Central Bank (Individual Accountability Framework) Act 2023

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PART 3

Amendment of Part 3 of Act of 2010

Amendment of section 18 of Act of 2010

7. Section 18 of the Act of 2010 is amended—

(a) in subsection (1)—

(i) by the substitution of the following definition for the definition of “controlled function”:

“‘controlled function’—

(a) in relation to a regulated financial service provider, means a function prescribed in regulations made under section 20 as a controlled function in relation to a regulated financial service provider, and

(b) in relation to a holding company, means a function prescribed in regulations made under section 20 as a controlled function in relation to a holding company;”,

(ii) by the substitution of the following definition for the definition of “pre‑approval controlled function”:

“‘pre-approval controlled function’—

(a) in relation to a regulated financial service provider, shall be construed in accordance with section 22(1), and

(b) in relation to a holding company, shall be construed in accordance with section 22(1A);”,

and

(iii) by the insertion of the following definitions:

“‘holding company’ means any of the following established in the State:

(a) a financial holding company, within the meaning given by point (20) of Article 4(1) of the Capital Requirements Regulation;

(b) a mixed financial holding company, within the meaning given by point (21) of Article 4(1) of the Capital Requirements Regulation;

(c) an insurance holding company, within the meaning given by Regulation 215(1) of the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 );

(d) an investment holding company, within the meaning of the European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021);

‘prohibition notice’ means a notice under section 43;”,

and

(b) by the deletion of subsections (2) and (3).