Credit Union and Co-operation with Overseas Regulators Act 2012

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Number 40 of 2012

CREDIT UNION AND CO-OPERATION WITH OVERSEAS REGULATORS ACT 2012

ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1. Short title, construction and collective citation.

2. Commencement.

3. Definition.

4. Savers for regulatory actions of Bank.

5. Expenses.

PART 2

Amendments to Credit Union Act 1997 and Consequential Amendments, etc.

6. Amendment of section 2 (Interpretation) of Principal Act.

7. Supplemental provisions relating to registration, etc., under section 6 of Principal Act.

8. Savings.

9. Protection of members’ savings.

10. Borrowing.

11. Lending.

12. Investments.

13. Reserves.

14. Appeal against certain decisions of Bank.

15. Board of directors.

16. Operation of board of directors.

17. Functions of board of directors.

18. Chair of board of directors, etc.

19. Board committees.

20. Nomination committee.

21. Manager of credit union.

22. Credit officer and credit control officer.

23. Directors: suspension and removal by board oversight committee.

24. General governance requirements.

25. Conflicts of interest.

26. Additional requirements for credit unions.

27. Board oversight committee.

28. Special resolutions.

29. Power of Bank to make regulations.

30. Liquidity and stress testing, etc.

31. Bank’s power to require appointment of additional director of credit union.

32. Removal of auditor of credit union by Bank.

33. General regulations by Bank.

34. Certain enactments not to apply to credit unions, etc.

35. Miscellaneous and consequential amendments to Principal Act.

36. Consequential amendments of the Central Bank Act 1942.

37. Amendment of Schedule 2 to Central Bank Act 1942.

38. Revocation of statutory instruments.

PART 3

Restructuring

Preliminary and restructuring generally

39. Interpretation (Part 3).

40. Independence of Bank and its Governor not affected (Part 3).

41. Minister to have regard to European Union law (Part 3).

Credit Union Restructuring Board

42. Establishment of Credit Union Restructuring Board.

43. Cessation of effect of this Part.

44. Restructuring functions of ReBo.

45. Restructuring of credit unions.

46. Guidelines and directions.

47. ReBo levy.

48. Collection of ReBo levy and amendment of section 61H of the Central Bank Act 1942.

49. Membership of Board of ReBo, etc.

50. Non-disclosure of information.

51. Reports to Minister.

52. Chief executive officer of ReBo.

53. Staff of ReBo.

54. Accounts and audit.

55. Contracted service providers.

56. Disclosure of information.

Credit Union Fund and Credit Union Levy

57. Credit Union Fund.

58. Keeping and audit of accounts of Credit Union Fund, etc.

59. Credit union levy.

60. Arrangements for collection of credit union levies.

PART 4

Stabilisation

61. Interpretation (Part 4).

62. Independence of Bank and its Governor not affected (Part 4).

63. Minister and Bank to have regard to European Union law (Part 4).

64. Funding for stabilisation support.

65. Provision of stabilisation support.

66. Stabilisation Committee.

67. Expenses of Bank under Part 4.

PART 5

Miscellaneous Amendments relating to Central Bank Acts 1942 to 2011

68. Amendments to Central Bank Act 1942.

69. Amendment to Central Bank Reform Act 2010.

70. Amendments, repeals, revocations, savings and transitional provisions (Part 5).

SCHEDULE 1

Miscellaneous and Consequential Amendments to Credit Union Act 1997

SCHEDULE 2

Amendments to Certain Acts and Statutory Instruments

PART 1

Amendments to Certain Acts

PART 2

Amendments to Certain Statutory Instruments

SCHEDULE 3

Amendments of Central Bank Acts

PART 1

Amendments of Central Bank Act 1971

PART 2

Amendments of Central Bank Act 1997

SCHEDULE 4

Amendments of Certain Other Acts

PART 1

Amendments of Building Societies Act 1989

PART 2

Amendment of Trustee Savings Banks Act 1989

PART 3

Amendment of Investment Limited Partnerships Act 1994

PART 4

Amendments of Consumer Credit Act 1995

PART 5

Amendments of Investment Intermediaries Act 1995

PART 6

Amendments of Credit Union Act 1997

PART 7

Amendments of Investor Compensation Act 1998

PART 8

Amendment of Asset Covered Securities Act 2001

SCHEDULE 5

Amendments to Certain Statutory Instruments

PART 1

Amendments of European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004

PART 2

Amendment of European Communities (Insurance Mediation) Regulations 2005

PART 3

Amendment of European Communities (Reinsurance) Regulations 2006

PART 4

Amendments of European Communities (Markets in Financial Instruments) Regulations 2007

PART 5

Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007

PART 6

Amendments of European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009

PART 7

Amendment of European Communities (Cross Border Payments) Regulations 2010

Acts Referred to

Number 40 of 2012

CREDIT UNION AND CO-OPERATION WITH OVERSEAS REGULATORS ACT 2012

AN ACT TO AMEND CERTAIN PROVISIONS OF THECREDIT UNION ACTS 1997 AND 2001, IN PARTICULAR, TO AMEND THE PRUDENTIAL REQUIREMENTS FOR CREDIT UNIONS, TO CHANGE THE GOVERNANCE REQUIREMENTS FOR CREDIT UNIONS BY REMOVING CERTAIN MANAGEMENT FUNCTIONS FROM BOARDS OF DIRECTORS OF CREDIT UNIONS AND PROVIDING FOR A SEPARATE MANAGEMENT STRUCTURE AND TO IMPROVE THE OVERSIGHT AND GENERAL POLICY FUNCTIONS OF SUCH BOARDS OF DIRECTORS; TO PROVIDE FOR THE RESTRUCTURING OF CREDIT UNIONS AND FOR STABILISATION SUPPORT TO CREDIT UNIONS, TO PROVIDE FOR A FUND TO BE KNOWN AS THE CREDIT UNION FUND FOR THE PURPOSES OF SUCH RESTRUCTURING AND STABILISATION AND TO PROVIDE FOR LEVIES IN RESPECT OF THAT FUND; TO PROVIDE FOR MISCELLANEOUS MATTERS RELATING TO CREDIT UNIONS; TO AMEND THE CENTRAL BANK ACTS 1942 TO 2011, TO PROVIDE FOR CO-OPERATION BETWEEN THE CENTRAL BANK OF IRELAND AND OVERSEAS REGULATORS AND TO PROVIDE FOR THE APPOINTMENT OF AUTHORISED OFFICERS BY THE CENTRAL BANK OF IRELAND; AND TO PROVIDE FOR MATTERS RELATED TO THE FOREGOING.

[19th December, 2012]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: