Central Bank (Individual Accountability Framework) Act 2023

Amendment of section 52 of Act of 2010

35. Section 52 of the Act of 2010 is amended—

(a) in subsection (1), by the insertion of “, subject to subsection (4),” after “discretion”,

(b) in subsection (2), by the insertion of “, subject to subsection (4),” after “discretion”,

(c) in subsection (2A), by the insertion of “, subject to subsection (4),” after “discretion”, and

(d) by the insertion of the following subsections after subsection (3):

“(4) The powers conferred by subsections (1), (2) and (2A) shall be exercised so as to secure the following:

(a) that the function of conducting an investigation in accordance with Chapter 3 where a person has formed the opinion referred to in section 25(1), and any function exercisable under that Chapter for or in connection with the conducting of such an investigation, is not performed by the person who forms that opinion;

(b) that any function under section 29(1) to (3) in relation to a suspension notice is not performed by a person who performed a function under section 26 in relation to the notice;

(c) that any function under section 43 in connection with the imposition of a prohibition in circumstances to which subparagraph (i) of subsection (3)(a) of that section applies is not performed by a person involved in the investigation referred to in that subparagraph.

(5) Paragraph (a) of subsection (4) does not prevent the person who forms the opinion referred to in that paragraph from exercising functions, of management, advice or otherwise, that do not affect the independence of the investigation.”.