“(9) In this section ‘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.”.
\n
Amendment of section 33AV of Act of 1942.
\n
69.— Section 33AV of the Act of 1942 is amended by inserting the following after subsection (3): “(3A) Subject to subsection (4), where the regulated financial service provider or person concerned in the management of the financial service provider with whom the Bank has entered into an agreement under this section fails to comply with any of the terms of the agreement, the Bank may apply to the High Court for an order under subsection (3B). (3B) If satisfied on application to it under subsection (3A) that the regulated financial service provider or person concerned has failed to comply with any of the terms of the agreement under this section, the High Court may make an order requiring that regulated financial service provider or person to comply with those terms or that term, as the case may be.”.
\n
Amendment of section 33BA of Act of 1942.
\n
70.— Section 33BA of the Act of 1942 is amended by inserting the following after subsection (5): “(6) Without limiting subsections (1) to (4), the Bank has the same powers that a judge of the High Court has when hearing civil proceedings that are before that Court with respect to the examination of witnesses (including witnesses who are outside the State).
\n
(7)A person who is summoned to appear before the Bank under this section is entitled to the same rights and privileges as a witness appearing in civil proceedings before the High Court.
\n
(8)An answer to a question put to a person in response to a requirement under subsection (4)(a) or information provided by a person in response to a requirement under subsection (4)(b) is not admissible as evidence against the person in criminal proceedings, other than proceedings for perjury, if the information was provided on oath.
\n
(9)A person who— (a) obstructs the Bank in the exercise of a power conferred by this Part, (b) without reasonable excuse, fails to comply with a requirement or request made by the Bank under this Part, (c) in purported compliance with such a requirement or request, gives information that the person knows to be false or misleading, or (d) refuses to comply with a summons to attend before, or to be examined on oath by, the Bank, 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.”.
\n
Amendment of section 33BC of Act of 1942.
\n
71.— The following is substituted for section 33BC of the Act of 1942: “Publication by Bank of certain information relating to imposition of administrative sanctions.
\n
33BC.— (1) If on the holding of an inquiry under section 33AO the Bank has found that— (a) a regulated financial service provider is committing or has committed a prescribed contravention, or (b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention, it shall publish, subject to subsection (4), in such form and manner as it thinks appropriate, the finding and such (if any) of the particulars specified in subsection (3) as it thinks appropriate.
\n
(2)If the Bank has, in accordance with section 33AR, imposed— (a) a sanction on a regulated financial service provider in respect of the commission of a prescribed contravention, or (b) a sanction on a person concerned in the management of a financial service provider in respect of the person’s participation in the commission by the financial service provider of such a contravention, it shall publish, subject to subsection (4), in such form and manner as it thinks appropriate, such (if any) of the particulars specified in subsection (3) as it thinks appropriate.
\n
(3)The particulars referred to in subsections (1) and (2) are as follows: (a) the name of the regulated financial service provider or person concerned on whom a sanction has been imposed; (b) details of the prescribed contravention in respect of which the sanction has been imposed; (c) details of the sanction imposed; (d) the grounds on which the finding is based.
\n
(4)Subsections (1) and (2) do not apply to the finding or particulars specified in subsection (3)— (a) if publication of the finding or particulars involves the disclosure of confidential information the disclosure of which is prohibited by the Rome Treaty, the ESCB Statute or the Supervisory Directives (within the meaning of section 33AK(10)), or (b) if the Bank determines— (i) that the finding or particulars are of a confidential nature or relate to the commission of an offence against a law of the State, or (ii) that publication of the finding or particulars would unfairly prejudice a person’s reputation.
\n
(5)The Bank shall publish annually, in a summary form, information on its actions under this Part.”.
\n
PART 12
\n
Other Amendments to Financial Services Legislation Ombudsman’s report to include information about complaints.
\n
72.— (1) Section 57BS of the Central Bank Act 1942 is amended by inserting the following after subsection (3): “(4) If the Financial Services Ombudsman thinks that it would be in the public interest to do so, a report under subsection (1) may, in accordance with regulations made under section 57BF, include in respect of every regulated financial service provider falling within subsection (5) the information specified in subsection (6).
\n
(5)A regulated financial service provider falls within this subsection if, in the preceding financial year, at least 3 complaints relating to the regulated financial service provider which have been made to the Financial Services Ombudsman have been found by that Ombudsman to be substantiated or partly substantiated.
\n
(6)The information referred to in subsection (4) is— (a) the name of the regulated financial service provider, including any trading name (if different), (b) where applicable, the identity of any group of which the regulated financial service provider is a member, and (c) the number of complaints found to be substantiated or partly substantiated in respect of the regulated financial service provider in the preceding financial year.
\n
(7)For the purposes of the law of defamation the publication of the information referred to in subsection (4) in a report under subsection (1) shall be absolutely privileged.
\n
(8)A report under subsection (1) shall not divulge the identity of any complainant nor shall anything be published in the report which may lead to the identification of any complainant unless the complainant consents in writing.
\n
(9)For the purposes of this section if the regulated financial service provider has appealed against the Financial Services Ombudsman’s finding that a complaint has been found to be substantiated or partly substantiated the complaint is to be taken to have been so found only when— (a) the finding is affirmed (with or without modification) on appeal, or (b) the appeal is withdrawn, struck out by the High Court or abandoned.
\n
(10)For the purposes of subsection (6)(b) a person is a member of a group if it is an undertaking dealt with in group accounts (within the meaning of section 150
\n
(1)of the Companies Act 1963 ).”.
\n
(2)Section 57BF of the Central Bank Act 1942 is amended in subsection (2) by inserting the following after paragraph (c): “(ca) for the purposes of a report under section 57BS(1) make provision for— (i) the form and manner in which the information specified in the report is given, including provision for the categorisation of the different classes of regulated financial service providers identified in the report, the different classes of financial services to which the complaints by reason of which they are so identified relate and the different descriptions of those complaints, and (ii) the form and manner in which the report may be published and the information made available;”.
\n
Third country branches.
\n
73.— The Central Bank Act 1971 is amended— (a) in section 7— (i) in subsection (1) by inserting “or authorisation under section 9A” after “licence”, and (ii) in subsection (6)(b) by inserting “or authorisation under section 9A” after “licence”, and (b) by inserting the following sections after section 9: “Authorisation of third country branches.
\n
9A.— (1) In this section and sections 9B and 9C— ‘branch’ means a branch of a relevant credit institution; ‘EEA Agreement’ has the same meaning as it has in the European Communities (Amendment) Act 1993 ; ‘EEA state’ means— (a) a member state of the European Communities, or (b) a state (other than a member state of the European Communities) that is a contracting party to the EEA Agreement; ‘relevant credit institution’ means a credit institution whose head office is located in a state or territory other than an EEA state and which holds an authorisation to carry on banking business in that state or territory from the authority that exercises in that state or territory functions corresponding to those of the Bank under this Part (‘relevant third country authority’).
\n
(2)Subject to the provisions of this section, the Bank may grant an authorisation to a relevant credit institution to operate a branch in the State for the purpose of carrying on banking business in the State.
\n
(3)The Bank shall not grant an authorisation under subsection (2) unless it is satisfied that— (a) the relevant credit institution is subject, in the state or territory where its head office is located, to regulatory or administrative provisions relating to authorisation to carry on banking business in that state or territory and supervision corresponding to those in the State, and (b) protection of deposits with the branch, corresponding to the protection provided by the European Communities (Deposit Guarantee Schemes) Regulations 1995 ( S.I. No. 168 of 1995 ), is available to depositors.
\n
(4)An application for authorisation under subsection (2) shall be in such form and contain such information as the Bank may from time to time determine.
\n
(5)The Bank shall notify the European Commission, the European Banking Authority and the European Banking Committee of any authorisation granted under subsection (2).
