Central Bank (Supervision and Enforcement) Act 2013

What is this act about?

This law, the Central Bank (Supervision and Enforcement) Act 2013, establishes the Central Bank's powers to supervise and enforce financial regulations, including gathering information, directing actions, and protecting customers and whistleblowers.

Who it applies to: Persons and entities regulated by the Central Bank; Customers of financial institutions.

At a glance

Country: Ireland
Area of law: Insolvency and enforcement
Articles: 94
Source: irishstatutebook.ie
Text retrieved: 2026-06-17
Explanation updated: 2026-07-07

What does this act regulate?

The Central Bank's ability to require reports and information from regulated entities.
The protection of individuals who report breaches of financial regulations.
The Central Bank's power to direct redress for customers and issue other directions.
The enforcement mechanisms available to the Central Bank, including High Court orders and prosecution of offences.

Who does this act apply to?

Persons and entities regulated by the Central Bank.
Customers of financial institutions.
Individuals who report breaches of financial regulations.

What are the key points?

The Central Bank can require a "reviewee" to provide a report, with the cost borne by the reviewee (Section 9, 13).
It is an offence to provide false information to a reviewer (Section 18).
The Central Bank has the power to gather information, records, and plans from regulated entities (Section 22).
Individuals who make a "protected disclosure" about breaches are protected from civil liability and penalisation (Sections 38, 40, 41).

Legal guide

Disputing an unauthorised bank payment in Ireland: refund and FSPO

Insolvency and enforcement

Land and Conveyancing Law Reform Act 2013

Air Navigation (Eurocontrol) Act, 1983

Pensions (Amendment) Act, 1996

Jurisdiction of Courts and Enforcement of Judgments Act, 1998

Enforcement Of Court Orders (Amendment) Act 2009

Companies (Amendment) Act 2009

Local Government (Water Pollution) (Amendment) Act, 1990

Child Care (Amendment) Act 2024

Insolvency and enforcement

Legal text

Contents (94)

Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
Section 11
Section 12
Section 13
Section 14
Section 15
Section 16
Section 17
Section 18
Section 19
Section 20
Section 21
Section 22
Section 23
Section 24
Section 25
Section 26
Section 27
Section 28
Section 29
Section 30
Section 31
Section 32
Section 33
Section 34
Section 35
Section 36
Section 37
Section 38
Section 39
Section 40
Section 41
Section 42
Section 43
Section 44
Section 45
Section 46
Section 47
Section 48
Section 49
Section 50
Section 51
Section 52
Section 53
Section 54
Section 55
Section 56
Section 57
Section 58
Section 59
Section 60
Section 61
Section 62
Section 63
Section 64
Section 65
Section 66
Section 67
Section 68
Section 69
Section 70
Section 71
Section 72
Section 73
Section 74
Section 75
Section 76
Section 77
Section 78
Section 79
Section 80
Section 81
Section 82
Section 83
Section 84
Section 85
Section 86
Section 87
Section 88
Section 89
Section 90
Section 91
Section 92
Section 93
Section 94

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

Section 1

1.Short title, collective citation and construction.

Section 2

2.Commencement.

Section 3

3.Interpretation.

Section 4

4.Repeals and revocations.

Section 5

5.Amendments.

Section 6

6.Savings and transitional provisions.

PART 2

Provision of Report to Bank

Section 7

7.Definitions (Part 2).

Section 8

8.Persons to whom this Part applies.

Section 9

9.Giving of notice to reviewee to provide a report.

Section 10

10.Matters to which Bank shall have regard before giving notice under section 9.

Section 11

11.The reviewer.

Section 12

12.Contract with reviewer.

Section 13

13.Cost of report.

Section 14

14.Assisting the reviewer.

Section 15

15.Duty of reviewee to ensure performance of reviewer’s functions.

Section 16

16.Reviewer to provide explanation to the Bank.

Section 17

17.Bank not bound by report nor liable for it.

Section 18

18.Offence of providing false information to a reviewer.

Section 19

19.Bank may apply to High Court for an order.

Section 20

20.Guidelines for reviewees and reviewers.

PART 3

Information, etc.

Chapter 1

Introductory

Section 21

21.Persons to whom this Part applies.

Chapter 2

Bank’s power to gather information, etc.

Section 22

22.Power of Bank to require information, records, plans, etc.

Section 23

23.Form of information, etc.

Chapter 3

Authorised officers

Section 24

24.Appointment of authorised officers.

Section 25

25.Warrant of appointment.

Section 26

26.Power of authorised officer to enter premises.

Section 27

27.Powers of authorised officer.

Section 28

28.Warrant required to enter premises.

Section 29

29.Authorised officer may attend meetings.

Chapter 4

Supplementary

Section 30

30.Provision of information, record or other document not to be treated as breach or to affect lien.

Section 31

31.Failure to comply with a requirement.

Section 32

32.Offence.

Section 33

33.Privileged legal material.

Section 34

34.Use of information.

PART 4

Auditor Assurance

Section 35

35.Amendment of Central Bank Act 1997.

Section 36

36.Amendment of section 27G of Central Bank Act 1997.

PART 5

Protection for Persons Reporting Breaches

Section 37

37.Definitions (Part 5).

Section 38

38.Protected disclosure.

Section 39

39.Guidelines for persons referred to in section 38(2)(a).

Section 40

40.Protection from civil liability of persons who have made a protected disclosure.

Section 41

41.Protection of employees from penalisation for making a protected disclosure.

Section 42

42.Tortious liability of person for victimisation.

PART 6

Customer Protection

Section 43

43.Bank’s power to direct redress for customers.

Section 44

44.Actions for damages.

PART 7

Bank’s Power to Give Directions

Section 45

45.Bank’s power to give directions.

Section 46

46.Prior approval of High Court for certain proceedings.

Section 47

47.Bank may apply to High Court for orders enforcing directions.

PART 8

Bank’s Power to Make Regulations

Section 48

48.Bank’s power to make regulations.

Section 49

49.Consultation before making regulations.

Section 50

50.Matters to which Bank to have regard when making regulations.

Section 51

51.Supplementary provisions relating to regulations.

PART 9

Enforcement

Section 52

52.High Court enforcement orders on application by Bank.

Section 53

53.Notices to the public.

Section 54

54.Restitution orders.

Section 55

55.Prosecution of offences.

Section 56

56.Copies of documents for juries.

Section 57

57.Convicted person liable for costs and expenses of investigation and proceedings.

Section 58

58.Limitation of liability.

PART 10

Extension of Part V of Central Bank Act 1997 to Debt Management Firms, etc.

Section 59

59.Amendment of section 28 of Central Bank Act 1997.

