Central Bank and Financial Services Authority of Ireland Act 2003

SCHEDULE 2

Amendment of European Communities Regulations

Section 35(2) .

PART 1

Amendment of European Communities (Non-Life Insurance) Regulations 1976 ( S.I. No. 115 of 1976 )

Item

Provision affected

Amendment

1.

Article 2

(a) In the definition of “authorisation” in subarticle (1) (as amended by Article 3 of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991), delete “by the Minister”;

 

(b) in sub-article (1), insert the following definition after the definition of “authorisation”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(c) in sub-article (1), delete the definition of “the Minister”.

2.

Article 4

In sub-article (1), substitute “Bank” for “Minister”.

3.

Article 5

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “he”, wherever occurring;

 

(c) in sub-article (2), substitute “its” for “his”.

4.

Article 6

In sub-article (4), substitute “Bank” for “Minister”.

5.

Article 7

In sub-article (2), substitute “the Bank's” for “the Minister's”.

6.

Article 9

Substitute “Bank” for “Minister”.

7.

Article 10

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

9.

Article 12

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (1), substitute “it” for “he”;

 

(c) in sub-article (1), substitute “its” for “his”, wherever occurring;

 

(d) in sub-article (3)(a), substitute “it” for “him”.

10.

Article 13

Substitute “Bank” for “Minister”.

11.

Article 14

In sub-article (8)(b) (as inserted by Article 4 of the European Communities (Non-Life Insurance) (Amendment) Regulations 1991), substitute “Bank” for “Minister”.

12.

Article 15

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (b), substitute “it” for “he”.

13.

Article 16

In sub-article (2)(f), substitute “Bank” for “Minister”.

14.

Article 17

(a) Substitute “Bank” for “Minister”;

 

(b) substitute “it” for “him”;

 

(c) substitute “its” for “his”.

15.

Article 18

(a) In sub-article (2), substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (2), substitute “its” for “his”;

 

(c) in sub-article (2), substitute “the restoration of the institution” for “its restoration”.

16.

Article 18A (as inserted by Article 7 of the European Communities (Non-Life Insurance) (Amendment) Regulations 1986)

(a) In sub-article (2), substitute “Bank” for “Minister”, wherever occurring;

(b) in sub-article (2), substitute “its” for “his”.

17.

Article 19

Substitute “Bank” for “Minister”, wherever occurring.

18.

Article 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (1), substitute “it” for “him”;

 

(c) in sub-article (1), substitute “its” for “his”;

 

(d) in sub-article (3), substitute “it” for “he”.

19.

Article 21

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “him”, wherever occurring;

 

(c) substitute “it” for “he”, wherever occurring.

20.

Article 21A (as inserted by Article 9 of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991)

Substitute “Bank” for “Minister”.

21.

Article 22

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (4) (as substituted by Article 10(1) of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991), substitute “it” for “he”.

22.

Article 23

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (2)(c), substitute “it” for “he”.

23.

Article 25

Substitute “Bank” for “Minister”.

24.

Article 26

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (1), substitute “its” for “his”.

25.

Article 32

Substitute “Bank” for “Minister”.

26.

Article 33

In sub-article (3) (as inserted by Article 2(b) of the European Communities (Non-Life Insurance) (Amendment) Regulations 1985), substitute “Bank” for “Minister”.

27.

Article 34 (as inserted by Article 2(c) of the European Communities (Non-Life Insurance) (Amendment) Regulations 1985)

Delete the article.

28.

Schedule III

(a) Substitute “the Central Bank and Financial Services Authority of Ireland” for “the Minister for Industry and Commerce” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring;

 

(b) substitute “the Central Bank and Financial Services Authority of Ireland” for “the Department of Industry and Commerce” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring.

 

PART 2

Amendment of European Communities (Insurance Agents and Brokers) Regulations 1978 ( S.I. No. 178 of 1978 )

Item

Provision affected

Amendment

1.

Regulation 2

(a) Insert the following definition before the definition of “certificate”:

 

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) delete the definition of “the Minister”.

2.

Regulation 3

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in paragraph (2), substitute “it” for “he”.

3.

Regulation 6

Substitute “Bank” for “Minister”.

4.

Regulation 7

In paragraph (1), substitute “Bank” for “Minister”.

 

PART 3

Amendment of European Communities (Co-Insurance) Regulations 1983 ( S.I. No. 65 of 1983 )

Item

Provision affected

Amendment

1.