\n
(6)The grant of an authorisation under subsection (2) shall not constitute a warranty as to the solvency of the relevant credit institution to which it is granted and the Bank shall not be liable in respect of any losses incurred through the insolvency or default of a relevant credit institution to which such authorisation is granted.
\n
Refusal to grant an authorisation under section 9A.
\n
9B.— (1) The Bank shall not refuse to grant an authorisation under section 9A(2) unless it is satisfied that the grant of the authorisation would not be in the interest of the orderly and proper regulation of banking.
\n
(2)Whenever the Bank proposes to refuse to grant an authorisation under section 9A(2) it shall— (a) within the period of 6 months after the date of the receipt of the application for the authorisation, or (b) where additional information in relation to the application has been sought by the Bank, within the period of 6 months after the date of the receipt by the Bank of the additional information or the period of 12 months after the date of the receipt of the application for the authorisation whichever period first expires, notify the applicant for the authorisation in writing of its reasons for the refusal and the applicant may, within the period of 21 days after the date of the giving of the notification, make representations in writing to the Bank in relation to the proposed refusal.
\n
(3)The Bank shall, before deciding to refuse the authorisation, consider any representations duly made to it under subsection (2) in relation to the proposed refusal.
\n
Revocation of authorisations granted under section 9A.
\n
9C.— (1) The Bank may revoke an authorisation granted under section 9A(2)— (a) if the holder of the authorisation so requests, (b) if the holder of the authorisation— (i) has not commenced to carry on banking business pursuant to the authorisation within 12 months of the date on which the authorisation was granted, (ii) has ceased to carry on banking business pursuant to the authorisation and has not carried it on during a period of more than 6 months immediately following the cesser, (iii) has obtained the authorisation through false statements or any other irregular means, (iv) becomes unable to meet its obligations to its creditors or suspends payments lawfully due by it or can no longer be relied upon to fulfil its obligations towards its creditors, and in particular no longer provides security for the assets entrusted to it, (v) is convicted on indictment of an offence under any provision of this Act or an offence involving fraud, dishonesty or breach of trust, or (vi) being a company, is being wound up, (c) where the holder of the authorisation no longer holds an authorisation from the relevant third country authority to carry on banking business in the state or territory where its head office is located, (d) if the business of, or the corporate structure of, the holder of the authorisation has been so organised or the holder of the authorisation has come under the control of any other undertaking not supervised by the Bank such that the holder is no longer capable of being supervised to the satisfaction of the Bank, or (e) if, since the grant of the authorisation, the circumstances relevant to the grant have changed and are such that, if an application for an authorisation were made in the changed circumstances, it would be refused.
\n
(2)Whenever the Bank proposes to revoke an authorisation under subsection (1) (otherwise than in circumstances to which paragraph (a) of subsection (1) relates)— (a) it shall notify the holder of the authorisation in writing of the reasons for the revocation and that the holder may, within 21 days after the date of the giving of the notification, make representations in writing to the Bank in relation to the proposed revocation, (b) the holder of the authorisation may make such representations in writing to the Bank within the period referred to in paragraph (a), and (c) the Bank shall, before deciding whether or not to revoke the authorisation, consider any representations duly made to it under this subsection in relation to the proposed revocation.
\n
(3)Where an authorisation is revoked under subsection (1) and the holder of the authorisation is not a company which is being wound up— (a) that person shall continue to be subject to the duties and obligations imposed on it by or under the Central Bank Acts 1942 to 2013 until all liabilities of that person in respect of deposits (including deposits on current accounts) or other repayable funds accepted by it from persons (in this subsection referred to as ‘depositors’) pursuant to the authorisation have been discharged to the satisfaction of the Bank, (b) that person shall, as soon as possible after the authorisation is revoked— (i) notify the Bank, and (ii) as far as is reasonably practicable, notify every depositor concerned, of the measures it is taking or proposes to take to discharge in full and without undue delay its liabilities in respect of those deposits, (c) in the case where— (i) that person has notified the Bank in accordance with paragraph (b) and the Bank is of the opinion that the measures being taken or proposed to be taken for the purposes of that paragraph are not satisfactory, or (ii) that person has not so notified the Bank and the Bank is of the opinion that it has failed to so notify as soon as possible after the authorisation is revoked, or (iii) the Bank is of the opinion that that person has not taken all reasonable steps to so notify every depositor concerned, then the Bank may give a direction in writing to that person for such period, not exceeding 6 months, as may be specified therein, prohibiting it from— (I) dealing with or disposing of any of its assets or specified assets in any manner, or (II) engaging in any transaction or class of transaction or specified transaction, or (III) making payments, without the prior authorisation of the Bank, and the Bank may require that person to prepare and submit to it for its approval within 2 months of the direction, a scheme for the orderly discharge in full of its liabilities to the depositors concerned.
\n
(4)Where a direction to which subsection (3)(c) relates is given the provisions of section 21 shall apply with any necessary modifications.
\n
(5)The Bank shall, before deciding to revoke an authorisation under subsection (1), consult with the relevant third country authority provided however that if immediate action by the Bank is called for it shall not be necessary for the Bank to consult as aforesaid but in such a case the Bank shall notify the authority concerned of the revocation of the authorisation.
\n
(6)In this section ‘control’ includes any power, whether arising from a contract or agreement or otherwise, whereby one party can direct the affairs of another and a parent undertaking shall be deemed to control its subsidiaries and ‘parent undertaking’ has the meaning assigned to it by the European Communities (Companies: Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992 ).”.
\n
Amendment of section 76 of Central Bank Act 1989.
\n
74.—
\n
Section 76
\n
of the Central Bank Act 1989 is amended by inserting the following after subsection (2): “(3) An application under subsection (2) shall be on notice to the Bank and the Bank shall be entitled to appear, be heard and adduce evidence at the hearing of the application.
\n
(4)Notice of the application shall be served upon the Bank at least 14 days before the date of hearing of the application.
\n
(5)An affidavit giving the names and addresses of, and the places and dates of service on, all persons who have been served with the notice of application, grounding affidavit and exhibits (if any) shall be filed by the applicant at least 4 days before the application is heard. If any person who ought under this section to have been served has not been so served, the affidavit shall state that fact and the reason for it.
\n
(6)In this section ‘the Court’ means the High Court.”.
\n
Amendment of section 43 of Investment Intermediaries Act 1995.
\n
75.—
\n
Section 43
\n
of the Investment Intermediaries Act 1995 is amended by renumbering the existing provision as subsection (1) and by inserting the following after that subsection: “(2) A person may apply to the Court for an order, on such conditions as the Court may decide, declaring that, notwithstanding the failure of that person to notify the Bank as required by this Part, the acquiring transaction is, and always has been, a valid transaction and that title to any shares or other interest concerned did pass and that all purported exercise of powers is and always had been valid; and if the Court finds that the failure to notify the Bank of the proposed acquiring transaction was due to inadvertence on the part of the person, or if the Court considers that it is otherwise in the interest of justice to do so, it shall grant the order sought.
\n
(3)An application under subsection (2) shall be on notice to the Bank and the Bank shall be entitled to appear, be heard and adduce evidence at the hearing of the application.
\n
(4)Notice of the application shall be served on the Bank at least 14 days before the date of hearing of the application.
\n
(5)An affidavit giving the names and addresses of, and the places and dates of service on, all persons who have been served with the notice of application, grounding affidavit and exhibits (if any) shall be filed by the applicant at least 4 days before the application is heard. If any person who ought under this section to have been served has not been so served, the affidavit shall state that fact and the reason for it.”.
\n
Amendment of section 30 of Consumer Credit Act 1995.