Section 60

60.Amendment of section 31 of Central Bank Act 1997.

Section 61

61.Amendment of section 31A of Central Bank Act 1997.

Section 62

62.Amendment of section 32A of Central Bank Act 1997.

Section 63

63.Amendment of section 33A of Central Bank Act 1997.

Section 64

64.Transitional provision for existing debt management firms.

Section 65

65.Amendment of section 36 of Central Bank Act 1997.

Section 66

66.Amendment of section 36A of Central Bank Act 1997.

PART 11

Amendments to Part IIIC of Act of 1942

Section 67

67.Amendment of section 33AO of Act of 1942.

Section 68

68.Amendment of section 33AQ of Act of 1942.

Section 69

69.Amendment of section 33AV of Act of 1942.

Section 70

70.Amendment of section 33BA of Act of 1942.

Section 71

71.Amendment of section 33BC of Act of 1942.

PART 12

Other Amendments to Financial Services Legislation

Section 72

72.Ombudsman’s report to include information about complaints.

Section 73

73.Third country branches.

Section 74

74.Amendment of section 76 of Central Bank Act 1989.

Section 75

75.Amendment of section 43 of Investment Intermediaries Act 1995.

Section 76

76.Amendment of section 30 of Consumer Credit Act 1995.

Section 77

77.Amendment of section 45 of Consumer Credit Act 1995.

Section 78

78.Amendment of section 149 of Consumer Credit Act 1995.

Section 79

79.Amendment of section 27 of Central Bank Act 1997.

Section 80

80.Amendments of Investor Compensation Act 1998.

Section 81

81.Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009.

Section 82

82.Amendment of Central Bank and Credit Institutions (Resolution) Act 2011.

PART 13

Miscellaneous

Section 83

83.Amendment of section 1 of Insurance Act 1964.

Section 84

84.Amendment of section 6 of Insurance Act 1964.

Section 85

85.Amendment of section 4 of Landlord and Tenant Act (Ground Rents) (No. 2) Act 1978.

Section 86

86.Amendment of section 4 of Landlord and Tenant (Amendment) Act 1980.

Section 87

87.Amendment of section 3 of Companies (Amendment) Act 1990.

Section 88

88.Disclosure to Bank of tax information about qualifying companies and FVCs.

Section 89

89.Amendment of section 11 of Electronic Commerce Act 2000.

Section 90

90.Amendment of Planning and Development Act 2000.

Section 91

91.Amendment of section 56 of Personal Injuries Assessment Board Act 2003.

Section 92

92.Amendment of Credit Institutions (Financial Support) Act 2008.

Section 93

93.Amendment of section 38 of Credit Institutions (Stabilisation) Act 2010.

Section 94

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, furnishes information that the person knows to be false or misleading.

(3)The reference in subsection (1) to liability in damages shall be read as including a reference to liability to any other form of relief.

(4)Subsection (1) is in addition to, and not in substitution for, any privilege or defence available in legal proceedings, by virtue of any enactment or rule of law in force immediately before the commencement of this section, in respect of the making of a disclosure by a person to another (whether that other person is an appropriate person or not) of any one or more of the matters specified in paragraphs (a) to (d) of section 38

(1).

(5)Subject to any enactment or rule of law, the Bank may not disclose the identity of a person who has made a protected disclosure without first obtaining the person’s consent except in so far as it may be necessary— (a) for the effective investigation of any matter to which the disclosure relates, or (b) for the purposes of— (i) an inquiry by the Bank under section 33AO or 33AR of the Act of 1942, (ii) subject to section 57W of the Act of 1942, an appeal to the Appeals Tribunal under Part VIIA of the Act of 1942, (iii) an assessment under Part 5 of the Market Abuse (Directive 2003/6/EC) Regulations 2005 ( S.I. No. 342 of 2005 ), (iv) an assessment under Part 15 of the Prospectus (Directive 2003/71/EC) Regulations 2005 ( S.I. No. 324 of 2005 ), (v) an assessment under Part 10 of the Transparency (Directive 2004/109/EC) Regulations 2007 ( S.I. No. 277 of 2007 ), or (vi) an investigation or hearing under Part 3 of the Central Bank Reform Act 2010 , in relation to any matter to which the disclosure relates.

(6)Before disclosing a person’s identity in accordance with subsection (5), the Bank shall make all reasonable efforts to notify the person.

Protection of employees from penalisation for making a protected disclosure.

41.— (1) An employer shall not penalise or threaten penalisation against an employee, or cause or permit any other person to penalise or threaten penalisation against an employee— (a) for having made a protected disclosure, unless the employee— (i) in making the disclosure did so knowing it to be false or misleading, or (ii) in connection with the disclosure, furnished information that he or she knew to be false or misleading, (b) for giving evidence in any proceedings under financial services legislation, or (c) for giving notice of his or her intention to do any of the things referred to in paragraph (a) or (b).

(2)Paragraphs (a), (c), (d), (e) and (f) of the definition of “penalisation” in section 37 shall not be construed in a manner which prevents an employer from— (a) ensuring that the business concerned is carried on in an efficient manner, or (b) taking any action required for economic, technical or organisational reasons.

(3)Schedule 5 has effect in relation to an alleged contravention of subsection (1) and matters consequential on such a contravention.

(4)An employer who contravenes subsection (1) commits an offence and 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 2 years, or both.

(5)(a) If penalisation of an employee, in contravention of subsection (1), constitutes a dismissal of the employee, as referred to in paragraph (a) of the definition of “penalisation” in section 37 , the employee (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the employee’s consent) may institute proceedings in respect of that dismissal under the Unfair Dismissals Acts 1977 to 2007 or to recover damages at common law for wrongful dismissal and, if the employee or his or her parent or guardian, as the case may be, does so, a complaint of such dismissal may not be presented to a rights commissioner under paragraph 1(1) of Schedule 5 . (b) If an employee (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the employee’s consent) presents a complaint to a rights commissioner under paragraph 1(1) of Schedule 5 in respect of a dismissal referred to in paragraph (a), the employee or his or her parent or guardian, as the case may be, may not institute proceedings in respect of that dismissal under the Unfair Dismissals Acts 1977 to 2007 or to recover damages at common law for wrongful dismissal.

(6)In proceedings under Schedule 5 before a rights commissioner or the Labour Court in relation to a complaint that subsection (1) has been contravened, it shall be presumed, until the contrary is proved, that the employee concerned acted reasonably and in good faith in making a protected disclosure.

(7)Any person who, upon examination on oath or affirmation authorised under paragraph 3(1) of Schedule 5 , wilfully makes any statement which is material for that purpose and which the person knows to be false or does not believe to be true commits an offence and is liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months, or both.