Article 2

(a) Insert the following definition after the definition of “authorisation”:

 

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) delete the definition of “the Minister”.

2.

Article 4

In sub-article (3), substitute “Bank” for “Minister”.

3.

Article 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “he”.

4.

Article 8

In sub-article (2), substitute “the undertaking has notified the Bank of the undertaking's intention to carry on the business in that manner and that the Bank has given its consent” for “the undertaking has notified the Minister of its intention to carry on such business in that manner and that the Minister has given his consent”.

 

PART 4

Amendment of European Communities (Life Assurance) Regulations 1984 ( S.I. No. 57 of 1984 )

Item

Provision affected

Amendment

1.

Article 2

(a) In sub-article (1), insert the following definition after the definition of “authorisation”:

 

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) in sub-article (1), delete the definition of “the Minister”.

2.

Article 4

In sub-article (1), delete “granted by the Minister”.

3.

Article 5

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “he”, wherever occurring;

 

(c) substitute “its” for “his”.

4.

Article 7

In sub-article (1), substitute “Bank” for “Minister”.

5.

Article 10

Substitute “Bank” for “Minister”.

6.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 12

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 13

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (1), substitute “it” for “he”;

 

(c) in sub-article (1), substitute “its” for “his”, wherever occurring;

 

(d) in sub-article (3)(a), substitute “it” for “him”.

9.

Article 14

Substitute “Bank” for “Minister”.

10.

Article 15

Substitute “Bank” for “Minister”, wherever occurring.

11.

Article 16

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (b), substitute “it” for “he”.

12.

Article 17

In sub-article (2)(e), substitute “the Bank and with its consent” for “the Minister and with his consent”.

13.

Article 19

In sub-article (2), substitute “Bank” for “Minister”, wherever occurring.

14.

Article 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “him”;

 

(c) substitute “its” for “his”.

15.

Article 21

Substitute “Bank” for “Minister”, wherever occurring.

16.

Article 22

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “him”;

 

(c) substitute “its” for “his”;

 

(d) substitute “it” for “he”.

17.

Article 23

(a) Substitute the following sub-articles for subarticles (1) and (2):

 

“(1) An undertaking that is the holder of an authorisation and whose head office is located in the State shall provide the Bank, either annually or at such more frequent intervals as the Bank requests, with such information (in such form and manner as it specifies) as will enable the Bank to verify the state of solvency of the undertaking with respect to its entire business.

 

(2) An undertaking that is the holder of an authorisation shall provide the Bank, either annually or at such more frequent intervals as the Bank requests, with such returns and documents (in such form and manner as it specifies) as are necessary—

 

(a) to enable the Bank to verify that the technical reserves (including the mathematical reserves) mentioned in Article 15 of these Regulations are being maintained, and

 

(b) to enable the Bank to comply with Article 14 of these Regulations.”;

 

(b) in sub-articles (3) and (4), substitute “Bank” for “Minister”, wherever occurring;

 

(c) in sub-article (4)(a), substitute “it” for “him”.

18.

Article 24

Substitute “Bank” for “Minister”, wherever occurring.

19.

Article 25

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (2)(c), substitute “it” for “he”.

20.

Article 27

In sub-article (1), substitute “Bank” for “the Minister”.

21.

Article 28

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (1), substitute “its” for “his”.

22.

Article 35

In sub-article (3), substitute “only by the Bank” for “by the Minister”.

23.

Article 36

Delete the Article.

24.

Schedule III

(a) Substitute “CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND” for “DEPARTMENT OF INDUSTRY, TRADE, COMMERCE AND TOURISM” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring;

 

(b) substitute “Central Bank and Financial Services Authority of Ireland” for “Minister for Industry, Trade, Commerce and Tourism hereby” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring;

 

(c) substitute “the official seal of the Central Bank and Financial Services Authority of Ireland” for “the official seal of the Minister for Industry, Trade, Commerce and Tourism” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring;

 

(d) substitute “the Central Bank and Financial Services Authority of Ireland” for “the Department of Industry, Trade, Commerce and Tourism” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring.

 

PART 5

Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 ( S.I. No. 78 of 1989 )

Item

Provision affected

Amendment

1.

