled in accordance with the Seventh Council Directive 83/349/EEC of 13 June 1983 1 , that other person. (2) References in this Act to a regulated financial service provider, or a related undertaking, shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider, or a related undertaking, at the relevant time. (3) A word or expression used in this Act and also in the Act of 1942, unless the contrary intention appears, has the same meaning in this Act as in the Act of 1942. Repeals and revocations. 4.— (1) The Acts specified in Part 1 of Schedule 1 are repealed to the extent specified in column (4) of that Part. (2) The statutory instruments specified in Part 2 of Schedule 1 are revoked to the extent specified in column (4) of that Part. Amendments. 5.— (1) The Central Bank Acts are amended to the extent specified in column (3) of Parts 1 to 5 of Schedule 2 . (2) The Acts specified in Parts 1 to 3 of Schedule 3 are amended to the extent specified in column (3) of each such Part. (3) The statutory instruments specified in Parts 1 to 3 of Schedule 4 are amended to the extent specified in column (3) of each such Part. (4) The amendment of a statutory instrument by subsection (3) does not prevent or restrict the subsequent amendment or revocation of the instrument by another statutory instrument. Savings and transitional provisions. 6.— (1) A person who was an authorised officer, by whatever name called, appointed under the provisions of any enactment repealed or revoked by this Act immediately before the coming into operation of the repeal or revocation concerned is taken to have been appointed under Part 3 . (2) Anything done by a person who was an authorised officer, by whatever name called, appointed under the provisions of any enactment repealed or revoked by this Act immediately before the coming into operation of the repeal or revocation concerned shall be treated after the coming into operation of the repeal or revocation as done under this Act by an authorised officer appointed under Part 3 . (3) Any information gathered, or any other thing done, under the provisions of any enactment repealed or revoked by this Act is to be treated after the coming into operation of the repeal or revocation as if done under any provision of this Act under which it could have been done had the provision been in force at the time in question. PART 2 Provision of Report to Bank Definitions (Part 2). 7.— In this Part— “reviewee” shall be read in accordance with section 8 ; “reviewer” shall be read in accordance with section 11 . Persons to whom this Part applies. 8.— The following are reviewees for the purposes of this Part: (a) a regulated financial service provider; (b) a related undertaking of a regulated financial service provider. Giving of notice to reviewee to provide a report. 9.— (1) The Bank may for the purposes of the proper and effective regulation of financial service providers and having regard to the matters set out in section 10 , by notice in writing given to a reviewee, require the reviewee to provide to the Bank, in accordance with such notice, a report on any matter specified in the notice about which the Bank has required or could require the provision of information, or the production of documents, under any provision of financial services legislation. (2) A notice under subsection (1) shall be in writing and shall state— (a) the date on which the notice was given, (b) the period within which the reviewee shall nominate a person to the Bank for approval under section 11 , (c) the purpose of the report, (d) the scope of the report, (e) the timetable for completion of the report, (f) the matters required to be reported on, (g) whether the report is to include recommendations, (h) the form of the report, (i) where appropriate, the methodology to be used in the preparation of the report, and (j) such other matters relating to the report as the Bank considers appropriate. Matters to which Bank shall have regard before giving notice under section 9 . 10.— Before giving a notice under section 9 , the Bank, taking account of the purposes for which the report is required, shall have regard to at least the following matters— (a) whether any other powers that may be available to the Bank under any provision of financial services legislation may be more appropriate in the circumstances concerned, (b) the relevant knowledge and expertise available to the reviewee, and (c) the cost implications for the reviewee of providing the report, the resources available to the reviewee and the benefit to the reviewee of providing the report. The reviewer. 11.— (1) A report required to be provided to the Bank under this Part shall be prepared by a person (in this Part referred to as the “reviewer”)— (a) nominated by the reviewee, within such period as is specified in the notice given under section 9 , and approved by the Bank, or (b) nominated by the Bank, where no person is nominated by the reviewee within the period specified in the notice under section 9 or the Bank is not satisfied with the person so nominated. (2) The reviewer shall be a person appearing to the Bank to have the skills relating to the business of the reviewee necessary to prepare an objective report on the matters concerned and, without prejudice to the generality of the foregoing, may be an auditor, actuary, accountant, lawyer or any other person with relevant business, technical or technological skills employed or otherwise engaged by