Central Bank (Individual Accountability Framework) Act 2023

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PART 4

Amendment of Act of 1942

Chapter 1

Amendment of Part IIIC of Act of 1942

Amendment of section 33AN of Act of 1942

37. Section 33AN of the Act of 1942 is amended—

(a) in subsection (1)—

(i) by the insertion of the following definitions:

“‘authorised officer’ means, subject to subsection (1A), a person appointed under section 24 of the Central Bank (Supervision and Enforcement) Act 2013 ;

‘controlled function’ has the meaning given by section 18 (1) of the Central Bank Reform Act 2010 ;

‘relevant controlled function’ in relation to participation in the commission by a regulated financial service provider of a prescribed contravention, means a controlled function in relation to the regulated financial service provider;”,

(ii) by the deletion of the definition of “decision of the Bank”, and

(iii) by the deletion of the definition of “disqualification direction”,

and

(b) by the insertion of the following subsections after subsection (1):

“(1A) Where, under a provision of a designated enactment other than section 24 of the Central Bank (Supervision and Enforcement) Act 2013 , or under a designated statutory instrument, the Bank has power to appoint authorised officers with powers exercisable in relation to a prescribed contravention, references in this Part to an authorised officer include, in relation to that prescribed contravention, references to an authorised officer so appointed.

(1B) For the purposes of this Part, a person is concerned in the management of a body corporate or other entity if the person is in any way involved in directing, managing or administering the affairs of the body or other entity.”.