Regulation 2

(a) In paragraph (1), insert the following definition after the definition of “articles”:

 

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

 

(b) in paragraph (1), substitute the following definition for the definition of “competent authority”:

 

 

“ ‘competent authority’ means the Bank or, in the case of another Member State, the body or bodies designated by that State to act as a competent authority for the purposes of the Directive;”.

2.

Regulation 6

Substitute the following regulation:

 

 

“Bank to be competent authority

6.—(1) The Bank is designated as a competent authority to carry out the duties provided for in the Directive and has all the powers necessary for that purpose.

 

 

 

(2) The Bank may arrange for its functions as a competent authority to be performed by any constituent part of the Bank or by any officer or employee of the Bank. Nothing in these Regulations precludes the Bank from being assisted in, or advised on, the discharge of those functions by any such constituent part, officer or employee.”.

3.

Heading to Part XI

Substitute “BANK” for “CENTRAL BANK OF IRELAND”.

4.

Regulation 95

Revoke the Regulation.

5.

Heading to Part XII

Delete “CENTRAL”.

6.

Regulation 99

(a) Substitute the following paragraphs for paragraph (3):

 

 

“(3) A responsible authority may, in writing, appoint a qualified person to exercise the powers conferred by paragraph (3A).

 

 

(3A) To enable the Bank to perform its statutory functions, an authorised person may, on producing the person's authorisation, at any reasonable time, inspect and take copies of, and make such enquiries as the person considers necessary in relation to—

 

 

(a) the records kept under this Regulation by the management company, investment company or trustee of an authorised UCITS, and

 

 

(b) any accounting records relating to the management company, investment company or trustee and kept under the Companies Acts, and

 

 

(c) any other documents relating to the business of the UCITS.

 

 

For those purposes the authorised person may enter any office to which paragraph (1) relates and any other place where the person reasonably believes any such records are kept.

 

 

(3B) A person who has possession of, or control over, records referred to in paragraph (1) shall, at the request of an authorised person—

 

 

(a) produce the records to that person and permit that person to inspect and take copies of them, and

 

 

(b) give any information that that person reasonably requires with respect to the records, and

 

 

(c) give such other assistance and information to that person as is reasonable in the circumstances.

 

 

(3C) Paragraphs (3) and (3A) apply to every management company, investment company and trustee of a UCITS. When an inspection of the management company, investment company or trustee of a UCITS is being or proposed to be undertaken, those paragraphs (other than paragraph (3A)(a)) also apply to—

 

 

(a) every associated enterprise of the management company, investment company and trustee, and

 

 

(b) any other person,

 

 

if an inspection of the accounts or other records of that enterprise or other person is, in the opinion of the Bank, materially relevant to the proper appraisal of the business of the UCITS.

 

 

(b) Substitute the following paragraph for paragraph (5):

 

 

“(5) In this Regulation—

 

 

‘associated enterprise’, in relation to the management company, investment company or trustee of a UCITS, means—

 

 

(a) a holding company of the management company, investment company or trustee, or

 

 

(b) a subsidiary company of the management company or investment company or trustee, or

 

 

(c) a company that is a subsidiary of a body corporate, where the management company, investment company or trustee is also a subsidiary of the body corporate, but neither company is a subsidiary of the other, or

 

 

(d) any other body corporate that is not a subsidiary of the management company, investment company or trustee but in respect of which the management company, investment company or trustee is beneficially entitled to more than 20 per cent in nominal value of either the allotted share capital or of the shares carrying voting rights (other than voting rights that arise only in specified circumstances) in that other body corporate, or

 

 

(e) a partnership in which the management company, investment company or trustee has an interest, and whose business is or, at the relevant time, was, in the opinion of the Bank, materially relevant to any inspection of the management company, investment company or trustee being carried out or proposed to be carried out under this section;

 

 

‘authorised person’ means a person appointed under paragraph (3);

 

 

‘holding company’ has the meaning given to it by section 155 of the Companies Act 1963 ;

 

 

‘qualified person’ means-

 

 

(a) a Director, officer or employee of the Bank, or a member or officer of the Irish Financial Services Regulatory Authority, or

 

 

(b) in relation to any particular inspection (including a proposed inspection), any other person who in the opinion of the responsible authority possesses appropriate qualifications or experience to carry out the inspection to which this Regulation relates, or any part of that inspection;

 

 

‘records’ includes books and any other documents, and also includes—

 

 

(a) any information kept in a non-legible form (whether electronically or otherwise) that is capable of being reproduced in a legible form, and

 

 

(b) the electronic or other means by which the information is capable of being reproduced;

 

 

‘responsible authority’ means the Governor of the Bank or the Chief Executive of the Irish Financial Services Regulatory Authority;

 

 

‘statutory functions’ means functions under these Regulations;

 

 

‘subsidiary company’ has the meaning given by section 155 of the Companies Act 1963 .”.