the reviewee. (3) When considering whether to approve a nomination under subsection (1)(a) or make a nomination under subsection (1)(b), the Bank shall have regard to the circumstances giving rise to the requirement for a report and whether the person it proposes to so approve or nominate appears to have— (a) the competence and capabilities necessary to prepare the report on the matter concerned, (b) the ability to complete the report within the period specified by the Bank in the notice given under section 9 , (c) any relevant specialised knowledge, including specialised knowledge of the reviewee, the nature of the business carried on by the reviewee and the matters to be reported on, (d) any potential conflict of interest in reviewing the matters to be reported on, including any arising from the fact that the matters may raise questions relating to the quality or reliability of work previously carried out by the proposed reviewer, (e) sufficient detachment, having regard to any existing professional or commercial relationship, to give an objective opinion, and (f) previous experience in preparing reports under this Part or reports of a similar nature. (4) Where the Bank approves a nomination under subsection (1)(a) or makes a nomination under subsection (1)(b) it shall notify the reviewee, in writing, accordingly. Contract with reviewer. 12.— (1) Where a reviewer is approved or nominated by the Bank under section 11 , the reviewee shall enter into a contract with the reviewer. (2) It shall be a term of the contract referred to in subsection (1)— (a) that the reviewer is required to prepare for the reviewee a report in accordance with the notice given under section 9 , (b) that any duty owed by the reviewer to the reviewee which might limit the provision of information or opinion by the reviewee to the reviewer in preparing a report under this Part shall be waived, (c) that the reviewer is required and permitted to provide to the Bank the following where the Bank so requests— (i) periodic updates on progress and issues arising, (ii) interim reports, (iii) documents and working papers, (iv) copies of any draft reports given to the reviewee, and (v) specific information about the planning and progress of the work to be undertaken (which may include project plans, progress reports including the amount of work completed, details of time spent, costs to date and details of any significant findings and conclusions), (d) that the contract is governed by the law of the State, (e) that— (i) the Bank has the right to enforce the provisions included in the contract under this subsection, (ii) in proceedings brought by the Bank for the enforcement of the provisions referred to in subparagraph (i) the reviewer is not to have available by way of defence, set-off or counterclaim any matter that is not relevant to those provisions, (iii) if the contract includes an arbitration agreement, the Bank is not, in exercising the right specified in subparagraph (i), to be treated as a party to, or bound by, the arbitration agreement, and (iv) the provisions included in the contract under this subsection are irrevocable and may not be varied or rescinded without the Bank’s prior consent in writing, and (f) that the contract is not varied or rescinded in such a way as to extinguish or alter the provisions included in the contract under this subsection. (3) If the Bank considers it appropriate, it may request the reviewee to give to the Bank a copy of the draft contract before it is made with the reviewer and the Bank may require such modifications to the draft contract as it considers appropriate. Cost of report. 13.— The costs of and incidental to the preparation of a report under this Part shall be borne by the reviewee. Assisting the reviewer. 14.— (1) A reviewee shall give all such assistance to a reviewer as he or she may reasonably require for the purposes of the preparation of a report under this Part. (2) A person who is providing or who at any time has provided services to a reviewee in relation to any matter on which a report is required to be given under this Part shall give all such assistance to a reviewer as he or she may reasonably require for the purposes of the preparation of the report. Duty of reviewee to ensure performance of reviewer’s functions. 15.— A reviewee shall take such steps as are reasonably necessary to ensure that a reviewer performs his or her functions under this Part in accordance with the terms of his or her contract. Reviewer to provide explanation to the Bank. 16.— A reviewer shall, where requested by the Bank, in such form and within such period as the Bank may specify, provide an explanation of all or any part of a report under this Part or the recommendations, if any, made in the report, or of such other matters relating to the report as the Bank considers appropriate. Bank not bound by report nor liable for it. 17.— (1) The Bank shall not be bound by the content of a report under this Part and such a report shall not be taken to be a decision or opinion of the Bank for any purpose. (2) The adoption by a reviewee or any other person of a course of action recommended or described in a report under this Part does not represent an endorsement or approval of that course of action by the Bank. (3) The Bank shall not be liable for any acts or omissions of a reviewer or reviewee relating to a report under this Part. Offence of providing false information to a reviewer. 18.