\n
76.—
\n
Section 30
\n
of the Consumer Credit Act 1995 is amended in subsection (1) by substituting the following for paragraphs (a) and (b): “(a) a copy of the agreement shall be sent to the consumer by the creditor within 10 days of the making of the agreement, and (b) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be sent to the guarantor by the creditor within 10 days of the making of the contract.”.
\n
Amendment of section 45 of Consumer Credit Act 1995.
\n
77.—
\n
Section 45
\n
of the Consumer Credit Act 1995 is amended in subsection (1) by substituting “communication on paper” for “written communication”.
\n
Amendment of section 149 of Consumer Credit Act 1995.
\n
78.—
\n
Section 149
\n
of the Consumer Credit Act 1995 is amended— (a) in subsection (5) by substituting “3 months” for “4 months”, (b) in subsection (6) by substituting “3 months” for “3 weeks”, (c) by inserting the following after subsection (6): “(6A) In calculating the periods of 3 months specified in subsections (5) and (6) no account shall be taken of any day on which any information required by the Bank to be provided by the credit institution for the performance of the Bank’s functions under this section has not yet been so provided.”, and (d) by inserting the following after subsection (14): “(15) A direction given under section 28 of the Central Bank Act 1989 and in force immediately before the coming into operation of section 78 (d) of the Central Bank (Supervision and Enforcement) Act 2013 is to be treated as continuing in effect as if given under this section and accordingly is a subsisting direction under this section for the purposes of subsection (10).
\n
(16)The duty imposed by subsection (1) shall not apply to a relevant new credit institution until the end of the period of 3 years after it commences business in the State; but at the end of that period, the credit institution shall notify the Bank of all decisions to impose charges in relation to the provision of any service to a customer or to a group of customers during that period and of any proposal to do so which is not implemented during that period.
\n
(17)A notification under subsection (16) shall be treated as a notification under subsection (1) for the purposes of this section; and references in this section to a proposal include a decision to impose charges notified under subsection (16).
\n
(18)In subsection (16) ‘relevant new credit institution’ means a credit institution which commences business as a credit institution in the State after the coming into operation of section 78 (d) of the Central Bank (Supervision and Enforcement) Act 2013 and is not when it does so a related undertaking (within the meaning of that Act) of another credit institution carrying on business as a credit institution in the State.”.
\n
Amendment of section 27 of Central Bank Act 1997.
\n
79.—
\n
Section 27
\n
of the Central Bank Act 1997 is amended by inserting the following after subsection (5): “(6) (a) Subsection (1) does not apply if the regulated financial service provider concerned has a reasonable excuse. (b) It is a reasonable excuse for the purposes of paragraph (a) for a regulated financial service provider to fail to comply with a requirement under section 25 or 26 that such compliance might tend to incriminate the regulated financial service provider. (c) Paragraph (b) does not limit what is a reasonable excuse for the purposes of paragraph (a).”.
\n
Amendments of Investor Compensation Act 1998.
\n
80.— The Investor Compensation Act 1998 is amended— (a) in section 33 by substituting the following for subsection (4): “(4) Following consultation with the Company, an administrator may apply to the Court to determine any question arising in relation to his or her functions under this Act.
\n
(5)Notice of an application under subsection (4) shall be given to the Company.”, (b) by inserting the following section after section 33A: “Power to make regulations for return of investors’ funds or investment instruments.
\n
33B.— (1) The Minister may, following consultation with the Bank and the Company, make regulations providing for the return of investors’ funds or investment instruments, as the case may be, following the appointment of an administrator, where the Minister considers it necessary to do so in order to provide for their efficient, equitable and prompt return.
\n
(2)Regulations under subsection (1) may include provision for— (a) the procedures and steps to be taken for the purpose of identifying, recording and, to the extent necessary, reconciling, the books, records or other documents of the investment firm to establish— (i) the monies, investment instruments or documents of title relating to such investment instruments which are held or which ought to be held on behalf of clients by the investment firm or by its nominee, and (ii) the claims of the clients of the investment firm against those monies, investment instruments or documents of title (whether or not those monies, investment instruments or documents of title continue to exist), (b) the satisfying and the ranking of claims against investment instruments or classes of investment instruments, (c) the number, value and nature of claims against monies held or which ought to be held by an investment firm on behalf of clients, (d) the treatment and abatement of claims by clients, (e) the return of dividends, monies and investment instruments to clients, (f) the allocation and provision of reasonable expenses of a liquidator, receiver, administrator, examiner or official assignee subject to Regulations 157 and 158 of the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ), and (g) the making of reports by an administrator to the Company containing such information relating to the administration of claims and at such time or times and in such manner as may be specified in the regulations,”, and (c) in section 35 by inserting the following after subsection (7): “(7A) Notice of an appeal under subsection (7) shall be given to the Company and it shall be entitled to appear, be heard and adduce evidence on the hearing of the appeal.”.
\n
Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009.
\n
81.— The Financial Services (Deposit Guarantee Scheme) Act 2009 is amended— (a) in section 1 by inserting the following definition: “ ‘relevant Member State institution’ means an institution authorised in another Member State which has established in the State a branch which maintains a deposit in the deposit protection account pursuant to Regulation 26 of the Deposit Guarantee Regulations;”, and (b) by inserting the following sections after section 8: “Power of Bank to make regulations for information to be kept relating to eligible deposits.
\n
8A.— (1) Where the Bank considers it necessary to do so in the public interest the Bank may make regulations for securing that accurate information in relation to persons who maintain eligible deposits with credit institutions or relevant Member State institutions (in this section referred to as ‘depositors’) is available to them and to the Bank (in particular to enable the Bank to meet its obligations to make guarantee payments out of the deposit protection account to depositors in accordance with the Deposit Guarantee Regulations).
\n
(2)The regulations may include provision— (a) requiring credit institutions and relevant Member State institutions to keep such information as the Bank may prescribe in relation to depositors, (b) about the form and manner in which, and the period for which, the prescribed information is to be kept, and (c) for enabling the verification of the prescribed information.
\n
Requirement to provide information to Bank.
\n
8B.— The Bank may require a credit institution or relevant Member State institution to provide to the Bank at such time or times and in such manner as the Bank may require— (a) any information kept by it in compliance with regulations under section 8A, and (b) any information which the Bank may reasonably require to satisfy itself that requirements imposed by regulations under that section have been, and are being, complied with by the credit institution or relevant Member State institution.
\n
Direction to credit institution.
\n
8C.— (1) If the Bank considers that a credit institution or relevant Member State institution has failed, or is failing, to comply with any requirement imposed by regulations made under section 8A, the Bank may direct it to take specified steps to comply with the requirement.
\n
(2)If the Bank considers that a credit institution or relevant Member State institution has failed, or is failing, to comply with a direction under subsection (1) the Bank may make an application to the High Court, and the High Court may, on such an application, make an order requiring it to comply with the direction.
\n
Directions under section 8C: supplementary.
\n
8D.— (1) The provisions of a direction under section 8C have effect from the date specified in the direction in relation to them.
\n
(2)A direction under section 8C shall set out— (a) all terms of the direction, including any date specified as the date by which, or period specified as the period within which, any provision of the direction is to be complied with, and (b) any incidental, supplementary or consequential provision for securing that the direction is fully complied with.
\n
(3)On an application under section 8C(2), the High Court may make any such interim or interlocutory order as it considers appropriate.
\n
(4)An order under subsection (3) 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.”, and (c) in section 9(1) by substituting the following for “A person who contravenes section 4(1) commits an offence and is liable—”: “A person who contravenes section 4(1), fails to comply with a requirement under section 8B or a direction under section 8C or provides information under section 8B knowing it to be false or misleading commits an offence and is liable—”.
\n
Amendment of Central Bank and Credit Institutions (Resolution) Act 2011.
\n
82.— (1) In this section “Act of 2011” means the Central Bank and Credit Institutions (Resolution) Act 2011 .