 

PART 6

Amendment of European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 ( S.I. No. 142 of 1991 )

Item

Provision affected

Amendment

1.

Article 2

Insert the following definition before the definition of “Insurance Regulations”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Article 14

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “he”;

 

(c) substitute “its” for “his”.

3.

Article 15

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (4), substitute “it” for “him”;

 

(c) in sub-article (6), substitute “it” for “he”;

 

(d) in sub-article (6), substitute “its” for “his”.

4.

Article 15A (as inserted by Article 11 of the European Communities (Non-Life Insurance) (Amendment) Regulations 1992)

Substitute “Bank” for “Minister”, wherever occurring.

5.

Article 16

Substitute “Bank” for “Minister”, wherever occurring.

6.

Article 17

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 18

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) substitute “it” for “he”, wherever occuring.

8.

Article 20

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (2)(b), substitute “its” for “his”.

9.

Article 21

Substitute “Bank” for “Minister”, wherever occurring.

10.

Article 22

In sub-article (1), substitute “Bank” for “Minister”.

 

PART 7

Amendment of European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 ( S.I. No. 197 of 1991 )

Item

Provision affected

Amendment

1.

Article 2

Insert the following definition before the definition of “Council Directive”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Article 6

In sub-article (1), substitute “Bank” for “Minister”.

 

PART 8

Amendment of European Communities (Non-Life Insurance) (Amendment) Regulations 1992 ( S.I. No. 244 of 1992 )

Item

Provision affected

Amendment

1.

Article 2

(a) In sub-article (1), insert the following definition after the definition of “Regulations of 1991”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) in sub-article (1), delete the definition of “the Minister”.

2.

Article 6

Substitute “Bank” for “Minister”, wherever occurring.

3.

Article 7

Substitute “Bank” for “Minister”, wherever occurring.

4.

Article 8

Substitute “Bank” for “Minister”, wherever occurring.

 

PART 9

Amendment of European Communities (Credit Institutions: Accounts) Regulations 1992 ( S.I. No. 294 of 1992 )

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following definition for the definition of “Bank”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

 

PART 10

Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 )

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following definition for the definition of “Bank”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Regulation 19

Revoke the Regulation.

 

PART 11

Amendment of European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 396 of 1992 )

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following definition for the definition of “Bank”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

 

PART 12

Amendment of European Communities (Non-Life Insurance) Framework Regulations 1994 ( S.I. No. 359 of 1994 )

Item

Provision affected

Amendment

1.

Article 1

In sub-article (1), substitute “Bank” for “Minister”.

2.

Article 2

(a) In sub-article (1), in the definition of “authorisation”, delete “by the Minister”;

 

 

(b) in sub-article (1), insert the following definition after the definition of “authorisation”:

 

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

 

(c) in sub-article (1), insert the following definition after the definition of “Member State where the risk is situated”:

 

 

“ ‘Minister’ (when used without qualification) means the Minister for Finance;”.

3.

Article 3

Substitute “Bank” for “Minister”, wherever occurring.

4.

Article 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) in sub-article (12) (as inserted by Article 3(b) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

5.

Article 7

Substitute “Bank” for “Minister”, wherever occurring.

6.

Article 8

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 9

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 10

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) in sub-article (4) (as inserted by Article 3(c) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

9.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

10.

Article 12

Substitute “Bank” for “Minister”, wherever occurring.

11.

Article 13

Substitute “Bank” for “Minister”, wherever occurring.

12.

Article 14

Substitute “Bank” for “Minister”, wherever occurring.

13.

Article 15

In sub-article (1), substitute “Bank” for “Minister”.

14.

Article 16

Substitute “Bank” for “Minister”, wherever occurring.

15.

Article 17

Substitute “Bank” for “Minister”, wherever occurring.

16.

Article 18

Substitute “Bank” for “Minister”, wherever occurring.

17.

Article 20

Substitute “Bank” for “Minister”, wherever occurring.

18.

Article 22

Revoke the Article.

19.

