Central Bank (Supervision and Enforcement) Act 2013
PART 10 Extension of Part V of Central Bank Act 1997 to Debt Management Firms, etc. | ||
Amendment of section 28 of Central Bank Act 1997. |
59.— Section 28 of the Central Bank Act 1997 is amended— | |
(a) by substituting the following for the definition of “authorisation”— | ||
“ ‘authorisation’ means an authorisation of a person to carry on a regulated business and, if an authorisation is amended in accordance with section 34, means the authorisation as amended;”, | ||
(b) by inserting the following definitions— | ||
“ ‘consumer’ means— | ||
(a) an individual acting otherwise than in the course of business, or | ||
(b) a micro enterprise within the meaning given by Commission Recommendation 2003/361/EC of 6 May 2003 3 concerning the definition of micro, small and medium sized enterprises; | ||
‘debt management firm’ means a person who for remuneration provides debt management services to one or more consumers, other than an excepted person; | ||
‘debt management services’ means— | ||
(a) giving advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts, | ||
(b) negotiating with a person’s creditors for the discharge of the person’s debts (in whole or in part), or | ||
(c) any similar activity associated with the discharge of debts; | ||
‘excepted person’ means— | ||
(a) any charitable organisation within the meaning of section 2(1) of the Charities Act 2009 , | ||
(b) the Money Advice and Budgeting Service, | ||
(c) any licensed bank, building society, credit union or friendly society, | ||
(d) a barrister, solicitor or accountant who provides debt management services only in an incidental manner and is subject to regulation by a professional body, | ||
(e) a person who is a party to the Protocol for Independent Advice to Borrowers Availing of Long Term Mortgage Forbearance made on 2 August 2012 (as amended from time to time) and provides advice in accordance with that Protocol, | ||
(f) the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such, | ||
(g) personal representatives (within the meaning of section 3 of the Succession Act 1965 ), | ||
(h) trustees of a trust, other than a trust which is established to provide debt management services, | ||
(i) the Bank, | ||
(j) An Post, | ||
(k) the National Asset Management Agency, | ||
(l) the National Treasury Management Agency, | ||
(m) the National Consumer Agency, and | ||
(n) any other person constituted, or holding office, under an enactment or funded (in whole or in part) by a Minister of the Government; | ||
‘qualifying shareholder’, in relation to another person, means a person with a direct or indirect holding in the other person— | ||
(a) that represents 10 per cent or more of the capital of, or the voting rights in, the other person, or | ||
(b) that makes it possible to exercise a significant influence over the management of the other person; | ||
‘remuneration’, in relation to debt management services, means any commission or other payment, whether paid directly or indirectly, in respect of the debt management services and includes a payment made in respect of the provision of services other than debt management services as a result of which debt management services are provided otherwise than for payment;”, | ||
(c) by substituting the following for the definition of “money transmission service”— | ||
“ ‘money transmission service’ means a service that involves transmitting money by any means, other than a service— | ||
(a) that is a payment service to which the European Communities (Payment Services) Regulations 2009 ( S.I. No. 383 of 2009 ) apply, | ||
(b) that is provided to customers on a basis that is ancillary to any other services apart from debt management services, | ||
(c) that is provided by— | ||
(i) any charitable organisation within the meaning of section 2(1) of the Charities Act 2009 , | ||
(ii) the Money Advice and Budgeting Service, | ||
(iii) any licensed bank, building society, credit union or friendly society, | ||
(iv) a barrister, solicitor or accountant who provides money transmission services only in an incidental manner and is subject to regulation by a professional body, | ||
(v) the Insolvency Service of Ireland, any approved intermediary authorised under section 47 of the Personal Insolvency Act 2012 acting as such or any personal insolvency practitioner authorised under Chapter 1 of Part 5 of that Act carrying on practice as such, | ||
(vi) personal representatives (within the meaning of section 3 of the Succession Act 1965 ), | ||
(vii) trustees of a trust, other than a trust which is established to provide money transmission services, | ||
(viii) the Bank, | ||
(ix) An Post, | ||
(x) the National Asset Management Agency, | ||
(xi) the National Treasury Management Agency, | ||
(xii) the National Consumer Agency, and | ||
(xiii) any other person constituted, or holding office, under an enactment or funded (in whole or in part) by a Minister of the Government.”, | ||
and | ||
(d) in the definition of “regulated business” by substituting “, a retail credit firm or a debt management firm” for “or a retail credit firm”. | ||