Central Bank (Individual Accountability Framework) Act 2023

Amendment of section 45 of Act of 2010

29. Section 45 of the Act of 2010 is amended—

(a) by the substitution of the following subsections for subsection (1):

“(1) As soon as practicable after the service of a prohibition notice on the prohibited person, the Bank or the Governor, as the case may be, shall, subject to section 46, make an application to the Court for confirmation of the notice.

(1A) An application under subsection (1) may be made on an ex parte basis provided that the prohibited person informs the Bank or the Governor, as the case may be, in writing that he or she agrees to the application being made ex parte.”,

(b) in subsection (3), by the substitution of “this section” for “subsection (1)”,

(c) in subsection (4), by the substitution of “this section” for “subsection (1)”,

(d) in subparagraph (ii) of subsection (5)(a), by the substitution of “regulated financial service provider or holding company” for “regulated financial institution”,

(e) in subsection (6)—

(i) by the substitution of the following paragraph for paragraph (a):

“(a) a serious and significant error, or a series of errors which, taken together, are serious and significant,”,

and

(ii) in paragraph (c), by the substitution of “opinion” for “finding”,

and

(f) in subsection (10), by the insertion of “or the Governor” after “the Bank”.