— A person who— (a) obstructs or impedes a reviewer in the preparation of a report under this Part, (b) in relation to the preparation of a report under this Part, gives information to a reviewer that the person knows to be false or misleading in a material respect, or (c) is a reviewer and in relation to the preparation of a report under this section gives information to the Bank which the reviewer knows to be false or misleading in a material respect, commits an offence and is liable— (i) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or (ii) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both. Bank may apply to High Court for an order. 19.— (1) Subject to subsection (2), where the Bank is of the opinion that a person has failed or is failing to comply with any condition or requirement imposed by this Part or by the terms of a contract referred to in section 12 (1), the Bank may apply to the High Court for an order enforcing the obligations of that person under this Part or under the terms of such a contract. (2) Where the Bank is of the opinion that a regulated financial service provider has failed or is failing to comply with a condition or requirement imposed by this Part the Bank may give a direction under section 45 . Guidelines for reviewees and reviewers. 20.— (1) The Bank may publish, in such form and manner as it considers appropriate, guidelines for the purpose of providing practical guidance for reviewees and reviewers relating to the application and operation of this Part. (2) The guidelines may include different provisions in respect of different classes of reviewee or reviewer. PART 3 Information, etc. Chapter 1 Introductory Persons to whom this Part applies. 21.— (1) The following are persons to whom this Part applies (whether they are within or outside the State): (a) a regulated financial service provider; (b) a person who has applied for an authorisation but whose application has not been determined; (c) a person whom the Bank or an authorised officer reasonably believes is or has been a regulated financial service provider or is or has been acting as, or claiming or holding itself out to be, a regulated financial service provider; (d) a person who is or has been, or whom the Bank or an authorised officer reasonably believes is or has been, without an authorisation, providing a financial service in respect of which an authorisation is required; (e) a related undertaking of any of the persons referred to in any of the preceding paragraphs; (f) any person whom the Bank or an authorised officer reasonably believes may possess or have control of information about— (i) a financial service, or (ii) an investment, security or other financial instrument which is, or is to be, admitted to trading under the rules and systems of a regulated market or an equivalent system operating under the law of a territory other than the State; (g) any other person whom the Bank or an authorised officer reasonably believes may possess information about a person referred to in any of the preceding paragraphs; (h) a person who is, in relation to a person referred to in any of the preceding paragraphs, a person mentioned in subsection (2); (i) a person who is or has been an officer or employee or agent of a person referred to in any of the preceding paragraphs or is, in relation to a person who is or has been such an officer, employee or agent, a person mentioned in subsection (2). (2) The persons referred to in subsection (1)(h) and (i) are— (a) an administrator within the meaning of section 1(1) of the Insurance (No. 2) Act 1983 , (b) an administrator within the meaning of section 2 of the Investor Compensation Act 1998 , (c) a person appointed as an administrator of a credit union by virtue of section 137 of the Credit Union Act 1997 or appointed to act as a provisional administrator of a credit union by virtue of section 138 of that Act, (d) a special manager appointed pursuant to the Credit Institutions (Stabilisation) Act 2010 , (e) a special manager appointed pursuant to the Central Bank and Credit Institutions (Resolution) Act 2011 , (f) an examiner, liquidator, receiver or official assignee, and (g) a person with functions corresponding to those of any of the persons within the preceding paragraphs under the law of a territory other than the State. (3) In subsection (1)(i) “agent”, in relation to a person referred to in subsection (1)(a) to (h), includes a past (as well as a present) agent and includes the person’s banker, accountant, solicitor, auditor and financial or other adviser. Chapter 2 Bank’s power to gather information, etc. Power of Bank to require information, records, plans, etc. 22.— (1) Where it is necessary to do so for the purpose of the performance of the Bank’s functions under financial services legislation relating to the proper and effective regulation of financial service providers, the Bank may, by notice in writing given to a person to whom this Part applies, require the person— (a) to provide to the Bank the information specified in the notice, (b) to provide to the Bank the records so specified, or (c) to prepare and provide to the Bank the forecasts, plans, accounts or other documents so specified. (2) A person on whom a requirement is imposed under subsection (1) shall comply with the requirement— (a) at such time or times, or within such period, as may be specified in the notice or in a further notice given by the Bank, and (b) at such place as may be so specified. (3) The Bank may require that information, records or other documents provided in compliance with a requirement under subsection (1) be certified or attested as to their authenticity or correctness in such manner as the Bank may reasonably require, including by statutory declaration. (4) The Bank may take copies of, or extracts from, any records or other documents provided in compliance with a requirement under subsection (1). (5) This section does not limit any other power of the Bank to require the provision of information or records or the preparation and provision of documents. Form of information, etc. 23.