Central Bank (Individual Accountability Framework) Act 2023

Amendment of section 20 of Act of 2010

9. Section 20 of the Act of 2010 is amended—

(a) in subsection (1), by the insertion of “in relation to regulated financial service providers or in relation to holding companies” after “controlled functions”,

(b) in subsection (2), by the insertion of “to be a controlled function in relation to a regulated financial service provider” after “subsection (1)”,

(c) by the insertion of the following subsection after subsection (2):

“(2A) The Bank may prescribe a function under subsection (1) to be a controlled function in relation to a holding company if and only if the function—

(a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of the holding company, or

(b) is related to ensuring, controlling or monitoring compliance by the holding company with its relevant obligations.”,

(d) in subsection (3), by the substitution of “A function that is prescribed under subsection (1) as a controlled function in relation to a regulated financial service provider and” for “A controlled function that”,

(e) in subsection (4)—

(i) by the substitution of “A function that is prescribed under subsection (1) as a controlled function in relation to a regulated financial service provider or in relation to a holding company” for “A controlled function”,

(ii) in paragraph (b), by the insertion of “or holding company” after “provider”, and

(iii) by the substitution of the following paragraph for paragraph (c):

“(c) it relates to affairs of a regulated financial service provider or holding company established in the State conducted by the regulated financial service provider or holding company outside the State.”,

and

(f) in subsection (5), by the insertion of “or holding companies” after “providers” in both places where it occurs.