Central Bank (Individual Accountability Framework) Act 2023
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Application of Part to holding companies under Part 3 of Central Bank Reform Act 2010 | ||
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42. Chapter 1 of Part IIIC of the Act of 1942 is amended by the insertion of the following section after section 33ANG: | ||
“33ANH. (1) This Part applies in relation to— | ||
(a) the commission or suspected commission by a financial holding company, mixed financial holding company, insurance holding company or investment holding company of a contravention of— | ||
(i) a provision of Part 3 of the Central Bank Reform Act 2010 , | ||
(ii) a direction given to the company concerned under Part 3 of the Central Bank Reform Act 2010 , | ||
(iii) any requirement imposed on the company concerned under a provision of Part 3 of the Central Bank Reform Act 2010 , or | ||
(iv) any obligation imposed on the company concerned by this Part or imposed by the Bank pursuant to a power exercised under this Part, | ||
and | ||
(b) participation by a person, while concerned in the management of a financial holding company, mixed financial holding company, insurance holding company or investment holding company, in the commission by the company concerned of such a contravention. | ||
(2) For the purposes of subsection (1)— | ||
(a) a reference in this Part to a regulated financial service provider or a financial service provider includes a reference to a financial holding company, mixed financial holding company, insurance holding company or investment holding company, | ||
(b) a reference in this Part to a prescribed contravention includes a reference to a contravention, by a financial holding company, mixed financial holding company, insurance holding company or investment holding company, of a provision, direction, requirement or obligation referred to in subsection (1), and | ||
(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of a financial holding company, mixed financial holding company, insurance holding company or investment holding company. | ||
(3) References in subsections (1) and (2) to a financial holding company, mixed financial holding company, insurance holding company or investment holding company do not include references to a regulated financial service provider which is such a company. | ||
(4) In this section— | ||
‘financial holding company’ and ‘mixed financial holding company’ have the same meaning as in section 33ANC; | ||
‘insurance holding company’ has the same meaning as in section 33ANF; | ||
‘investment holding company’ has the same meaning as in section 33ANG.”. |