— (1) The Bank may require that information, records or other documents provided in response to a requirement under section 22 (1) be provided in such form and manner as the Bank may reasonably require. (2) A person who fails to provide any information, records or other documents in the form reasonably required by the Bank shall be treated as not having provided it or them in compliance with the requirement. Chapter 3 Authorised officers Appointment of authorised officers. 24.— (1) Where it is necessary to do so for the purpose of the performance by the Bank of its functions under financial services legislation relating to the proper and effective regulation of financial service providers, the Bank may appoint any of its officers or employees or other suitably qualified persons to be authorised officers and to exercise any of the powers conferred by this Chapter. (2) The Bank may revoke any appointment made by it under subsection (1). (3) An appointment or revocation under this section shall be in writing. (4) A person’s appointment by the Bank as an authorised officer ceases on the earliest of— (a) the revocation by the Bank of the appointment, (b) in a case where the appointment is for a specified period, the expiration of the period, (c) the person's resignation from the appointment, and (d) in the case where the person is an officer or employee of the Bank— (i) the resignation of the person as an officer or employee of the Bank, or (ii) the termination of the person's employment with the Bank, or when the person's term of office ceases, for any reason. (5) Whenever requested to do so by the Bank, an authorised officer shall give to the Bank a report on the exercise by him or her of all or any of the powers conferred on an authorised officer by this Chapter. (6) In this section “suitably qualified person” means any person (other than an officer or employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on an authorised officer by this Chapter. Warrant of appointment. 25.— Every authorised officer appointed by the Bank shall be furnished with a warrant of his or her appointment, and when exercising a power conferred by this Chapter shall produce such warrant or a copy of it, together with a form of personal identification, for inspection if requested to do so by a person affected by the exercise of the power. Power of authorised officer to enter premises. 26.— (1) Subject to subsection (2), an authorised officer may at all reasonable times enter any premises— (a) which the authorised officer has reasonable grounds to believe are or have been used for, or in relation to, the business of a person to whom this Part applies, or (b) at, on or in which the authorised officer has reasonable grounds to believe that records relating to the business of a person to whom this Part applies are kept. (2) An authorised officer shall not enter a dwelling, otherwise than— (a) with the consent of the occupier, or (b) pursuant to a warrant under section 28 . (3) In this Chapter “premises” includes vessel, aircraft, vehicle and any other means of transport, as well as land and any other fixed or moveable structure. Powers of authorised officer. 27.— (1) An authorised officer may do any one or more of the following: (a) search and inspect premises entered under section 26 or pursuant to a warrant under section 28 ; (b) require a person to whom this Part applies who apparently has control of, or access to, records, to provide the records; (c) summon, at any reasonable time, a person to whom this Part applies— (i) to give to the authorised officer such information as the authorised officer may reasonably require, (ii) to provide to the authorised officer any records which the person has control of, or access to, and which the authorised officer may reasonably require, or (iii) to provide an explanation of a decision, course of action, system or practice or the nature or content of any records provided under this section; (d) inspect records so provided or found in the course of searching and inspecting premises; (e) take copies of or extracts from records so provided or found; (f) subject to subsection (3), take and retain records so provided or found for the period reasonably required for further examination; (g) secure, for later inspection, any records so provided or found and any data equipment, including any computer, in which those records may be held; (h) secure, for later inspection, premises entered under section 26 or pursuant to a warrant under section 28 , or any part of such premises, for such period as may reasonably be necessary for the purposes of the exercise of his or her powers under this Chapter, but only if the authorised officer considers it necessary to do so in order to preserve for inspection records that he or she reasonably believes may be kept there; (i) require a person to whom this Part applies to answer questions and to make a declaration of the truth of the answers to those questions; (j) require a person to whom this Part applies to provide an explanation of a decision, course of action, system or practice or the nature or content of any records; (k) require a person to whom this Part applies to provide a report on any matter about which the authorised officer reasonably believes the person has relevant information; (l) if a person to whom this Part applies who is required to provide a particular record is unable to provide it, require the person to state, to the best of that person's knowledge and belief, where the record is located or from whom it may be obtained; (m) require that any information given to an authorised officer under this Chapter is to be certified as accurate and complete by such person or persons and in such manner as the Bank or the authorised officer may require. (2) Where records are not in legible form, an authorised officer, in the exercise of any of his or her powers under this Chapter, may— (a) operate any data equipment, including any computer, or cause any such data equipment or computer to be operated by a person accompanying the authorised officer, and (b) require any person who appears to the authorised officer to be in a position to facilitate access to the records stored in any data equipment or computer or which can be accessed by the use of that data equipment or computer to give the authorised officer all reasonable assistance in relation to the operation of the data equipment or computer or access to the records stored in it, including— (i) providing the records to the authorised officer in a form in which they can be taken and in which they are, or can be made, legible and comprehensible, (ii) giving to the authorised officer any password necessary to make the records concerned legible and comprehensible, or (iii) otherwise enabling the authorised officer to examine the records in a form in which they are legible and comprehensible. (3) Where the Bank or an authorised officer proposes to retain, pursuant to this section, any records taken by the authorised officer under subsection (1) for a period longer than 14 days after the date on which the records are taken, the Bank or the authorised officer shall, before the end of that period of 14 days, or such longer period as the person concerned may agree, furnish, on request, a copy of the records to the person who it appears to the Bank or the authorised officer, but for the exercise of the powers under this section, is entitled to possession of it. (4) A person to whom this Part applies shall give to an authorised officer such assistance as the authorised officer may reasonably require and make available to the authorised officer such reasonable facilities as are necessary for the authorised officer to exercise his or her powers under this Chapter including such facilities for inspecting and taking copies of any records as the authorised officer reasonably requires. (5) Subject to any warrant issued under section 28 , an authorised officer may be accompanied, and assisted in the exercise of the officer’s powers under this Chapter, by such other authorised officers, members of the Garda Síochána or other persons as the authorised officer reasonably considers appropriate. (6) An authorised officer may require a person to provide him or her with his or her name and address where— (a) the authorised officer has reasonable grounds for believing that the person— (i) is committing or has committed an offence under financial services legislation, (ii) is committing or has committed a prescribed contravention, or (iii) has deliberately concealed or destroyed evidence, or is deliberately concealing or destroying evidence, or is likely to deliberately conceal or destroy evidence, of such an offence or a prescribed contravention, or (b) the authorised officer has reasonable grounds for requiring such information for the purpose of applying for a warrant under this Chapter. Warrant required to enter premises. 28.— (1) Without prejudice to the powers conferred on an authorised officer by or under any other provision of this Chapter, if a judge of the District Court is satisfied on the sworn information of the authorised officer that there are reasonable grounds for believing that records are to be found on, at or in any premises, the judge may issue a warrant authorising an authorised officer accompanied by such other authorised officers or members or the Garda Síochána as may be necessary, at any time or times within the period of validity of the warrant, on production, if so requested, of the warrant— (a) to enter the premises specified in the warrant, if need be by reasonable force, and (b) to exercise the powers conferred on authorised officers by this Chapter or such of those powers as are specified in the warrant. (2) The period of validity of a warrant shall be 1 month from its date of issue but that period of validity may be extended in accordance with subsections (3) and (4). (3) The authorised officer may, during the period of validity of a warrant (including such period as previously extended under subsection (4)), apply to a judge of the District Court for an order extending the period of validity of the warrant and such an application shall be grounded upon information on oath laid by the authorised officer stating, by reference to the purpose or purposes for which the warrant was issued, the reasons why the authorised officer considers the extension to be necessary. (4) If the judge of the District Court is satisfied that there are reasonable grounds for believing, having regard to that information so laid, that further time is needed so that the purpose or purposes for which the warrant was issued can be fulfilled, the judge may make an order extending the period of validity of the warrant by such period as, in the opinion of the judge, is appropriate and just; and where such an order is made, the judge shall cause the warrant to be suitably endorsed to indicate its extended period of validity. (5) Nothing in the preceding subsections prevents a judge of the District Court from issuing, on foot of a fresh application made under subsection (1), a further search warrant under this section in relation to the same premises. Authorised officer may attend meetings. 29.— (1) An authorised officer may attend any meeting relating to the business of a regulated financial service provider if the authorised officer considers that it is necessary to attend in order to assist the Bank in the performance of any of its functions under financial services legislation. (2) The attendance of an authorised officer pursuant to subsection (1) at a meeting referred to in that subsection does not in any circumstances limit the powers of the authorised officer or of the Bank. Chapter 4 Supplementary Provision of information, record or other document not to be treated as breach or to affect lien. 30.— (1) The provision to the Bank or an authorised officer of any information, record or other document by a person under this Part shall not be treated, for any purpose, as a breach of any restriction under any enactment or rule of law on provision by the person or any other person on whose behalf the information, record or other document is provided. (2) Where a person required under this Part to provide a record or other document claims a lien on it, the provision of it shall be without prejudice to the lien. Failure to comply with a requirement. 31.— (1) If any person to whom this Part applies fails or refuses to comply with a requirement imposed by the Bank or an authorised officer under this Part, the Bank or the authorised officer may certify the failure or refusal to the High Court. (2) When the Bank or an authorised officer certifies a failure or refusal referred to in subsection (1) to the High Court, the High Court may inquire into the case and may make such order (including interim or interlocutory orders) or direction as the High Court thinks fit, after hearing— (a) any witnesses who may be produced against or on behalf of the person concerned, and (b) any statement which may be offered in defence. Offence. 32.— (1) A person commits an offence if he or she— (a) obstructs or impedes the Bank or an authorised officer in the exercise of any powers under this Part, (b) without reasonable excuse, does not comply with a requirement imposed under this Part, (c) in purported compliance with such a requirement, provides information or records or other documents to the Bank or an authorised officer that the person knows to be false or misleading in a material respect, or (d) falsely represents himself or herself to be an authorised officer. (2) A person who commits an offence under this section is liable— (a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or (b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both. (3) If a person refuses to answer a question asked of him or her or to comply with any other requirement made, under this Part, on the grounds that the answer or compliance with the requirement might tend to incriminate the person and the person is informed of his or her obligation to answer the question or to comply with the requirement, the person shall not refuse to answer the question or to comply with the requirement but the answer given or information provided on that occasion shall not be admissible as evidence in criminal proceedings against the person other than proceedings against him or her under this section. Privileged legal material. 33.— (1) In this section— “the Court” means the High Court; “privileged legal material” means information which, in the opinion of the High Court, a person is entitled to refuse to produce on the grounds of legal professional privilege. (2) If a person refuses to produce information or give access to it, pursuant to a requirement under this Part, on the grounds that the information contains privileged legal material, the Bank may, at any time within 6 months (or such longer period as the Court may allow) of the date of such refusal, apply to the Court for a determination as to whether the information, or any part of the information, is privileged legal material where— (a) in relation to the information concerned— (i) the Bank has reasonable grounds for believing that it is not privileged legal material, or (ii) due to the manner or extent to which such information is presented together with any other information, it is impossible or impractical to extract only such information, and (b) the Bank has reasonable grounds to suspect that the information contains evidence relating to the commission of a prescribed contravention or an offence under financial services legislation. (3) A person who refuses to produce information or give access to it, pursuant to a requirement under this