Article 24

(a) Substitute the following paragraph for paragraph (h):

 

 

“(h) any other requirements that the Bank may prescribe by regulations for the general good.”;

 

 

(b) insert as sub-articles (2) and (3) the following subarticles:

 

 

“(2) Regulations made for the purposes of sub-article (1)(h) do not take effect until approved by the Minister for Finance.

 

 

(3) In prescribing regulations for the purposes of sub-article (1)(h), the Bank shall have regard—

 

 

(a) to provisions in Codes of Conduct and Practice related to the marketing and selling of insurance, and

 

 

(b) to the content of insurance proposals.”.

20.

Article 25

Substitute “Bank” for “Minister”, wherever occurring.

21.

Article 26

In sub-article (2), substitute “Bank” for “Minister”.

22.

Article 28

Substitute “Bank” for “Minister”, wherever occurring.

23.

Article 29

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) substitute “the Bank” for “the Minister's”.

24.

Article 30

Substitute “Bank” for “Minister”, wherever occurring.

25.

Article 31

Substitute “Bank” for “Minister”.

26.

Article 32

Amendment Substitute “Bank” for “Minister”, wherever occurring.

27.

Article 33

Substitute “Bank” for “Minister”, wherever occurring.

28.

Article 34

Substitute “Bank” for “Minister”, wherever occurring.

29.

Article 36

Substitute “Bank” for “Minister”, wherever occurring.

30.

Article 37

Substitute “Bank” for “Minister”, wherever occurring.

31.

Article 40

Substitute “Bank” for “Minister”, wherever occurring.

32.

Article 41

Substitute “Bank” for “Minister”, wherever occurring.

33.

Article 46

Substitute “Bank” for “Minister”.

34.

Article 48

In sub-article (1), substitute “Bank” for “Minister”.

35.

Article 49

Substitute “Bank” for “Minister”, wherever occurring.

36.

Article 55

Substitute “Bank” for “Minister”.

37.

Article 56

Substitute “Bank” for “Minister”, wherever occurring.

38.

Article 59

(a) Substitute “€1,900” for “£1,500”, wherever occurring;

 

 

(b) in sub-article (1), substitute “the Bank made under these Regulations” for “the Minister thereunder”;

 

 

(c) in sub-article (5), substitute “only by the Bank” for “by the Minister”.

39.

Article 60

Substitute the following Article for Article 60:

 

 

“Lodgement of applications for authorisations.

60. An application for an authorisation under these Regulations must—

 

 

 

(a) be in writing, and

 

 

 

(b) be lodged with the Irish Financial Services Regulatory Authority, and

 

 

 

(c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this Article.”.

40.

Annexes

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) in section 2(7)(a) of Annex III, substitute “it” for “him”;

 

 

(c) in section 2(7)(a) of Annex III, substitute “it” for “he”.

 

PART 13

Amendment of European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 )

Item

Provision affected

Amendment

1.

Article 1

In sub-article (1), substitute “Bank” for “Minister”.

2.

Article 2

(a) In sub-article (1), in the definition of “authorisation”, delete “by the Minister”;

 

 

(b) in sub-article (1), insert the following definition after the definition of “authorisation”:

 

 

“ `Bank' means the Central Bank and Financial Services Authority of Ireland;”;

 

 

(c) in sub-article (1), in the definition of “direction”, substitute “Bank” for “Minister”;

 

 

(d) in sub-article (1), substitute the following definition for the definition of “Minister”:

 

 

“ ‘Minister’ (when used without qualification) means the Minister for Finance;”.

3.

Article 3

Substitute “Bank” for “Minister”, wherever occurring.

4.

Article 6

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) in sub-article (12) (as inserted by Article 4(b) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

5.

Article 7

Substitute “Bank” for “Minister”, wherever occurring.

6.

Article 8

Substitute “Bank” for “Minister”, wherever occurring.

7.

Article 9

Substitute “Bank” for “Minister”, wherever occurring.

8.

Article 10

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (6) (as inserted by Article 4(c) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

9.

Article 11

Substitute “Bank” for “Minister”, wherever occurring.

10.

Article 12

Substitute “Bank” for “Minister”, wherever occurring.

11.

Article 13

Substitute “Bank” for “Minister”, wherever occurring.

12.

Article 14

Substitute “Bank” for “Minister”.

13.

Article 15

In sub-article (3), substitute “Bank” for “Minister”.

14.