\n
(2)Section 10 of the Act of 2011 is amended— (a) in subsection (2)— (i) by deleting paragraph (a), and (ii) in paragraph (b) by inserting “46,” after “42(5),”, and (b) in subsection (4) by substituting “Subject to section 11(3), the Bank” for “The Bank”.
\n
(3)Section 11 of the Act of 2011 is amended by inserting the following subsection after subsection (2): “(3) Notwithstanding section 10(4), the Bank shall from time to time pay interest at the rate determined under subsection (2) on monies standing to the credit of the Fund.”.
\n
(4)The Act of 2011 is amended by inserting the following section after section 11: “Accounts and audit.
\n
11A.— (1) The Bank shall cause— (a) to be kept for the Fund, in such form as the Minister approves, all proper and usual accounts of income and expenditure, and (b) the transmission of those accounts not later than 3 months following the end of the financial year to which they relate to the Comptroller and Auditor General for audit.
\n
(2)The Comptroller and Auditor General shall audit the accounts of the Fund transmitted to him or her under subsection (1) and shall prepare a written report in relation to those accounts.
\n
(3)Within one month of the completion of the audit referred to in subsection (2), the Bank shall present a copy of the accounts and the report of the Comptroller and Auditor General on the accounts to the Minister who shall, as soon as may be, cause copies thereof to be laid before each House of the Oireachtas.”.
\n
(5)The Act of 2011 is amended by substituting the following for section 12: “12.— (1) The Minister, following consultation with the Bank, may contribute to the Fund such sums as the Minister considers appropriate, from the Central Fund or the growing produce of the Central Fund.
\n
(2)The Minister is entitled to be reimbursed from the Fund for all contributions under subsection (1) together with any interest, at the rate determined under section 11(2), that may have accrued on those contributions at the rate determined.
\n
(3)All sums paid out of the Fund in repayment of a contribution under subsection (2) shall be paid into the Central Fund.”.
\n
(6)The Act of 2011 is amended by substituting the following for section 46: “46.— (1) The Minister may, at the request of the Bank, agree to the provision, directly or indirectly, of a financial incentive, on terms and conditions that the Minister considers appropriate, to a person to become a transferee under— (a) a transfer order, or (b) where a transfer order has been varied under section 33, the transfer order as so varied.
\n
(2)For the purposes of subsection (1)(a), the person to which the financial incentive is given may be a bridge-bank.
\n
(3)A financial incentive may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance, and may be or may include financial support within the meaning of the Act of 2008.
\n
(4)Where the Minister agrees to the provision of a financial incentive under this Act and it is in the form of a payment or gives rise to a payment, the payment shall be made by the Bank from the Fund to such person as the Minister may direct.
\n
(5)Where the Minister agrees to the provision of a financial incentive under this Act, a term of its provision may be in respect of the repayment in case of setting-aside of the transfer order, whether or not there is re-transfer of any assets or liabilities to the transferor.
\n
(6)The amount of any financial incentive provided under this Act is a debt due and owing to the Bank for the account of the Fund by the transferor and may be recovered by the Bank for the account of the Fund as a simple contract debt in any court of competent jurisdiction.
\n
(7)Any sum recovered by the Bank under subsection (6) shall be paid into the Fund.”.
\n
(7)Section 47 of the Act of 2011 is amended by substituting “If a liability to repay arises under section 46(5)” for “If a liability to repay the Fund or the Minister arises under section 46(4)”.
\n
(8)Subsections (1), (2)(b) and (3) shall be deemed to have come into operation on the coming into operation of the Act of 2011.
\n
PART 13
\n
Miscellaneous Amendment of section 1 of Insurance Act 1964.
\n
83.—
\n
Section 1
\n
of the Insurance Act 1964 is amended by substituting the following for paragraph (a) of the definition of “excluded risk”: “(a) a risk relating to insurance that falls within the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 1973 4 — (i) 4, 5, 6, 7, 11 and 12, (ii) 1 and 10 in so far as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, (iii) 14 in so far as it relates to export credit;”.
\n
Amendment of section 6 of Insurance Act 1964.
\n
84.—
\n
Section 6
\n
of the Insurance Act 1964 is amended by substituting the following for the definition of “premium” in subsection (14): “ ‘premium’, in relation to a policy issued both in respect of risks in the State and risks not in the State, means that proportion of the premium paid in respect of risks in the State;”.
\n
Amendment of section 4 of Landlord and Tenant Act (Ground Rents) (No. 2) Act 1978.
\n
85.— (1) Section 4(1) of the Landlord and Tenant (Ground Rents) (No. 2) Act 1978 (referred to in this section as “the 1978 Act”) is amended by inserting the following after paragraph (b): “(bb) the Central Bank of Ireland,”.
\n
(2)The amendment made by subsection (1) shall not apply to— (a) an application to the Registrar of Titles under Part III of the 1978 Act made before the commencement of this section, (b) a notice of intention to acquire a fee simple under section 4 of the Landlord and Tenant (Ground Rents) Act 1967 (referred to in this section as “the 1967 Act”) served before the commencement of this section, (c) an application to a county registrar under section 17 of the 1967 Act, or an arbitration under that Act, relating to a notice to which paragraph (b) applies, (d) an arbitration under Part III of the 1978 Act relating to an application to which paragraph (a) applies, (e) an appeal to the Circuit Court from a decision of a county registrar under the 1967 Act relating to a notice to which paragraph (b) applies, or (f) an appeal to the Circuit Court from a decision of the Registrar of Titles under Part III of the 1978 Act relating to an application to which paragraph (a) applies.
\n
Amendment of section 4 of Landlord and Tenant (Amendment) Act 1980.
\n
86.— (1)
\n
Section 4
\n
of the Landlord and Tenant (Amendment) Act 1980 is amended— (a) in subsection (1) by inserting “or the Central Bank of Ireland, as the case may be,” after “State authority”, and (b) by inserting the following after subsection (1)— “(1A) Subject to subsections (1B) and (1C), this Act shall not bind the Central Bank of Ireland (in this subsection and subsections (1B) and (1C) referred to as ‘the Bank’) in its capacity as lessor or immediate lessor of any premises. (1B) Where the Bank acquires the interest of the lessor or immediate lessor of any premises after the coming into operation of section 86 of the Central Bank (Supervision and Enforcement) Act 2013 and the Bank did not have any previous interest in the premises as lessor or immediate lessor, section 13 shall apply as if the expressions ‘at any time’ and ‘at that time’ in subsection (1) thereof were references to the relevant date and Part II shall have effect accordingly, save that a tenant of the Bank whose tenancy of the premises is renewed under that Part as applied by this section shall not be entitled to a further renewal of that tenancy. (1C) In a case to which subsection (1B) applies, subsection (1A) shall not apply so as to disqualify any person for payment of compensation for improvements in respect of such improvements as may have been carried out before the relevant date.”.
\n
(2)The amendments made by subsection (1) shall not apply to leases granted before the coming into operation of this section.
\n
Amendment of section 3 of Companies (Amendment) Act 1990.
\n
87.—
\n
Section 3
\n
of the Companies (Amendment) Act 1990 is amended— (a) in subsection (2)— (i) in paragraph (a) by substituting “only by the Central Bank or by the company acting with the prior consent of the Central Bank,” for “only by the Minister”, (ii) in paragraph (b) by inserting “or by the company with the prior consent in writing of the Central Bank” after “the Central Bank”, and (iii) by deleting paragraph (c)(ii), and (b) by inserting the following after subsection (2): “(2A) Where a petition is presented under subsection (2) otherwise than by the Central Bank— (a) the petitioner— (i) subject to subsection (2B), shall, before he or she presents the petition at the office of the court, cause to be received by the Central Bank a notice in writing of his or her intention to present the petition, and (ii) shall serve a copy of the petition on the Central Bank as soon as may be after the presentation of it at the office of the court, and (b) the Central Bank shall be entitled to appear and be heard at any hearing relating to the petition. (2B) A notice under subsection (2A)(a)(i) shall not be required if the petitioner is the company.”.