Part, on the grounds that the information contains privileged legal material shall preserve the information and keep it in a safe and secure place and manner pending the determination of an application under subsection (2) and shall, if the information is so determined not to be privileged legal material, produce it in accordance with such order as the Court considers appropriate. (4) A person shall be considered to have complied with the requirement under subsection (3) to preserve information, where the person has complied with such requirements as may be imposed by an authorised officer under paragraph (g) or (h) of section 27 (1). (5) Where an application is made by the Bank under subsection (2), the Court may give such interim or interlocutory directions as the Court considers appropriate including, without prejudice to the generality of the foregoing, directions as to the appointment of a person with suitable legal qualifications possessing the level of experience, and the independence from any interest falling to be determined between the parties concerned, that the Court considers to be appropriate for the purpose of— (a) examining the information, and (b) preparing a report for the Court with a view to assisting or facilitating the Court in the making by the Court of its determination as to whether the information is privileged legal material. (6) An application under subsection (2) shall be by motion and may, if the Court so directs, be heard otherwise than in public. Use of information. 34.— Information acquired by the Bank or an authorised officer in the performance of any functions conferred on the Bank or the authorised officer under financial services legislation may be used by the Bank for the purposes of the performance of any of its functions under financial services legislation. PART 4 Auditor Assurance Amendment of Central Bank Act 1997. 35.— The Central Bank Act 1997 is amended by inserting the following new section after section 27B: “Auditor assurance. 27BA.— (1) Where the Bank considers it necessary owing to the nature, scale or complexity of the activities of a regulated financial service provider, it may, by notice in writing to the auditor of the regulated financial service provider, require the auditor to conduct an examination for the purpose of providing to the Bank a statement as to the extent to which the regulated financial service provider has complied with obligations imposed by or under such provisions of financial services legislation as are specified in the notice. (2) The notice— (a) shall be given not less than 3 months before the date on which the auditor’s report on the regulated financial service provider’s accounts is due to be submitted to the Bank, and (b) shall specify the standards in accordance with which the examination is to be conducted. (3) The auditor shall conduct an examination in accordance with the notice and during the examination shall undertake such testing procedures and obtain such information as the auditor thinks appropriate. (4) The auditor shall, not more than 2 months after the date on which the auditor’s report on the regulated financial service provider’s accounts is due to be submitted to the Bank, provide to the Bank a statement outlining the findings of the examination (including, in particular, the outcome of the testing procedures undertaken, and the information obtained, by the auditor during the examination). (5) If the auditor is not satisfied that the regulated financial service provider has complied with an obligation imposed by or under the provisions of financial services legislation specified in the notice, the auditor shall include in the statement the reasons why the auditor is not so satisfied. (6) The Bank may make regulations prescribing the obligations imposed by or under provisions of financial services legislation any or all of which may be specified in a notice under subsection (1). (7) The Bank may prescribe an obligation imposed by or under a provision of financial services legislation in regulations under subsection (6) if and only if the provision concerns— (a) administrative or accounting procedures of regulated financial service providers, (b) internal control mechanisms of, or risk management by, regulated financial service providers, or (c) the organisational structure or governance of regulated financial service providers. (8) Before making regulations under this section the Bank shall consult the Minister and the Minister for Jobs, Enterprise and Innovation. (9) In specifying under subsection (2)(b) the standards in accordance with which an examination is to be conducted, the Bank shall have regard to internationally recognised standards for assurance and auditing.”. Amendment of section 27G of Central Bank Act 1997. 36.— Section 27G of the Central Bank Act 1997 is amended— (a) in subsection (1) by inserting “27BA(4) or (5),” after “section 27B(2),”, and (b) in subsection (3) by inserting “27BA,” after “section 27B,”. PART 5 Protection for Persons Reporting Breaches Definitions (Part 5). 37.— (1) In this Part and Schedule 5 — “appropriate person”, in relation to the making of a protected disclosure, means the Bank, an officer or employee of the Bank or an authorised officer; “contract of employment” means a contract of employment or of service or of apprenticeship, whether the contract is express or implied and, if express, whether it is oral or in writing; “employee” means a person who has entered into or works under (or, where the employment has ceased, entered into or worked under) a contract of employment and references, in relation to an employer, to an employee shall be construed as references to an employee employed by that employer; “employer”, in relation to an employee, means the person with whom the employee has entered into or for whom the employee works under (or, where the employment has ceased, entered into or worked under) a contract of employment, and includes— (a) a person (other than an employee of that person) under whose control and direction an employee works, and (b) where appropriate, the successor of the employer or an associated employer of the employer; “penalisation” means any act or omission by an employer, or by a person acting on behalf of an employer, that affects an employee to his or her detriment with respect to any term or condition of his or her employment and, without prejudice to the generality of the foregoing, includes— (a) suspension, lay-off, or dismissal, (b) the threat of suspension, lay-off or dismissal, (c) demotion or loss of opportunity for promotion, (d) transfer of duties, change of location of place of work, reduction in wages or change in working hours, (e) the imposition or the administering of any discipline, reprimand or other penalty (including a financial penalty), (f) unfair treatment, (g) coercion, intimidation or harassment, (h) discrimination, disadvantage or adverse treatment, (i) injury, damage or loss, and (j) threats of reprisal; “protected disclosure” shall be read in accordance with section 38 . (2) For the purposes of this Part and Schedule 5 , two employers shall be taken to be associated if one is a body corporate of which the other (whether directly or indirectly) has control or if both are bodies corporate of which a third person (whether directly or indirectly) has control and “associated employer” shall be read accordingly. (3) For the purposes of this Part and Schedule 5 , a reference to “dismissal” includes— (a) a dismissal within the meaning of the Unfair Dismissals Acts 1977 to 2007, and (b) a dismissal wholly or partly for or connected with the purpose of the avoidance of a fixed-term contract being deemed to be a contract of indefinite duration under section 9(3) of the Protection of Employees (Fixed-Term Work) Act 2003 . Protected disclosure. 38.— (1) Where a person makes, in good faith, whether in writing or otherwise, a disclosure to an appropriate person and the person making the disclosure has reasonable grounds for believing that the disclosure will show one or more of the following: (a) that an offence under any provision of financial services legislation may have been or may be being committed; (b) that a prescribed contravention may have been or may be being committed; (c) that any other provision of financial services legislation may have been or may be being contravened; (d) that evidence of any matter which comes within paragraph (a), (b) or (c) has been, is being or is likely to be deliberately concealed or destroyed, the disclosure shall be a protected disclosure for the purposes of this Part. (2) (a) A person appointed to perform a pre-approval controlled function (within the meaning of section 18 of the Central Bank Reform Act 2010 ) shall, as soon as it is practicable to do so, disclose to the Bank information relating to one or more of the matters specified in subsection (1)(a) to (d) which he or she believes will be of material assistance to the Bank. (b) A disclosure under paragraph (a) shall be a protected disclosure for the purposes of this Part. (c) Paragraph (a) does not apply if the person has a reasonable excuse. (d) It is a reasonable excuse for the purposes of paragraph (c) for a person to fail to make a disclosure on the ground that the disclosure might tend to incriminate the person. (e) It is a reasonable excuse for the purposes of paragraph (c) for a person to fail to make a disclosure on the ground that the information has already been disclosed by another person. (f) Paragraphs (d) and (e) do not limit what is a reasonable excuse for the purposes of paragraph (c). (3) A disclosure made anonymously shall not be a protected disclosure for the purposes of this Part. (4) (a) The Governor shall provide a report to the Central Bank Commission at least annually on any action taken or not taken in response to protected disclosures. (b) The Central Bank Commission shall determine the form and content of the report to be provided under paragraph (a). Guidelines for persons referred to in section 38 (2)(a). 39.— (1) The Bank may, in such form and manner as it considers appropriate, publish guidelines for the purpose of providing practical guidance for persons referred to in subsection (2)(a) of section 38 relating to the application and operation of that section with respect to those persons, including guidelines as to the assessment by such persons as to whether a disclosure is required to be made. (2) The guidelines may include different provisions in respect of different classes of persons referred to in section 38 (2)(a). Protection from civil liability of persons who have made a protected disclosure. 40.— (1) A person shall not be liable in damages in respect of the making of a protected disclosure. (2) Subsection (1) does not apply in respect of a person who— (a) makes a disclosure knowing it to be false or misleading, or (b) in connection with a disclosure …