(8)A person to whom a notice under paragraph 3(2) of Schedule 5 has been given and who refuses or wilfully neglects to attend in accordance with the notice or who, having so attended, refuses to give evidence or refuses or wilfully fails to produce any document to which the notice relates commits an offence and is liable on summary conviction to a class A fine.

(9)A document purporting to be signed by the chairperson or a deputy chairperson of the Labour Court stating that— (a) a person named in the document was, by a notice under paragraph 3(2) of Schedule 5 , required to attend before the Labour Court on a day and at a time and place specified in the document, to give evidence or produce a document, or both, and (b) a sitting of the Labour Court was held on that day and at that time and place, and the person did not attend before the Labour Court pursuant to the notice or, having so attended, refused to give evidence or refused or wilfully failed to produce the document, shall, in a prosecution of the person under subsection (8), be evidence of the matters so stated without further proof unless the contrary is shown.

(10)Summary proceedings for an offence under subsection (7) or (8) may be brought and prosecuted by the Minister for Jobs, Enterprise and Innovation.

Tortious liability of person for victimisation.

42.— (1) If a person causes detriment to another person (in this section referred to as the “second-mentioned person”) because the second-mentioned person or a third person— (a) made a protected disclosure, unless he or she— (i) in making the protected disclosure did so knowing it to be false or misleading, or (ii) in connection with the disclosure, furnished information that he or she knew to be false or misleading, (b) gave evidence in any proceedings under financial services legislation, or (c) gave notice of his or her intention to do any of the things referred to in paragraph (a) or (b), the second-mentioned person has a right of action in tort against the person who causes the detriment.

(2)In this section, “detriment” includes— (a) intimidation or harassment, (b) discrimination, disadvantage or adverse treatment in relation to a person’s employment, (c) injury, damage or loss, or (d) a threat of reprisal.

(3)An employee may not pursue a right of action under this section and under any provision of any other enactment in respect of the same matter.

PART 6

Customer Protection Bank’s power to direct redress for customers.

43.— (1) Where the Bank is satisfied— (a) that there have been widespread or regular relevant defaults by a regulated financial service provider, and (b) that, in consequence of the relevant defaults, customers of the regulated financial service provider have suffered, are suffering or will suffer loss or damage, the Bank may give the regulated financial service provider a direction requiring the making of appropriate redress to the customers.

(2)In subsection (1) “relevant default” means— (a) charging a customer an amount which the regulated financial service provider is not entitled to charge, (b) providing a customer with a financial service which the customer has not agreed to receive, (c) providing a customer with a financial service which was not suitable for the customer at the time when it was provided, (d) providing a customer with inaccurate information which influences the customer in making a decision about any financial service, (e) a failure of any system or controls of the regulated financial service provider, or (f) a prescribed contravention.

(3)In subsection (1) “appropriate redress” means such monetary or other redress as is specified in the direction and (in the case of redress for pecuniary loss) as does not exceed the amount of the loss suffered or anticipated to be suffered, together (where appropriate) with interest at such rate as is so specified.

(4)A direction given under subsection (1) may require the costs of the Bank in giving the direction to be met by the regulated financial service provider to whom the direction is given.

(5)The fact that a regulated financial service provider has made redress in compliance with a direction given under subsection (1) shall not, of itself, constitute for any purpose an admission of liability by the regulated financial service provider.

(6)A decision by the Bank to give a direction under subsection (1) is an appealable decision for the purposes of Part VIIA of the Act of 1942.

(7)The provisions of a direction given under subsection (1) have effect from the date specified in the direction in relation to them.

(8)A direction given under subsection (1) shall set out— (a) all terms of the direction, including any specification of a date by which, or a period within which, any provision made by it is to be complied with, and (b) any incidental, consequential or supplemental provisions for implementing the direction and securing that it is fully and effectively carried out.

(9)The Bank may publish a direction given under subsection (1) in any such manner as the Bank considers appropriate.

(10)Where the Bank is considering a complaint, or investigating any other matter, for the purpose of deciding whether to give a direction under subsection (1) it may publish notice that it is doing so in any such manner as the Bank considers appropriate.

(11)The duty imposed on the Bank by section 57BX(11) of the Act of 1942 to refer a complaint to the Financial Services Ombudsman does not apply in relation to a complaint if the Bank has dealt with the complaint by giving a direction under subsection (1) or during any period when the Bank is considering the complaint for the purpose of deciding whether to give such a direction.

(12)The duty imposed on the Financial Services Ombudsman to investigate a complaint does not apply if the Bank has dealt with the complaint by giving a direction under subsection (1) or during any period when the Bank is considering the complaint for the purpose of deciding whether to give such a direction.

Actions for damages.

44.— A failure by a regulated financial service provider to comply with any obligation under financial services legislation is actionable by any customer of the regulated financial service provider who suffers loss or damage as a result of such failure.

PART 7

Bank’s Power to Give Directions Bank’s power to give directions.

45.— (1) Where the Bank is satisfied that one or more of the circumstances specified in subsection (2) exist in relation to a regulated financial service provider, or a related undertaking of a regulated financial service provider, the Bank may, in the interests of the proper and effective regulation of financial service providers, give a direction in writing to the regulated financial service provider or related undertaking to take such of the actions specified in subsection (3) as are mentioned in the direction.

(2)The circumstances referred to in subsection (1) are as follows: (a) that the regulated financial service provider, or related undertaking, has become or is likely to become unable to meet its obligations to its creditors or its customers; (b) that the regulated financial service provider, or related undertaking, is not maintaining or is unlikely to be in a position to maintain adequate capital or other financial resources having regard to the volume and nature of its business; (c) that the regulated financial service provider, or related undertaking, has failed to comply with, is failing to comply with or is likely to fail to comply with any condition or requirement imposed by, or by virtue of, financial services legislation; (d) that the regulated financial service provider, or related undertaking, is conducting business in such a manner as to jeopardise or prejudice— (i) monies, securities or other investment instruments or other property held by or controlled by it on behalf of customers, or (ii) the rights and interests of customers; (e) that there may be grounds for revoking or not renewing the regulated financial service provider’s authorisation.

(3)The actions referred to in subsection (1) are as follows: (a) to suspend, for such period not exceeding 12 months as is specified in the direction, any one or more of the following: (i) the provision of any financial service, or description of financial service, specified in the direction; (ii) the making of payments to which subparagraph (i) does not relate or any such payments or description of such payments specified in the direction; (iii) the acquisition or disposal of any assets or liabilities, or description of assets or liabilities, specified in the direction; (iv) entering into transactions or agreements, or description of transactions or agreements, specified in the direction, or entering into them except in specified circumstances or to a specified extent; (v) soliciting business from persons of a class specified in the direction; (vi) carrying on business in a manner specified in the direction or otherwise than in a manner so specified; (b) to dispose of, on terms specified in the direction, assets or liabilities so specified, or a part or parts of its business so specified, within such period as may be so specified; (c) to raise and maintain such capital or other financial resources as may be specified in the direction; (d) to make such modifications to its systems and controls as may be specified in the direction; (e) to make such modifications to its business practices and dealings with third parties as may be specified in the direction; (f) to comply with the condition or requirement referred to in subsection (2)(c); (g) to notify third parties of any such actions within paragraphs (a) to (f) as may be specified in the direction.

(4)Where the Bank gives a direction under subsection (1) to a regulated financial service provider or a related undertaking (in this subsection referred to as the “principal provider”), the Bank may, where it considers it necessary for the purpose of securing compliance with that direction, give a direction in writing to any regulated financial service provider at which the principal provider holds an account of any description to cease making payments from, or entering into or performing other transactions in respect of, such account without the prior authorisation of the Bank.

(5)The provisions of a direction under subsection (1) or (4) have effect from the date specified in the direction in relation to them.

(6)A direction under subsection (1) or (4) shall set out— (a) all terms of the direction, including any specification of a date by which, or a period within which, any provision made by it is to be complied with, and (b) any incidental, consequential or supplemental provisions for implementing the direction and ensuring that it is fully and effectively carried out.

(7)If the Bank gives a direction under subsection (1) or (4) the intention of which, or part of which, is the preservation or restoration of the financial position of a credit institution within the meaning of Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 2 and which is capable of affecting the rights of third parties existing before the direction comes into effect, the Bank shall declare in the direction that the direction or part of it is made with that intention, in accordance with that Directive.

(8)The Bank may publish a direction under subsection (1) or (4) in any such manner as the Bank considers appropriate.

(9)A regulated financial service provider, or a related undertaking, to whom a direction is given under paragraph (a) or (b) of subsection (3) may apply to the High Court for an order setting aside the direction.

(10)A regulated financial service provider to whom a direction is given under subsection (4) may apply to the High Court for an order setting aside the direction.

(11)An application under subsection (9) shall be made to the High Court within 14 days beginning on the date of receipt of the direction by the regulated financial service provider, or the related undertaking, or such further period as the High Court considers just and equitable in the circumstances, and the High Court may make such interim or interlocutory order as it considers appropriate.

(12)An application under subsection (10) shall be made to the High Court within 14 days beginning on the date of receipt of the direction by the regulated financial service provider or such further period as the High Court considers just and equitable in the circumstances, and the High Court may make such interim or interlocutory order as it considers appropriate.

(13)Where the High Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings relating to an application under subsection (9) or (10) may be heard otherwise than in public.

(14)A decision by the Bank to issue a direction under any of paragraphs (c) to (g) of subsection (3) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942 .

Prior approval of High Court for certain proceedings.

46.— (1) Where a direction given under subsection (1) or (4) of section 45 in respect of a regulated financial service provider or related undertaking so provides— (a) no relevant proceedings may be commenced or continued, and (b) no assets of the regulated financial service provider or related undertaking may be attached, sequestered or otherwise distrained, except with the prior approval of the High Court while the direction remains to be complied with.

(2)For the purposes of subsection (1) “relevant proceedings”, in relation to a regulated financial service provider or related undertaking, means— (a) proceedings relating to the winding-up or dissolution of the regulated financial service provider or related undertaking, (b) receivership or bankruptcy proceedings of which the regulated financial service provider or related undertaking is the subject, or (c) any other proceedings under which an assignee or other person becomes responsible for the affairs of the regulated financial service provider or related undertaking pending the regulated financial service provider or related undertaking ceasing to carry on business.

Bank may apply to High Court for orders enforcing directions.

47.— (1) If the Bank is of the opinion that a direction given under subsection (1) or (4) of section 45 has not been or is not being complied with, the Bank may apply to the High Court for an order requiring a person to comply with the direction.

(2)If the High Court is satisfied that a person has refused or failed or is refusing or failing to take an action the person is required to take by or under a direction given under subsection (1) or (4) of section 45 , the High Court may make an order requiring the person to take that action.

(3)On an application to it under subsection (1), the High Court may make any such interim or interlocutory order as it considers appropriate.

(4)An order under subsection (2) may include an order to take such ancillary or incidental steps as the High Court may consider appropriate to give full effect to the order.

(5)Where the High Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be heard otherwise than in public.

PART 8

Bank’s Power to Make Regulations Bank’s power to make regulations.

48.— (1) The Bank may make regulations for the proper and effective regulation of regulated financial service providers.

(2)The provision that may be made by the regulations referred to in subsection (1) is as follows: (a) provision as to the procedures that regulated financial service providers are to adopt for identifying, monitoring, reporting on the risks to which they are or may be exposed (including those posed by the state of the economy) and for managing those to which they are exposed so as to minimise them; (b) provision regulating the administrative, accounting, auditing and reporting arrangements of regulated financial service providers; (c) provision for the monitoring and recording by regulated financial service providers of the training and qualifications of their officers, employees, agents and intermediaries; (d) provision about the resources to be maintained, and the procedures, systems and checks to be adopted, by regulated financial service providers for meeting their obligations under financial services legislation, and their obligations to customers, in a manner consistent with complying with their other obligations and for ensuring that their obligations to their customers are discharged by their agents and intermediaries; (e) provision for securing that regulated financial service providers do not prevent access to financial services which in the opinion of the Bank are necessary to enable customers to make and receive payments or engage in other financial transactions which form a necessary part of the customers’ participation in basic economic activity; (f) provision specifying the information to be given to customers by regulated financial service providers, including provision requiring— (i) marketing, advertising or other promotional material (in whatever media) associated with financial services to be identified as such, (ii) the giving of specified information about the regulated financial service provider and the financial services provided by it, (iii) the identification of risks associated with financial services, (iv) the giving, in a specified manner, of warnings of any volatility of price or value in relation to any financial products provided, of any limitations on the available market for the financial products and of other specified matters, (v) the giving to customers of information about incentives in relation to financial services, including as to the advantages and disadvantages of taking up the incentives, the duration of their availability, the assumptions on which they are based, their cost, any other material information which customers should have for deciding whether to take them up and the desirability of seeking of independent advice before taking them up,

(vi) the identification of any additional financial obligations or commitments which might arise for customers after receiving financial services, (vii) the making of comparisons between financial services and other financial services and the application of specified alternative assumptions in relation to financial services, (viii) the giving of information about costs and associated charges relating to financial services, (ix) the making to customers of statements as to whether financial services are suitable, (x) that any recommendations about, or endorsements of, financial services be given only in accordance with specified conditions, and (xi) that all information provided be accurate (and not misleading) and clear and easily understood by the average customer; (g) provision restricting the making by regulated financial service providers of unsolicited phone calls or visits to customers; (h) provision requiring regulated financial service providers to seek and (where provided) take account of information from customers for the purposes of assessing— (i) customers’ knowledge and understanding of, and experience in relation to, financial services, and (ii) the suitability of financial services for customers (having regard to their requirements, personal circumstances, financial position and other relevant circumstances), and provision about what shall or may be done by regulated financial service providers if information sought from customers is not provided; (i) provision specifying requirements which are to apply in relation to the provision of financial services to customers for the purpose of determining the suitability of the financial services for the customers; (j) provision about the management of conflicts of interest that may arise as between customers and regulated financial service providers, their officers, employees, agents or intermediaries or related undertakings, in the provision of financial services; (k) provision about the standards (for example as to speed, cost and accuracy) to be met by regulated financial service providers in relation to the execution of customer orders or requests for the provision of financial services; (l) provision about the making of loans and making available of other credit facilities or the provision of other financial services to customers by regulated financial service providers, including provision— (i) restricting the provision of unsolicited loans or credit facilities to customers, (ii) specifying processes by which regulated financial service providers are to assess and process applications for loans or other credit or other financial services,

(iii) setting out circumstances in which, and conditions subject to which, security or guarantees may be required in relation to customers to whom loans are made or credit made available or other financial services provided, (iv) requiring the giving of notification to persons giving security or guarantees in respect of loans, other credit facilities or other financial services of changes in the terms of the loans, other credit facilities or other financial services, (v) specifying processes by which regulated financial service providers may decline to make loans or make available or withdraw credit or to provide other financial services, including the giving of explanations, (vi) specifying the conditions subject to which loans may be made, credit may be made available or other financial services may be provided, and (vii) prohibiting the making of the provision of one financial service to a customer dependent on the provision to the customer of another, except where that is required by law; (m) provision about the making of loans, the making available of other credit facilities and the provision of other financial services by a regulated financial service provider to a restricted person, including provision— (i) imposing restrictions on the terms on which loans may be made, varied or managed, other credit facilities may be made available, varied or managed, or other financial services may be provided, to restricted persons, (ii) about the systems to be adopted for the management of the making of loans, making available of other credit facilities, or provision of other financial services, to restricted persons, (iii) specifying circumstances in which the Bank’s approval is required for the making of loans, making available of other credit facilities, or provision of other financial services, to restricted persons, and (iv) requiring the reporting of loans made, other credit facilities made available, or other financial services provided, to restricted persons; (n) provision requiring— (i) the giving of reasons for refusals to provide quotations for insurance cover applied for and for not accepting claims under policies or contracts of insurance, (ii) the giving of notification in relation to decisions on claims under policies and contracts of insurance and in relation to the carrying out of work to repair property under such policies and contracts including the cost and scope of such work and its certification, and (iii) the giving of information in relation to appeals procedures;

(o) provision requiring the giving of statements of account by regulated financial service providers to customers in respect of financial services, including the information to be given in such statements, the form and frequency of such statements and the manner in which such statements are to be given; (p) provision about the standards to be met, and the procedures, systems and checks to be adopted, by regulated financial service providers for dealing with and holding the assets and money of customers, including provision about— (i) the safeguarding of customers’ rights, in particular in the event of insolvency, (ii) the use to which customers’ assets and money may be put, and (iii) the management of customer accounts; (q) provision for requiring regulated financial service providers to facilitate the switching of business by customers to other financial service providers, including provision— (i) for the giving of information to customers about switching, and (ii) specifying the procedures and other arrangements to be put in place to enable switching; (r) provision about how regulated financial service providers are to deal with customers who are or are likely to be in financial difficulty (including customers who are or are likely to be in arrears) including, in relation to such customers, provision— (i) setting out the considerations to be taken into account in considering how to deal with such customers, (ii) specifying the information to be provided to such customers about the management of the arrears and the consequences of default, and (iii) specifying the resolution processes to be adopted in relation to arrears, (s) provision for the processes and procedures to be adopted by regulated financial service providers in respect of the processing of rebates and refunds owed to customers; (t) provision about the ways in which errors made by regulated financial service providers in respect of their customers are to be corrected; (u) provision requiring the making available of simple and inexpensive resolution procedures for disputes between regulated financial service providers and customers and for securing that complaints by customers about regulated financial service providers are dealt with speedily, efficiently and fairly, including provision— (i) about the first point of contact for complainants, (ii) regulating the recording of complaints, (iii) specifying timescales for responding to complaints, (iv) about the remedies and redress, including reimbursement or compensation (or both), to be available in cases of complaints,

(v) for determining where responsibility for dealing with complaints lies in cases where more than one financial service provider is involved, and (vi) about the keeping and retention of records relating to complaints; (v) in relation to any proposed transfer or cessation of any relevant part of the business of any regulated financial service provider or the merger of that business with the business of another person— (i) provision for the giving of information relating to such transfer, cessation or merger, and (ii) provision for ensuring that customers’ interests are sufficiently protected in the event of such transfer, cessation or merger; (w) provision enabling the Bank to require regulated financial service providers to establish and maintain— (i) plans for recovery from any deterioration in specified financial circumstances, in particular by setting out actions that could be taken to facilitate the continuation of the business or part of the business when experiencing financial instability, and (ii) plans for the orderly winding-up or transfer of business in specified financial circumstances; (x) provision for the keeping by regulated financial service providers of such records as may be required for effective management and regulation, including provision— (i) about the form and manner in which, and period for which, they are to be kept, (ii) enabling their verification, and (iii) for permitting access by the Bank. (y) any other provision relating to any of the matters set out in paragraphs (a) to (x) which the Bank considers appropriate.

(3)Regulations made under subsection (2)(m) may specify that a person is a restricted person— (a) if he or she holds an office or employment, with the regulated financial service provider, of a description specified in the regulations, (b) if he or she performs a function for, or provides a service, of a description specified in the regulations, to the regulated financial service provider, or (c) in such circumstances as the regulations may specify, if he or she is related to, or a member of the same family as, a person within paragraph (a) or (b).

Consultation before making regulations.

49.— (1) Before making regulations under section 48 , the Bank— (a) shall consult with the Minister and for that purpose shall provide to the Minister a draft of the proposed regulations, (b) in the case of regulations under section 48

(2)(b), shall also consult with the Minister for Enterprise, Jobs and Innovation and for that purpose shall provide to that Minister a draft of the proposed regulations, and (c) may consult with such other persons as the Bank considers appropriate to consult in the circumstances.

(2)(a) This subsection applies to credit unions acting under an authorisation from the Bank under Part II of the Credit Union Act 1997 . (b) Before making regulations under section 48 in respect of credit unions to which this subsection applies, the Bank shall also consult with— (i) the Credit Union Advisory Committee (within the meaning of the Credit Union Act 1997 ), and (ii) any other body that appears to the Bank to have expertise or knowledge of credit unions.

Matters to which Bank to have regard when making regulations.

50.— When making regulations under section 48 the Bank shall have regard to the need to ensure that the requirements imposed by the regulations concerned are effective and proportionate having regard to the nature, scale and complexity of the activities of regulated financial service providers or the class or classes of regulated financial service provider to whom the regulations apply.

Supplementary provisions relating to regulations.

51.— (1) Regulations made under section 48 may— (a) contain any incidental, supplementary and consequential provisions that appear to the Bank to be necessary or expedient for the purposes of the regulations, (b) apply either generally or to a specified class or classes of regulated financial service providers, customers or financial services, (c) include different provisions in relation to different classes of regulated financial service providers, customers or financial services.

(2)Regulations made under section 48 shall be laid before each House of the Oireachtas as soon as may be after they are made.

PART 9

Enforcement High Court enforcement orders on application by Bank.

52.— (1) If, in the opinion of the Bank, a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve contravening a provision of financial services legislation the Bank may apply to the Court for an order restraining the person from engaging in the conduct.

(2)If a person has refused or failed, is refusing or failing, or is about to refuse or fail, to do an act that the person is required to do by or under a provision of financial services legislation, the Court may make an order requiring the person to do that act.

(3)The Bank may apply ex parte to the Court for an order under this section and the Court may grant an order in such a case where the Court considers it necessary to do so in order to achieve the purposes of this section, including (in particular) in order to preserve the availability of any property, information, record or other thing.

(4)An order under this section may be made on such terms as the Court thinks appropriate.

(5)The Court may grant an interim order pending the determination of an application under this section.

(6)The Court may discharge or vary an order made under this section.

(7)The power of the Court to make an order restraining a person from engaging in conduct referred to in subsection (1) may be exercised— (a) whether or not it appears to the Court that the person intends to repeat, or to continue, the conduct, (b) whether or not the person has previously engaged in that kind of conduct, and (c) whether or not there is danger of damage to any other person if the person engages in that kind of conduct.

(8)The power of the Court to grant an order requiring a person to do an act may be exercised— (a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act, (b) whether or not the person has previously refused or failed to do that act, and (c) whether or not there is a danger of damage to any other person if the person refuses or fails to do that act.

(9)Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings before it under this section may be heard otherwise than in public.

(10)If the Bank applies to the Court to make an order under this section, the Court may not require the applicant or any other person to give an undertaking as to damages as a condition of granting an interim order.

(11)Whenever the Court has power under this section to make an order restraining a person from engaging in particular conduct, or requiring a person to do a particular act, it may, either in addition to or instead of making such an order, order the person to pay damages to another person.

(12)In this section “the Court” means the High Court.

Notices to the public.

53.— (1) The Bank may publish a notice in accordance with subsection (3) where the Bank reasonably believes that a company registered in the State, or any other person operating in the State, is— (a) providing any financial service, without such authorisation as is required under any provision of financial services legislation in respect of the provision of such financial service, or (b) claiming, or holding itself out, to be a regulated financial service provider, without such authorisation as is required under any provision of financial services legislation in respect of any financial service that the financial service provider claims or holds itself out to be providing.

(2)The Bank shall endeavour to provide the company or person referred to in subsection (1) with 7 days notice of the Bank’s intention to publish a notice under this section.

(3)The Bank may publish a notice under this section in any such manner as the Bank considers appropriate.

Restitution orders.

54.— (1) This section applies to a person— (a) on whom any sanction has been imposed under section 33AQ, 33AR or 33AV of the Act of 1942, (b) on whom any sanction has been imposed under: (i) Regulation 99 of the Prospectus (Directive 2003/71/EC) Regulations 2005 ( S.I. No. 324 of 2005 ), (ii) Regulation 41 of the Market Abuse (Directive 2003/6/EC) Regulations 2005 ( S.I. No. 342 of 2005 ), or (iii) Regulation 67 of the Transparency (Directive 2004/109/EC) Regulations 2007 ( S.I. No. 277 of 2007 ), or, (c) who has been convicted of an offence under financial services legislation.

(2)The High Court may, on the application of the Bank, make an order under subsection (3) in respect of a person to whom this section applies where the High Court is satisfied that as a result of the prescribed contravention or offence concerned— (a) the person has been unjustly enriched, or (b) one or more than one other person has suffered loss or other adverse effect.

(3)The High Court may order the person in respect of whom an application is made under subsection (2) to pay to the Bank such sum as appears to the High Court to be just having regard— (a) in a case within subsection (2)(a), to the extent to which it appears to the High Court that the person concerned was unjustly enriched, (b) in a case within subsection (2)(b), to the extent of the loss or other adverse effect, (c) in a case within subsection (2)(a) and (b), to the extent to which it appears to the High Court that the person was unjustly enriched and to the extent of the loss or other adverse effect.

(4)Any amount paid to the Bank pursuant to an order under subsection (3) shall be paid by it to such persons or distributed by it among such persons as the High Court may direct.

(5)On an application under subsection (2) the High Court may require the person concerned to provide it with such accounts or other information as it may require for any one or more of the following purposes: (a) establishing whether and, if so, to what extent the person has been unjustly enriched as mentioned in paragraph (a) of that subsection; (b) establishing whether any person or persons have suffered any loss or other adverse effect as mentioned in paragraph (b) of that subsection and, if so, the extent of that loss or other adverse effect; (c) determining how any amounts are to be paid or distributed under subsection (4).

(6)The High Court may require any accounts or other information provided under subsection (5) to be verified in such manner as it may direct.

(7)Nothing in this section affects the right of any person other than the Bank to bring proceedings in respect of the matters to which this section applies.

Prosecution of offences.

55.— (1) In this section “relevant offence under financial services legislation” means an offence under financial services legislation to which section 10

(4)of the Petty Sessions (Ireland) Act 1851 applies.

(2)Notwithstanding section 10

(4)of the Petty Sessions (Ireland) Act 1851 and any provision of financial services legislation, summary proceedings for a relevant offence under financial services legislation may be instituted— (a) at any time within 3 years from the date on which the offence was committed, or (b) if, at the expiry of that period, the person against whom the proceedings are to be brought is outside the State, within 6 months of the date on which he or she next enters the State, or (c) at any time within 3 years from the date on which evidence that, in the opinion of the person by whom the proceedings are brought, is sufficient to justify the bringing of the proceedings, comes to that person’s knowledge, whichever is the later, provided that no such proceedings shall be commenced later than 5 years from the date on which the offence concerned was committed.

(3)For the purpose of this section, a certificate signed by or on behalf of or jointly with the person bringing the proceedings as to the date on which evidence relating to the offence concerned came to his or her knowledge shall be prima facie evidence and in any legal proceedings a document purporting to be a certificate issued for the purpose of this subsection and to be so signed shall be deemed to be so signed and shall be admitted as evidence without proof of the signature of the person purporting to sign the certificate.

Copies of documents for juries.

56.— (1) In a trial on indictment of an offence under financial services legislation, the trial judge may order copies of any of the following documents to be given to the jury in such form as the judge considers appropriate: (a) any document admitted in evidence at the trial; (b) the transcript of the opening speeches of counsel; (c) any charts, diagrams, graphics, schedules or agreed summaries of evidence produced at the trial; (d) the transcript of the whole or any part of the evidence given at the trial; (e) the transcript of the closing speeches of counsel; (f) the transcript of the trial judge’s charge to the jury; (g) any other document that, in the opinion of the trial judge, would be of assistance to the jury in its deliberations including, where appropriate, an affidavit by an accountant or other suitably qualified person summarising, in a form which is likely to be comprehended by the jury, any transactions by the accused or other persons which are relevant to the offence.

(2)If the prosecutor proposes to apply to the trial judge for an order that a document mentioned in subsection (1)(g) shall be given to the jury, the prosecutor shall give a copy of the document to the accused in advance of the trial and, on the hearing of the application, the trial judge shall take into account any representations made by or on behalf of the accused in relation to it.

(3)Where the trial judge has made an order that an affidavit by an accountant or other person mentioned in subsection (1)(g) shall be given to the jury, the accountant or, as the case may be, the other person so mentioned— (a) shall be summoned by the prosecutor to attend at the trial as an expert witness, and (b) may be required by the trial judge, in an appropriate case, to give evidence in regard to any relevant procedures or principles within his or her area of expertise.

Convicted person liable for costs and expenses of investigation and proceedings.

57.— (1) Where a person is convicted of an offence under financial services legislation, the court shall, unless it is satisfied that there are special and substantial reasons for not so doing, order the person to pay to the Bank the costs and expenses, measured by the court, incurred by the Bank in relation to the investigation, detection and prosecution of the offence, including the expenses of and incidental to an examination of any information provided to the Bank or an authorised officer.

(2)An order for costs and expenses under subsection (1) is in addition to and not instead of any fine or other penalty the court may impose.

Limitation of liability.

58.— (1) A person who gives information to the Bank pursuant to a requirement imposed by the Bank in the performance of its functions under financial services legislation or to an authorised officer in the exercise of his or her powers under

Part 3

shall be taken not to have contravened any duty of confidentiality owed to any person as a result of so giving information.

(2)A person who is or was an auditor of, or an actuary acting for, a regulated financial service provider and who gives to the Bank— (a) information on a matter of which he or she has, or had, become aware in his or her capacity as auditor of, or actuary acting for, the regulated financial service provider, or (b) his or her opinion of such a matter, shall be taken not to have contravened any duty of confidentiality owed to any person as a result of so giving information if he or she is acting in good faith and has reasonable grounds for believing that the information or opinion is relevant to any functions of the Bank.

PART 10

Extension of Part V of Central Bank Act 1997 to Debt Management Firms, etc.

Amendment of section 28 of Central Bank Act 1997.

59.—

Section 28

of the Central Bank Act 1997 is amended— (a) by substituting the following for the definition of “authorisation”— “ ‘authorisation’ means an authorisation of a person to carry on a regulated business and, if an authorisation is amended in accordance with section 34, means the authorisation as amended;”, (b) by inserting the following definitions— “ ‘consumer’ means— (a) an individual acting otherwise than in the course of business, or (b) a micro enterprise within the meaning given by Commission Recommendation 2003/361/EC of 6 May 2003 3 concerning the definition of micro, small and medium sized enterprises; ‘debt management firm’ means a person who for remuneration provides debt management services to one or more consumers, other than an excepted person; ‘debt management services’ means— (a) giving advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts, (b) negotiating with a person’s creditors for the discharge of the person’s debts (in whole or in part), or (c) any similar activity associated with the discharge of debts; ‘excepted person’ means— (a) any charitable organisation within the meaning of section 2(1) of the Charities Act 2009 , (b) the Money Advice and Budgeting Service, (c) any licensed bank, building society, credit union or friendly society, (d) a barrister, solicitor or accountant who provides debt management services only in an incidental manner and is subject to regulation by a professional body, (e) a person who is a party to the Protocol for Independent Advice to Borrowers Availing of Long Term Mortgage Forbearance made on 2 August 2012 (as amended from time to time) and provides advice in accordance with that Protocol, (f) the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such, (g) personal representatives (within the meaning of section 3 of the Succession Act 1965 ), (h) trustees of a trust, other than a trust which is established to provide debt management services, (i) the Bank, (j) An Post, (k) the National Asset Management Agency, (l) the National Treasury Management Agency, (m) the National Consumer Agency, and (n) any other person constituted, or holding office, under an enactment or funded (in whole or in part) by a Minister of the Government; ‘qualifying shareholder’, in relation to another person, means a person with a direct or indirect holding in the other person—

(a) that represents 10 per cent or more of the capital of, or the voting rights in, the other person, or (b) that makes it possible to exercise a significant influence over the management of the other person; ‘remuneration’, in relation to debt management services, means any commission or other payment, whether paid directly or indirectly, in respect of the debt management services and includes a payment made in respect of the provision of services other than debt management services as a result of which debt management services are provided otherwise than for payment;”, (c) by substituting the following for the definition of “money transmission service”— “ ‘money transmission service’ means a service that involves transmitting money by any means, other than a service— (a) that is a payment service to which the European Communities (Payment Services) Regulations 2009 ( S.I. No. 383 of 2009 ) apply, (b) that is provided to customers on a basis that is ancillary to any other services apart from debt management services, (c) that is provided by— (i) any charitable organisation within the meaning of section 2(1) of the Charities Act 2009 , (ii) the Money Advice and Budgeting Service, (iii) any licensed bank, building society, credit union or friendly society, (iv) a barrister, solicitor or accountant who provides money transmission services only in an incidental manner and is subject to regulation by a professional body, (v) the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such, (vi) personal representatives (within the meaning of section 3 of the Succession Act 1965 ), (vii) trustees of a trust, other than a trust which is established to provide money transmission services, (viii) the Bank, (ix) An Post, (x) the National Asset Management Agency, (xi) the National Treasury Management Agency, (xii) the National Consumer Agency, and (xiii) any other person constituted, or holding office, under an enactment or funded (in whole or in part) by a Minister of the Government.”, and (d) in the definition of “regulated business” by substituting “, a retail credit firm or a debt management firm” for “or a retail credit firm”.

Amendment of section 31 of Central Bank Act 1997.

60.—

Section 31

of the Central Bank Act 1997 is amended in subsection (2)(b) by inserting “or any other designated enactment and or any designated statutory instrument” after “this Part”.

Amendment of section 31A of Central Bank Act 1997.

61.— Section 31A of the Central Bank Act 1997 is amended— (a) by substituting “person proposing to carry on, or carrying on, regulated business” for “retail credit firm or home reversion firm”, (b) in paragraph (a) by substituting “its memorandum and articles of association” for “the memorandum and articles of association of the firm”, (c) in paragraphs (b) and (c) by substituting “the person or (where it is a firm) of each of” for “each of”, (d) in paragraphs (d) and (e) by substituting “person” for “firm”, (e) in paragraph (f) by substituting “person’s” for “firm’s”, and (f) in paragraph (g)— (i) by substituting “person’s” for “firm’s”, and (ii) by substituting “regulated business” for “authorised firms”.

Amendment of section 32A of Central Bank Act 1997.

62.— Section 32A of the Central Bank Act 1997 is amended— (a) in subsection (1)— (i) by substituting “person” for “retail credit or home reversion firm”, and (ii) by substituting “the person” for “the firm”, (b) in subsection (3)— (i) by deleting “retail credit services or other”, and (ii) by substituting “persons” for “firms”, (c) in subsection (4) by substituting “persons” for “firms”, (d) in subsection (5) by substituting “person” for “firm” in both places, and (e) in subsection (6)— (i) by substituting “person” for “retail credit or home reversion firm”, and (ii) by substituting “the person” for “the firm” in both places.

Amendment of section 33A of Central Bank Act 1997.

63.— Section 33A of the Central Bank Act 1997 is amended— (a) in subsection (1) by substituting “, a person authorised to carry on a regulated business” for “an authorised retail credit firm or an authorised home reversion firm”, (b) in subsection (1)(a)— (i) by substituting “the person’s” for “the firm’s”, and (ii) by substituting “persons authorised to carry on regulated business” for “retail credit firms or authorised home reversion firms”, (c) in subsection (1)(c)— (i) by substituting “any relevant document” for “a credit agreement or home reversion agreement, or on any other relevant document,”, and (ii) by substituting “the document” for “the agreement”, (d) in paragraph (1)(d) by substituting “person” for “firm”, (e) in subsections (2) and (3), by substituting “person” for “firm” and by substituting “persons” for “firms”, in each place, and (f) by inserting the following subsections after subsection (3)— “(4) The Bank may also impose on persons authorised to carry on a money transmission business a condition or requirement to raise and maintain such capital or other financial resources as may be specified by the Bank.

(5)The Bank may also impose on a debt management firm a condition or requirement to effect a policy of professional indemnity insurance— (a) in such form, (b) providing indemnification up to such sum and in respect of such matters, and (c) valid for such minimum period, as the Bank may specify from time to time.”.

Transitional provision for existing debt management firms.

64.— The Central Bank Act 1997 is amended by inserting the following section after section 34C— “Transitional provision for existing debt management firms.

34D.— (1) Notwithstanding section 29, a person carrying on the business of a debt management firm immediately before the commencement of

Part 10

of the Central Bank (Supervision and Enforcement) Act 2013 is taken to be authorised to carry on the business of a debt management firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that commencement.

(2)If a person is taken to be authorised to carry on the business of a debt management firm under subsection (1), the Bank may do either or both of the following: (a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of debt management firms; (b) direct that person not to carry on the business of a debt management firm for such period (not exceeding 3 months) as is specified in the direction.

(3)A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.”.

Amendment of section 36 of Central Bank Act 1997.

65.—

Section 36

of the Central Bank Act 1997 is amended by inserting “and such of the other designated enactments and designated statutory instruments as apply” after “this Part”.

Amendment of section 36A of Central Bank Act 1997.

66.— Section 36A(1) of the Central Bank Act 1997 is amended— (a) in paragraph (d) by inserting “or any other designated enactment or designated statutory instrument” after “this Part” in both places, (b) in paragraph (l)(ii) by substituting “terrorism, or” for “terrorism.”, and (c) by inserting the following after paragraph (l): “(m) the holder of the authorisation is not, in the opinion of the Bank, a fit and proper person to hold the authorisation, or (n) any officer or qualifying shareholder of the holder of the authorisation is not, in the opinion of the Bank, a fit and proper person to be such an officer or shareholder, or (o) it is necessary in the interests of the proper and orderly regulation and supervision of the regulated business concerned.”.

PART 11

Amendments to Part IIIC of Act of 1942 Amendment of section 33AO of Act of 1942.

67.— Section 33AO of the Act of 1942 is amended— (a) in subsection (2) by deleting the second sentence, and (b) by inserting the following subsection: “(3) Without prejudice to the exercise of the Bank’s powers under subsection (2), an inquiry referred to in that subsection may form part of an inquiry held under this section in relation to the suspected commission of a prescribed contravention by the financial service provider.”.

Amendment of section 33AQ of Act of 1942.

68.— Section 33AQ of the Act of 1942 is amended— (a) in subsection (3) by inserting the following after paragraph (c): “(ca) suspension of its authorisation, in respect of any one or more of its activities, for such period, not exceeding 12 months, as the Bank considers appropriate; (cb) revocation of its authorisation;”, (b) by substituting the following for subsection (4): “(4) For the purpose of subsection (3)(c), the prescribed amount is— (a) if the financial service provider is a body corporate or an unincorporated body, the greater of— (i) €10,000,000, and (ii) an amount equal to 10 per cent of the turnover of the body for its last complete financial year before the finding is made, (b) if the financial service provider is a natural person, €1,000,000, or (c) if the regulations prescribe some other amount for paragraph (a) or (b), that other amount.”, (c) in subsection (6), by substituting the following for paragraph (a): “(a) €1,000,000, or”, and (d) by inserting the following subsection:

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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.