\n
Disclosure to Bank of tax information about qualifying companies and FVCs.
\n
88.— (1) Nothing in the Taxes Consolidation Act 1997 prevents the disclosure to the Bank of information held by the Revenue Commissioners in relation to— (a) qualifying companies, within the meaning of section 110 of the Taxes Consolidation Act 1997 , or (b) FVCs, within the meaning of Article 1 of Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 5 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions.
\n
(2)Information disclosed to the Bank by virtue of subsection (1) may be used by the Bank only in the exercise of the Bank’s functions and shall not be disclosed by the Bank to any other person.
\n
Amendment of section 11 of Electronic Commerce Act 2000.
\n
89.—
\n
Section 11
\n
of the Electronic Commerce Act 2000 is amended in paragraph (d) by deleting “the Consumer Credit Act, 1995 , or any regulations made thereunder and”.
\n
Amendment of Planning and Development Act 2000.
\n
90.— The Planning and Development Act 2000 is amended— (a) in section 33 by inserting the following after subsection (4): “(5) Regulations under this section may make different provision with respect to applications for permission for development made by the Central Bank of Ireland in cases where the disclosure of information in relation to the application concerned might prejudice the security, externally or internally, of the development or the land concerned or facilitate any unauthorised access to or from the land by any person, and such regulations may make provision modifying the operation of section 38 in relation to applications in those cases.”, and (b) in section 142 by inserting the following after subsection (5): “(6) Regulations under this section may make different provision with respect to appeals in relation to applications for permission for development made by the Central Bank of Ireland in the cases referred to in section 33(5), and such regulations may make provision modifying the operation of sections 132 and 146 in relation to such appeals.”.
\n
Amendment of section 56 of Personal Injuries Assessment Board Act 2003.
\n
91.—
\n
Section 56
\n
of the Personal Injuries Assessment Board Act 2003 is amended in subsection (5) by substituting the following for paragraph (c): “(c) one shall be a person nominated for such appointment by the Irish Insurance Federation (or any successor of it), and (d) one shall be an employee of the Central Bank of Ireland nominated for such appointment by the Governor of the Central Bank of Ireland.”.
\n
Amendment of Credit Institutions (Financial Support) Act 2008.
\n
92.— The Credit Institutions (Financial Support) Act 2008 is amended by repealing section 7.
\n
Amendment of section 38 of Credit Institutions (Stabilisation) Act 2010.
\n
93.—
\n
Section 38
\n
of the Credit Institutions (Stabilisation) Act 2010 is amended by inserting the following subsection after subsection (3): “(3A) Where the Minister provides a financial incentive under subsection (1) which is in the form of a payment or gives rise to a payment, the payment shall be made from the Central Fund or the growing produce thereof.”.
\n
Amendment of section 6 of Irish Bank Resolution Corporation Act 2013.
\n
94.—
\n
Section 6
\n
of the Irish Bank Resolution Corporation Act 2013 is amended by inserting the following subsection after subsection (6): “(7) (a) In this subsection ‘Act of 1879’ means the Bankers’ Books Evidence Act 1879 . (b) Where— (i) a copy of an entry in a bankers’ book (within the meaning of section 9(2) of the Act of 1879) falls to be produced in evidence, (ii) the book is in the custody or under the control of a special liquidator or IBRC, and (iii) the special liquidator or an officer or employee of, or other person duly authorised in that behalf by, the special liquidator or an officer or employee of IBRC gives evidence (orally or by affidavit) that— (I) he or she truly believes that the book or record was kept in the ordinary course of the bank’s business, and (II) the book is in the custody or under the control of the special liquidator or IBRC, then the requirement for proof in section 4 of the Act of 1879 shall be taken to have been satisfied. (c) The Act of 1879 has effect in relation to the books and records of IBRC as if— (i) references in that Act to bank or banker were to— (I) a special liquidator, or (II) IBRC, (ii) references in that Act to bankers’ books were to the ordinary books and records of a special liquidator or IBRC, as the case may be, or the ordinary books and records of IBRC in the custody or under the control of a special liquidator, and (iii) references in that Act to an officer of a bank were to a special liquidator or an officer or employee of, or other person duly authorised in that behalf by, a special liquidator or to an officer or employee of IBRC.”.
\n
SCHEDULE 1 Repeals and Revocations
\n
Section 4
\n
.
\n
PART 1
\n
Repeals
\n
Section 4
\n
(1).
\n
Item
\n
(1)Number and year
\n
(2)Short title
\n
(3)Extent of repeal
\n
(4)1 No. 3 of 1989 Insurance Act 1989
\n
Section 3(2C)
\n
2 No. 16 of 1989 Central Bank Act 1989
\n
Section 87(3)
\n
3 No. 17 of 1989 Building Societies Act 1989
\n
Section 119(5)
\n
4 No. 21 of 1989 Trustee Savings Banks Act 1989
\n
Section 66(2)
\n
5 No. 37 of 1990 Unit Trusts Act 1990
\n
Section 18(3)
\n
6 No. 24 of 1994 Investment Limited Partnerships Act 1994
\n
Section 41(3)
\n
7 No. 11 of 1995 Investment Intermediaries Act 1995
\n
Section 79(3)
\n
8 No. 24 of 1995 Consumer Credit Act 1995
\n
Section 14(3)
\n
9 No. 8 of 1997 Central Bank Act 1997 Section 27K 10 No. 15 of 1997 Credit Union Act 1997
\n
Section 171(5)
\n
11 No. 37 of 1998 Investor Compensation Act 1998
\n
Section 43(3)
\n
12 No. 32 of 2001 Dormant Accounts Act 2001
\n
Section 6(4)
\n
13 No. 47 of 2001 Asset Covered Securities Act 2001
\n
Section 97
\n
14 No. 2 of 2003 Unclaimed Life Assurance Policies Act 2003
\n
Section 5(3)
\n
15 No. 12 of 2005 Investment Funds, Companies and Miscellaneous Provisions Act 2005
\n
Section 21(4)
\n
16 No. 19 of 2007 Consumer Protection Act 2007
\n
Section 76
\n
17 No. 23 of 2010 Central Bank Reform Act 2010
\n
Part 5
\n
PART 2
\n
Revocations
\n
Section 4
\n
(2).
\n
Item
\n
(1)Number and year
\n
(2)Citation
\n
(3)Extent of revocation
\n
(4)1 S.I. No. 727 of 2004 European Communities (Financial Conglomerates) Regulations 2004 Regulation 28(3) 2 S.I. No. 13 of 2005 European Communities (Insurance Mediation) Regulations 2005 Regulation 38(3) 3 S.I. No. 380 of 2006 European Communities (Reinsurance) Regulations 2006 Regulation 79(3) 4 S.I. No. 60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Regulations 164 and 190(2) 5 S.I. No. 383 of 2009 European Communities (Payment Services) Regulations 2009 Regulation 113(2) and (3) 6 S.I. No. 183 of 2011 European Communities (Electronic Money) Regulations 2011 Regulation 75(2) and (3) 7 S.I. No. 352 of 2011 European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 Regulation 132(10) and (11) SCHEDULE 2 Amendments of Central Bank Acts
\n
Section 5
\n
.
\n
PART 1
\n
Amendments of Central Bank Act 1942
\n
Section 5
\n
(1).
\n
Item Provision affected Amendment
\n
(1)
\n
(2)
\n
(3)1
\n
Section 2
\n
(a) In subsection (1) substitute the following for the definition of “designated enactments”: “ ‘designated enactments’ means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;”. (b) Insert the following subsection: “(6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time.”.