Article 17

In sub-article (1), substitute “Bank” for “Minister”.

15.

Article 19

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in sub-article (1), substitute “it” for “he”.

16.

Article 20

(a) Substitute “Bank” for “Minister”, where firstly occurring;

 

(b) substitute “the Minister for Enterprise, Trade and Employment” for “Minister”, where secondly occurring.

17.

Article 21

Substitute the following Article:

 

 

“Certain documents to be laid before Oireachtas.

21. As soon as practicable after documents are submitted to the Bank under these Regulations, the Bank shall arrange for copies of the documents to be laid before each House of the Oireachtas. The Bank may attach to those copies such explanatory statements as it thinks appropriate.”.

18.

Article 33

Substitute “Bank” for “Minister”.

19.

Article 35

Substitute “Bank” for “Minister”, wherever occurring.

20.

Article 36

Substitute “Bank” for “Minister”, wherever occurring.

21.

Article 37

Substitute “Bank” for “Minister”, wherever occurring.

22.

Article 38

Substitute “Bank” for “Minister”, wherever occurring.

23.

Article 40

Substitute “Bank” for “Minister”, wherever occurring.

24.

Article 41

Revoke the Article.

25.

Article 43

(a) Substitute the following paragraph for paragraph (e):

 

 

“(e) any other requirements that the Bank may prescribe by regulations for the general good.”;

 

 

(b) insert as sub-article (2) and (3) the following subarticles:

 

 

“(2) Regulations made for the purposes of sub-article (1)(e) do not take effect until approved by the Minister.

 

 

(3) In prescribing regulations for the purposes of sub-article (1)(e), the Bank shall have regard—

 

 

(a) to provisions in Codes of Conduct and Practice related to the marketing and selling of insurance, and

 

 

(b) to the content of insurance, proposals.”.

26.

Article 44

Substitute “Bank” for “Minister”, wherever occurring.

27.

Article 46

Substitute “Bank” for “Minister”, wherever occurring.

28.

Article 47

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) substitute “Bank's” for “Minister's”.

29.

Article 48

Substitute “Bank” for “Minister”, wherever occurring.

30.

Article 49

Substitute “Bank” for “Minister”.

31.

Article 50

Substitute “Bank” for “Minister”, wherever occurring.

32.

Article 51

Substitute “Bank” for “Minister”, wherever occurring.

33.

Article 53

Substitute “Bank” for “Minister”, wherever occurring.

34.

Article 54

Substitute “Bank” for “Minister”, wherever occurring.

35.

Article 57

Substitute “Bank” for “Minister”, wherever occurring.

36.

Article 58

Substitute “Bank” for “Minister”.

37.

Article 59

Substitute “Bank” for “Minister”, wherever occurring.

38.

Article 62

Substitute “Bank” for “Minister”.

39.

Article 64

Substitute “Bank” for “Minister”.

40.

Article 65

In paragraph (d), substitute “Bank” for “Minister”, wherever occurring.

41.

Article 70

In sub-article (1), substitute “Bank” for “Minister”.

42.

Article 72

Substitute “Bank” for “Minister”, wherever occurring.

43.

Article 73

(a) Substitute “€1,900” for “£1,500”, wherever occurring;

 

 

(b) in sub-article (1), substitute “Bank” for “Minister”;

 

 

(c) in sub-article (5), substitute “only by the Bank” for “by the Minister”.

44.

Article 74

Substitute the following Article:

 

 

“Lodgement of applications for authorisations.

74. An application for an authorisation under these Regulations must—

 

 

 

(a) be in writing, and

 

 

 

(b) be lodged with the Irish Financial Services Regulatory Authority, and

 

 

 

(c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this Article.”.

45.

Article 77

Substitute “Bank” for “Minister”, wherever occurring.

46.

Article 78

Substitute “Bank” for “Minister”, wherever occurring.

47.

Article 79

Substitute “Bank” for “Minister”, wherever occurring.

48.

Annexes

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

 

(b) in section 2(3) of Annex VII, substitute “it” for “he”.

 

PART 14

Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995 ( S.I. No. 168 of 1995 )

Item

Provision affected

Amendment

1.

Regulation 3

In paragraph (1), substitute the following definition for the definition of “Bank”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

 

PART 15

Amendment of European Communities (Non-Life Insurance Accounts) Regulations 1995 ( S.I. No. 202 of 1995 )

Item

Provision affected

Amendment

1.

Regulation 2

(a) Insert the following definition after the definition of “an authorisation”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) delete the definition of “Minister”.

2.

Regulation 3

Substitute “Bank” for “Minister”, wherever occurring.

3.

Regulation 5

Substitute the following section:

 

5. (1) The Bank is required to lodge with the Companies Registration Office all prescribed documents submitted to it under these Regulations.

 

(2) For the purposes of sub-article (1), the prescribed documents are all documents submitted to the Bank under these Regulations, other than a document in form 1, 3, 5, 6, 7, 14, 15 or 16 in the Schedule to these Regulations.

 

(3) A member of the public is entitled—

 

(a) to inspect without charge documents lodged in accordance with sub-article (1), and

 

(b) on payment of such fee (if any) as the Minister for Enterprise, Trade and Employment may fix from time to time — to obtain copies of those documents.

 

(4) As soon as practicable after documents are submitted to the Companies Registration Office under these Regulations, the Bank shall arrange for copies of the documents to be laid before each House of the Oireachtas. The Bank may attach to those copies such explanatory statements as the Bank thinks appropriate.”.

4.

Regulation 7

In sub-article (1), substitute “Bank” for “Minister”.

 

PART 16

Amendment of European Communities (Insurance Undertakings: Accounts) Regulations 1996 ( S.I. No. 23 of 1996 )

Item

Provision affected

Amendment

1.

Regulation 2

(a) In paragraph (1), insert the following definition after the definition of “associated undertaking”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) in paragraph (1), delete the definition of “Minister”.

2.

Regulation 4

Substitute “Bank” for “Minister”, wherever occurring.

3.

Regulation 12

In paragraph (5), substitute “Bank” for “Minister”.

4.

The Schedule

Substitute “Bank” for “Minister”, wherever occurring.

 

PART 17

Amendment of European Communities (Supplementary Supervisions of Insurance Undertakings in an Insurance Group) Regulations 1999 ( S.I. No. 399 of 1999 )

Item

Provision affected

Amendment

1.

Regulation 2

(a) In paragraph (1), insert the following definition after the definition of ”authorised officer”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

 

(b) in the definition of “insurance undertaking”, substitute “Bank” for “Minister”;

 

(c) in paragraph (1), delete the definition of “Minister”;

 

(d) in the definition of “parent undertaking”, substitute “Bank” for “Minister”;

 

(e) in the definition of “subsidiary undertaking”, substitute “Bank” for “Minister”.

2.

Regulation 3

Substitute “Bank” for “Minister”, wherever occurring.

3.

Regulation 4

Substitute “Bank” for “Minister”, wherever occurring.

4.

Regulation 5

Substitute “Bank” for “Minister”, wherever occurring.

5.

Regulation 7

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in paragraph (1), substitute “it” for “he or she”.

6.

Regulation 8

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in paragraph (1) (b), substitute “its” for “his or her”.

7.

Regulation 9

Substitute “Bank” for “Minister”, wherever occurring.

8.

Regulation 10

Substitute “Bank” for “Minister”, wherever occurring.

9.

Regulation 11

Substitute “Bank” for “Minister”, wherever occurring.

10.

Regulation 12

(a) In paragraph (1), substitute “Bank” for “the Minister”;

 

(b) in paragraph (5), substitute “only by the Bank” for “by the Minister”.

11.

Annex I

(a) Substitute “Bank” for “Minister”, wherever occurring;

 

(b) in section 11, substitute “it” for “he or she”.

12.

Annex II

Substitute “Bank” for “Minister”, wherever occurring.

 

PART 18

Amendment of European Communities (Electronic Money) Regulations 2002 ( S.I. No. 221 of 2002 )

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), substitute the following for the definition of “Bank”:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

 

PART 19

Amendment of European Communities (Cross Border Payments in Euro) Regulations 2002 ( S.I. No. 335 of 2002 )

Item

Provision affected

Amendment

1.

Regulation 2

In paragraph (1), delete the definition of “Director” and insert the following:

 

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

2.

Regulation 3

(a) In paragraph (1), substitute “Bank” for “Director”;

 

(b) in paragraph (1), substitute “it” for “he or she”;

 

(c) in paragraph (2), substitute “section 8M” for “section 7”.

3.

Regulation 5

Substitute “Bank” for “Director”, wherever occurring.

4.

Regulation 7

Substitute “Bank” for “Director”.