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Number 5 of 2023
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CENTRAL BANK (INDIVIDUAL ACCOUNTABILITY FRAMEWORK) ACT 2023
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CONTENTS
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PART 1
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Preliminary
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Section
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1. Short title and commencement
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2. Definitions
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PART 2
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Individual accountability and standards
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Chapter 1
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Responsibility of persons performing pre-approval controlled functions
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3. Amendment of section 48 of Act of 2013
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4. Amendment of section 51 of Act of 2013
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Chapter 2
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Power of Bank to prescribe business standards
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5. Insertion of Part 2A in Act of 2010
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Chapter 3
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Duty of responsibility and standards for individuals
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6. Insertion of Part 3A in Act of 2010
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PART 3
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Amendment of Part 3 of Act of 2010
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7. Amendment of section 18 of Act of 2010
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8. Definition (Chapter 2)
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9. Amendment of section 20 of Act of 2010
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10. Application of standards of fitness and probity
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11. Amendment of section 22 of Act of 2010
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12. Amendment of section 23 of Act of 2010
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13. Amendment of section 23A of Act of 2010
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14. Amendment of section 25 of Act of 2010
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15. Notice of investigation
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16. Amendment of section 26 of Act of 2010
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17. Amendment of section 27 of Act of 2010
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18. Amendment of section 28 of Act of 2010
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19. Amendment of section 29 of Act of 2010
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20. Amendment of section 30 of Act of 2010
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21. Amendment of section 31 of Act of 2010
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22. Amendment of section 32 of Act of 2010
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23. Amendment of section 39 of Act of 2010
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24. Amendment of section 40 of Act of 2010
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25. Head of Financial Regulation to prepare report
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26. Amendment of section 42 of Act of 2010
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27. Amendment of section 43 of Act of 2010
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28. Repeal of section 44 of Act of 2010
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29. Amendment of section 45 of Act of 2010
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30. Application to vary or revoke prohibition notice
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31. Agreement for prohibition notice to have effect without confirmation
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32. Amendment of section 48 of Act of 2010
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33. Service of notices and other documents
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34. Amendment of section 51 of Act of 2010
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35. Amendment of section 52 of Act of 2010
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36. Independence of decision-makers
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PART 4
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Amendment of Act of 1942
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Chapter 1
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Amendment of Part IIIC of Act of 1942
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37. Amendment of section 33AN of Act of 1942
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38. Amendment of section 33ANC of Act of 1942
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39. Amendment of section 33ANE of Act of 1942
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40. Amendment of section 33ANF of Act of 1942
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41. Amendment of section 33ANG of Act of 1942
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42. Application of Part to holding companies under Part 3 of Central Bank Reform Act 2010
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43. Amendment of Chapter 2 of Part IIIC of Act of 1942
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44. Bank may hold inquiry into suspected commission of or participation in prescribed contravention
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45. Notice of inquiry, submissions, attendance and adjournment
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46. Amendment of section 33AQ of Act of 1942
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47. Alternative procedure when commission of or participation in prescribed contravention is acknowledged
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48. Considerations relevant to imposition of sanctions
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49. Amendment of section 33AS of Act of 1942
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50. Amendment of section 33AT of Act of 1942
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51. Observance of directions imposing disqualification or conditions
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52. Amendment of section 33AV of Act of 1942
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53. Appeal, confirmation and taking effect of decisions under this Part
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54. Confirmation of sanctions imposed by consent
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55. Repeal of section 33AX of Act of 1942
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56. Interpretation (Chapter 3)
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57. Amendment of section 33AY of Act of 1942
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58. Amendment of section 33AZ of Act of 1942
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59. Power to order information about proceedings not to be disclosed
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60. Confidential information provided for purposes of inquiry not to be disclosed
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61. Amendment of section 33BA of Act of 1942
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62. Documentary evidence
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63. Amendment of section 33BB of Act of 1942
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64. Amendment of section 33BC of Act of 1942
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65. Amendment of section 33BD of Act of 1942
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66. Amendment of section 33BE of Act of 1942
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67. Limitation of judicial review
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68. New Chapter 4 inserted into Part IIIC of Act of 1942
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Chapter 2
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Insertion of Part IIID in Act of 1942
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69. Establishment of panel
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Chapter 3
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Amendment of Part VIIA of Act of 1942
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70. Amendment of section 57R of Act of 1942
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71. Repeal of section 57S of Act of 1942
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72. Amendment of section 57Z of Act of 1942
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73. Amendment of section 57AC of Act of 1942
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Chapter 4
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Miscellaneous amendments to Act of 1942
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74. Amendment of section 2 of Act of 1942
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75. Amendment of section 33AK of Act of 1942
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76. Amendment of section 34 of Act of 1942
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77. Amendment of section 57G of Act of 1942
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78. Amendment of section 61G of Act of 1942
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79. Amendment of Schedule 2 to Act of 1942
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PART 5
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Privileged legal material
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80. Repeal of section 33 of Act of 2013
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81. Amendment of section 34 of Act of 2013
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82. Insertion of Part 3A in Act of 2013
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PART 6
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Miscellaneous amendments
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83. Amendment of section 3 of Act of 2010
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84. Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011
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85. Amendment of section 21 of Act of 2013
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86. Amendment of section 22 of Act of 2013
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87. Amendment of section 24 of Act of 2013
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PART 7
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Savings and transitional provisions
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88. Interpretation (Part 7)
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89. Investigations and suspension notices under Chapter 3 of Part 3 of Act of 2010
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90. Prohibition notices under section 43 of Act of 2010
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91. Continuing functions under section 52 of Act of 2010
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92. Application of Part IIIC of Act of 1942 to participation in prescribed contraventions before commencement of section 46
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93. Investigations under Part IIIC of Act of 1942
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94. Inquiries under Part IIIC of Act of 1942
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95. Disqualification under section 33AQ of Act of 1942 in case where contravention or participation occurred before commencement of section 46
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96. Continuing functions under section 33BE of Act of 1942
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97. Application of section 33BI of Act of 1942 to existing panel
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98. Section 33 of Act of 2013
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Acts Referred to
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Central Bank (Supervision and Enforcement) Act 2013
(No. 26)
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Central Bank Act 1942
(No. 22)
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Central Bank Reform Act 2010
(No. 23)
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Freedom of Information Act 2014
(No. 30)
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Number 5 of 2023
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CENTRAL BANK (INDIVIDUAL ACCOUNTABILITY FRAMEWORK) ACT 2023
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An Act to amend the
Central Bank Act 1942
to extend the application of the administrative sanctions procedure to persons performing controlled functions and to certain holding companies, to provide for the appointment of a panel from which appointments may be made for the purposes of certain decisions, to provide for the admissibility of business records at an inquiry, to provide for disclosure agreements, and to provide for an application for confirmation by the High Court of a decision of an inquiry under Part IIIC and a decision of the Irish Financial Services Appeals Tribunal under Part VIIA of that Act; to amend the
Central Bank Reform Act 2010
to extend the regulation and supervision of financial service providers and persons performing controlled functions and pre-approval controlled functions through the introduction of business standards, conduct standards and the duty of responsibility, to provide for the independence of persons carrying out an investigation in the performance of their functions, to provide for the independence of persons to whom a function of the Head of Financial Regulation, the Central Bank or the Governor is delegated in the performance of their functions, to provide for a right of appeal to the Irish Financial Services Appeals Tribunal of a decision of the Head of Financial Regulation to confirm a suspension notice, to increase the period for which the High Court may extend the duration of a suspension notice, and to provide for an application for confirmation by the High Court of a decision of the Central Bank or the Governor to issue a prohibition notice; to amend the
Central Bank (Supervision and Enforcement) Act 2013
to extend the regulation‑making power of the Central Bank to provide for arrangements that financial service providers shall adopt in relation to the allocation of responsibilities and compliance with obligations under financial services legislation; to amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (
S.I. No. 352 of 2011
); and to provide for related matters.
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[9th March, 2023]
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Be it enacted by the Oireachtas as follows:
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