\n
2 Section 18D(2) In paragraph (a) after “Bank” insert “or with one or more persons with relevant knowledge of any of the matters specified in section 24(1) (or with both)”.
\n
3
\n
Section 24(2)
\n
(a) In paragraph (c) substitute “Parliament,” for “Parliament, or”. (b) In paragraph (d) substitute “member,” for “member.” and insert the following after that paragraph: “(e) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010 ) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider, (f) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or (g) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence.”.
\n
4 Section 32B(2) In paragraph (a) substitute “2016” for “2011”.
\n
5 Part IIIA Before section 32L substitute the following for the Chapter heading: “Chapter 3A Accountability”.
\n
6 Section 32L(3) Delete “and” at the end of paragraph (a) and insert the following paragraph: “(aa) the Bank in relation to the exercise of its powers under Part 2 of the Central Bank (Supervision and Enforcement) Act 2013, and”.
\n
7 Section 33AK(5) Substitute “2010, or” for “2010.” in paragraph (ao) and insert the following after that paragraph: “(ap) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Central Bank and Credit Institutions (Resolution) Act 2011 .”.
\n
8 Section 33AN In the definition of “contravene” substitute the following for paragraph (b): “(b) aiding, abetting, counselling or procuring a person to commit a contravention, and”.
\n
9 Section 57BC Insert the following after subsection (7): “(8) The Minister may from time to time advance to the Council, out of moneys provided by the Oireachtas, such sums as the Minister may determine for the purposes of the performance of the functions relating to superannuation conferred on the Council by this Act.”.
\n
10 Schedule 2, Part 1 (a) Substitute the following for item 38: “ 38 No. 23 of 2010 Central Bank Reform Act 2010 Parts 3 and 4 ”. (b) Insert the following: “ No. 27 of 1992 Financial Transfers Act 1992
\n
Section 4
\n
No. 2 of 2005 Criminal Justice (Terrorist Offences) Act 2005
\n
Section 42(6)
\n
No. 13 of 2009 Financial Services (Deposit Guarantee Scheme) Act 2009 The whole Act No. - of 2013 Central Bank (Supervision and Enforcement) Act 2013 The whole Act other than sections 83 to 87 and 89 to 94 ”.
\n
Item Provision affected Amendment
\n
(1)
\n
(2)
\n
(3)11 Schedule 2, Part 2 (a) Substitute the following for item 36: “ 36 S.I. No. 48 of 2011 European Communi-ties (Reorgan-isation and Winding-up of Credit Institutions) Regulations 2011 The whole instrument ”. (b) Insert the following: “ S.I. No. 799 of 2007 European Communities (Information on the payer accompanying transfers of funds) Regulations 2007 The whole instrument S.I. No. 247 of 2010 European Communities (Credit Rating Agencies) Regulations 2010 The whole instrument S.I. No. 352 of 2011 European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 The whole instrument S.I. No. 340 of 2012 European Union (Short Selling) Regulations 2012 The whole instrument ”.
\n
PART 2
\n
Amendments of Central Bank Act 1971
\n
Section 5
\n
(1).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 2(1)
\n
(a) In paragraph (d) of the definition of “related body” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”. (b) Insert the following definition: “ ‘European Banking Committee’ means the committee established pursuant to Commission Decision 2004/10/EC 6 ;”.
\n
2
\n
Section 7
\n
In subsection (1) delete “on behalf of any other person”.
\n
3
\n
Section 10
\n
Insert “or authorisation under section 9A(2)” after “licence” in each place.
\n
4
\n
Section 12
\n
(a) In subsection (1) insert “and of the holders of authorisations under section 9A” after “licences”. (b) In subsection (2)— (i) insert “or authorisation under section 9A” after “licence”, and (ii) insert “European Banking Committee” after “European Commission”. (c) In subsection (3)— (i) insert “and of the holders of authorisations under section 9A” after “licences”, and (ii) insert the following after paragraph (d): “(dd) the European Banking Committee;”.
\n
5
\n
Section 17
\n
(a) Insert “or authorisation under section 9A” after “licence” in each place. (b) In subsection (1) insert “or holders of authorisations under section 9A” after “licence holders”.
\n
6
\n
Section 18
\n
Insert “or authorisation under section 9A” after “licence” in each place.
\n
7
\n
Section 19
\n
(a) In subsection (1)— (i) insert “or authorisation under section 9A” after “a licence”, and (ii) insert “or authorisation” after “the licence”. (b) In subsection (2) insert “or authorisations under section 9A” after “licences”.
\n
8
\n
Section 20
\n
Insert “or authorisation under section 9A” after “licence” in each place.
\n
9
\n
Section 21
\n
Insert “or authorisation under section 9A” after “licence” in each place.
\n
10
\n
Section 22
\n
Insert “or authorisation under section 9A” after “licence” in each place.
\n
11
\n
Section 25
\n
Insert “or authorisation under section 9A” after “licence” in each place.
\n
12
\n
Section 26
\n
(a) In subsections (1), (2), (3) and (6) insert “or authorisation under section 9A” after “licence” in each place. (b) In subsection (4) insert “or authorisations under section 9A” after “licences”.
\n
13
\n
Section 27(2)
\n
In paragraph (a) insert “or authorisation under section 9A” after “licence”.
\n
14
\n
Section 28(1)
\n
Insert “or authorisation under section 9A” after “licence”.
\n
15
\n
Section 31
\n
Insert “or authorisation under section 9A” after “licence” in each place.
\n
PART 3
\n
Amendment of Central Bank Act 1997
\n
Section 5
\n
(1).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Section 32A(5)(b) Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
\n
PART 4
\n
Amendments of Central Bank Reform Act 2010
\n
Section 5
\n
(1).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 3
\n
Substitute the following for the definition of “authorised officer”: “ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.
\n
2
\n
Section 23
\n
(a) Substitute the following for subsection (1): “(1) A regulated financial service provider shall not appoint a person to perform a pre-approval controlled function unless the Bank has approved in writing the appointment of the person to perform the function.”. (b) In subsection (6)(b) substitute “(a) to (h)” for “(a) to (g)”.
\n
3
\n
Section 25(3)
\n
Insert the following after paragraph (c): “(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38
\n
(2)of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,”.
\n
4
\n
Section 43(2)
\n
Insert the following after paragraph (c): “(ca) the person, being a person who has been appointed to perform a pre-approval controlled function, has failed to make a disclosure to the Bank under section 38
\n
(2)of the Central Bank (Supervision and Enforcement) Act 2013 or has made such a disclosure knowing it to be false or misleading in a material respect,”.
\n
5
\n
Section 52
\n
(a) Insert the following after subsection (2): “(2A) The Bank may at its discretion appoint a suitably qualified person (including a person who is not an officer or employee of the Bank) to perform a function (or any part of a function) of the Bank under this Part, other than any function of making regulations or issuing codes, if the Bank considers it necessary or appropriate to do so to ensure that the functions of the Bank under this Part are performed efficiently and effectively.”. (b) In subsection (3)— (i) substitute “, (2) and (2A)” for “and (2)”, (ii) substitute “any” for “either”, and (iii) substitute “, the Head of Financial Regulation or the Bank” for “or the Head of Financial Regulation”.
\n
6
\n
Section 54 (inserted by the
\n
Credit Union and Co-operation with Overseas Regulators Act 2012 ) Substitute the following section: “Co-operation with Member State authorities or third country authorities.
\n
54.— (1) In this section ‘Member State authority or third country authority’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank.
\n
(2)At the request of a Member State authority or a third country authority to do so in relation to any matter, the Bank may— (a) require information on the matter 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, or (b) authorise one or more than one authorised officer to exercise any of his or her powers for the purposes of investigating the matter.
\n
(3)In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular: (a) whether in the country or territory of the Member State authority or third country authority, corresponding assistance would be given to an authority duly authorised in the State to perform functions corresponding to functions exercised by the Member State authority or third country authority; (b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the State or involves the assertion of a jurisdiction not recognised by the State; (c) the seriousness of the case and its importance to persons in the State; (d) whether it is otherwise appropriate in the public interest to give the assistance sought.
\n
(4)The Bank may decide that it will not exercise any of its powers under subsection (2) unless the Member State authority or third country authority undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate.
\n
(5)Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union.
\n
(6)If the Bank authorises an authorised officer for the purposes of subsection (2)(b), the Bank may direct the authorised officer to permit a representative of the Member State authority or third country authority to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned.
\n
(7)A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by a Member State authority or third country authority as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942.
\n
(8)A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person.”.
\n
PART 5
\n
Amendments of Central Bank and Credit Institutions (Resolution) Act 2011
\n
Section 5
\n
(1).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 14
\n
Substitute the following for subsection (4): “(4) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank.”.
\n
2
\n
Section 18(2)
\n
Substitute “supervisory directives” for “supervisory enactments”.
\n
SCHEDULE 3 Amendments of Certain other Acts
\n
PART 1
\n
Amendments of Investment Intermediaries Act 1995
\n
Section 5
\n
(2).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 2(1)
\n
In the definition of “authorised officer” substitute “Part 3 of the Central Bank (Supervision and Enforcement Act 2013)” for “Part 5 of the Central Bank Reform Act 2010 ”.
\n
2
\n
Section 20(6)
\n
Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
\n
PART 2
\n
Amendments of Credit Union Act 1997
\n
Section 5
\n
(2).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 90
\n
In subsections (1) and (3) substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
\n
2
\n
Section 91
\n
Substitute the following for subsection (1): “(1) If required to do so by notice in writing served by the Bank at any time— (a) a credit union, (b) any person who is or has been an officer, member, voluntary assistant, agent or liquidator of a credit union, and (c) any other person who has in his or her possession or power any books or documents relating to a credit union, shall furnish to the Bank such books or documents which relate to the credit union and are in the possession or power of the credit union or such person and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Bank in the exercise of its powers under this Act.”.
\n
3
\n
Section 93(1)
\n
Substitute the following for paragraph (b): “(b) ‘agent’ has the same meaning as in section 21 of the Central Bank (Supervision and Enforcement) Act 2013.”.
\n
4
\n
Section 95
\n
In subsection (1) substitute “, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013,” for “, after an inspection under section 90,”.
\n
5 Section 95A (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012 ) In subsection (1) substitute “after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “after an inspection under section 90”.
\n
6
\n
Section 96(1)
\n
Substitute “after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “after an inspection under section 90”.
\n
7
\n
Section 186(3)
\n
Insert “or Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” after “this Act”.
\n
PART 3
\n
Amendments of Investor Compensation Act 1998
\n
Section 5
\n
(2).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 9
\n
(a) Substitute the following for subsection (1): “(1) In this section “Act of 2013” means the Central Bank (Supervision and Enforcement) Act 2013.”. (b) Substitute “Part 3 of the Act of 2013” for “Part 5 of the Act of 2010” in each place.
\n
2
\n
Section 33(2)
\n
Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
\n
PART 4
\n
Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009
\n
Section 5
\n
(2).
\n
Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n
Section 9
\n
Substitute the following for subsection (3): “(3) Summary proceedings for an offence under this Act may be brought and prosecuted by the Bank.”.
\n
SCHEDULE 4 Amendments of Certain Statutory Instruments
\n
Section 5
\n
.
\n
PART 1
\n
Amendments of European Communities (Markets in Financial Instruments) Regulations 2007
\n
Section 5
\n
(3). ( S.I. No. 60 of 2007 ) Item
\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Regulation 3(1) In the definition of “authorised officer” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
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2 Regulation 6(7) Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
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3 Regulation 14(1)(b) Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
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4 Regulation 147(1)(g)(ii) Substitute “Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
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PART 2
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Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007
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Section 5
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(3). ( S.I. No. 366 of 2007 ) Item
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(1)Provision affected
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(2)Amendment
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(3)1 Regulation 3(1) In the definition of “authorised officer” substitute “Part 3 of the Central Bank (Supervision and Enforcement) Bill 2013” for “Part 5 of the Central Bank Reform Act 2010 ”.
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2 Regulation 9(7) Substitute “under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013” for “under Part 5 of the Central Bank Reform Act 2010 ”.
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PART 3
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Amendments of European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007
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Section 5
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(3).
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Item
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(1)Provision affected
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(2)Amendment
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(3)1 Regulation 1 Insert the following definition: “ ‘authorised officer’ means an authorised officer appointed under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013;”.
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2 Regulation 4 Substitute the following for Regulation 4: “4. For the purpose of ensuring compliance with the Parliament and Council Regulation, an authorised officer may exercise any of the powers conferred on him or her under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013.”.
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PART 4
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Amendment of European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011
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Section 5
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(3)( S.I. No. 48 of 2011 ) Item
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(1)Provision affected
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(2)Amendment
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(3)1 Regulation 2(2) Insert the following subparagraph after subparagraph (x): “(xi) a direction given by the Bank under Part 7 of the Central Bank (Supervision and Enforcement) Act 2013 that contains a declaration that it or part of it is made with the intention of preserving or restoring the financial position of a credit institution, where the direction is capable of affecting the rights of third parties existing before the direction comes into effect.”.
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SCHEDULE 5 Redress for Contravention of section 41
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(1)
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Section 41
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.
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Complaints to rights commissioner.
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1.(1) 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 consent of the employee) or, with the consent of the employee, any trade union of which the employee is a member may present a complaint to a rights commissioner that the employee’s employer has contravened section 41
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(1)in relation to the employee.
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(2)Where a complaint under subparagraph (1) is made, the rights commissioner shall— (a) give the parties an opportunity to be heard by the commissioner and to present to the commissioner any evidence relevant to the complaint, (b) give a decision in writing in relation to it, and (c) communicate the decision to the parties.
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(3)A decision of a rights commissioner under subparagraph (2) shall do one or more of the following: (a) declare that the complaint was or was not well founded; (b) require the employer to take a specified course of action, which may include, in a case where the penalisation constitutes a dismissal within the meaning of section 37
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(3), re-instatement or re-engagement; (c) require the employer to pay to the employee compensation of such amount (if any) as is just and equitable having regard to all the circumstances, but not exceeding 2 years’ remuneration in respect of the employee’s employment calculated in accordance with regulations under section 17 of the Unfair Dismissals Act 1977 .
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(4)The references in clauses (b) and (c) of subparagraph (3) to an employer shall be construed, in a case where ownership of the business of the employer changes after the contravention to which the complaint relates occurred, as references to the person who, by virtue of the change, becomes entitled to such ownership.
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(5)Subject to subparagraph (7), a rights commissioner shall not entertain a complaint under this paragraph if it is presented to him or her after the expiration of the period of 6 months beginning on the date of the contravention to which the complaint relates.
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(6)Notwithstanding subparagraph (5), a rights commissioner may entertain a complaint under this paragraph presented to him or her after the expiration of the period referred to in subparagraph (5) (but not later than 6 months after such expiration) if he or she is satisfied that the failure to present the complaint within that period was due to exceptional circumstances.
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(7)Where a delay by an employee in presenting a complaint under this paragraph is due to any misrepresentation by the employer, subparagraph (5) shall be construed as if the reference to the date of the contravention were a reference to the date on which the misrepresentation came to the employee’s notice.
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(8)A complaint shall be presented by giving notice of it in writing to a rights commissioner and the notice shall contain such particulars and be in such form as may be specified from time to time by the Minister for Jobs, Enterprise and Innovation.
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(9)A copy of a notice under subparagraph (8) shall be given to the other party concerned by the rights commissioner concerned.
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(10)Proceedings under this paragraph before a rights commissioner shall be conducted otherwise than in public.
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(11)A rights commissioner shall furnish the Labour Court with a copy of each decision given by the commissioner under subparagraph (2).
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Appeals from decisions of rights commissioner.
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2.(1) A party concerned may appeal to the Labour Court from a decision of a rights commissioner under paragraph 1(2) and, if the party does so, the Labour Court shall— (a) give the parties an opportunity to be heard by it and to present to it any evidence relevant to the appeal, (b) make a determination in writing in relation to the appeal affirming, varying or setting aside the decision, and (c) communicate the determination to the parties.
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(2)An appeal under this paragraph shall be initiated by the party concerned giving, within 6 weeks (or such greater period as the Labour Court may determine in the particular circumstances) from the date on which the decision to which it relates was communicated to the party, a notice in writing to the Labour Court containing such particulars as are determined by the Labour Court under clauses (e) and (f) (in so far as it relates to the said clause (e)) of subparagraph (4) and stating the intention of the party concerned to appeal against the decision.
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(3)A copy of a notice under subparagraph (2) shall be given by the Labour Court to any other party concerned as soon as practicable after the receipt of the notice by the Labour Court.
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(4)The Labour Court shall determine the following matters and the procedures to be followed in relation to them: (a) the procedure in relation to all matters concerning the initiation and the hearing by the Labour Court of appeals under this paragraph; (b) the times and places of hearings of such appeals; (c) the representation of the parties to such appeals; (d) the publication and notification of determinations of the Labour Court; (e) the particulars to be contained in a notice under subparagraph (2); (f) any matters consequential on, or incidental to, the matters referred to in clauses (a) to (e).
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(5)The Labour Court may refer a question of law arising in proceedings before it under this paragraph to the High Court for its determination and the determination of the High Court shall be final and conclusive.
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(6)A party to proceedings before the Labour Court under this paragraph may appeal to the High Court from a determination of the Labour Court on a point of law and the determination of the High Court shall be final and conclusive.
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Paragraphs 1 and 2: supplemental provisions.
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3.(1) The Labour Court shall, on the hearing of any appeal referred to it under paragraph 2, have power to take evidence on oath or on affirmation and for that purpose may cause persons attending as witnesses at that hearing to swear an oath or make an affirmation.
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(2)The Labour Court may, by giving notice in that behalf in writing to any person, require such person to attend at such time and place as is specified in the notice and— (a) to give evidence in relation to any matter appealed to the Labour Court under paragraph 2, or (b) to produce any document specified in the notice relating to the matter in the person’s possession or power.
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(3)A witness at a hearing of an appeal before the Labour Court has the same privileges and immunities as a witness before the High Court.
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(4)Where— (a) a decision of a rights commissioner in relation to a complaint under this Schedule has not been carried out by the employer concerned in accordance with its terms, and (b) the time for bringing an appeal against the decision has expired and no such appeal has been brought or, if such an appeal has been brought, it has been abandoned, the employee concerned (or, in the case of an employee who has not reached the age of 18 years, the employee’s parent or guardian, with the consent of the employee) or, with the consent of the employee, any trade union of which the employee is a member, may bring the complaint before the Labour Court and the Labour Court shall, without hearing the employer concerned or any evidence (other than in relation to the matters aforesaid), make a determination to the like effect as the decision.
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(5)The bringing of a complaint before the Labour Court under subparagraph (4) shall be effected by giving to the Labour Court a written notice containing such particulars (if any) as may be determined by the Labour Court.
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(6)The Labour Court shall publish, in a manner it considers appropriate, particulars of any determination made by it under any of clauses (a) to (f) of subparagraph (4) of paragraph 2 (not being a determination as respects a particular appeal under that paragraph) and subparagraph (5).
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Enforcement of determinations of Labour Court.
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4.(1) If an employer fails to carry out in accordance with its terms a determination of the Labour Court in relation to a complaint under paragraph 1 within 28 days from the date on which the determination is communicated to the parties, the Circuit Court shall, on application made to it in that behalf by— (a) the employee concerned (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), or (b) with the consent of the employee, any trade union of which the employee is a member, without hearing the employer or any evidence (other than in relation to the matters aforesaid), make an order directing the employer to carry out the determination in accordance with its terms.
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(2)The reference in subparagraph (1) to a determination of the Labour Court is a reference to a determination in relation to which, at the expiration of the time for bringing an appeal against it, no such appeal has been brought or, if such an appeal has been brought, it has been abandoned, and the reference in that subparagraph to the date on which the determination is communicated to the parties shall, in a case where such an appeal is abandoned, be read as a reference to the date of such abandonment.
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(3)In an order under this paragraph providing for the payment of compensation, the Circuit Court may, if in all the circumstances it considers it appropriate to do so, direct the employer concerned to pay to the employee concerned interest on the compensation (at the rate per annum standing specified for the time being in section 26 of the Debtors (Ireland) Act 1840 ) for each day or part of a day beginning 28 days after the day on which the determination of the Labour Court is communicated to the parties and ending on the day immediately before the day on which the order of the Circuit Court is made.
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(4)An application under this paragraph to the Circuit Court shall be made to the judge of the Circuit Court for the circuit in which the employer concerned ordinarily resides or carries on any profession, trade, business or occupation.
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Provisions relating to winding-up and bankruptcy.
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5.(1) There shall be included among the debts which, under section 285 of the Companies Act 1963 are, in the distribution of the assets of a company being wound-up, to be paid in priority to all other debts, all compensation payable by virtue of a decision under paragraph 1(2)(b) or a determination under paragraph 2(1)(b) by the company to an employee, and that Act shall have effect accordingly. Formal proof of the debts to which priority is given under this subparagraph shall not be required except in cases where it may otherwise be provided by rules made under that Act.
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(2)There shall be included among the debts which, under section 81 of the Bankruptcy Act 1988 are, in the distribution of the property of a bankrupt or arranging debtor, to be paid in priority to all other debts, all compensation payable by virtue of a decision under paragraph 1(2)(b) or a determination under paragraph 2(1)(b) by the bankrupt or arranging debtor, to an employee, and that Act shall have effect accordingly. Formal proof of the debts to which priority is given under this subparagraph shall not be required except in cases where it may otherwise be provided under that Act.
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Amendment of Protection of Employees (Employers’ Insolvency) Act 1984.
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6.Section 6 of the Protection of Employees (Employers’ Insolvency) Act 1984 is amended— (a) in subsection (2)(a)— (i) in subparagraph (xxviii) by deleting “and” after “that Schedule,”, (ii) in subparagraph (xxix) by substituting “that Act, and” for “that Act.”, and (iii) by inserting the following subparagraph after subparagraph (xxix): “(xxx) any amount which an employer is required to pay by virtue of a decision of a rights commissioner under paragraph 1(2)(b) of Schedule 5 to the Central Bank (Supervision and Enforcement) Act 2013 or a determination by the Labour Court under paragraph 2(1)(b) of that Schedule.”, (b) in subsection (2)(b), by substituting “, (xxix) or (xxx)” for “or (xxix)”, (c) in subsection (2)(c), by substituting “, (xxix) or (xxx)” for “or (xxix)”, and (d) in subsection (9), in the definition of “relevant date”, by substituting “, (xxix) or (xxx)” for “or (xxix)”.
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1 OJ L193, 18.7.1983, p.1 2 OJ No. L125, 5.5.2001, p.15 3 OJ No. L124, 20.5.2003, p.36 4OJ No. L228, 16.8.1973, p.3 5 OJ No. L15, 20.1.2009, p.1 6 OJ No. L3, 7.1.2004, p.36 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais