Central Bank and Financial Services Authority of Ireland Act, 2004

• Jurisdiction: Ireland
• Citation: IR No. 21/2004

Number 21 of 2004
CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2004
ARRANGEMENT OF SECTIONS
PART 1
Preliminary
Section 1. Short title and commencement.
PART 2
Amendment of Central Bank Act 1942
2. Amendment of section 2 of Central Bank Act 1942 (Interpretation). 3. Insertion of new section 2A into Central Bank Act 1942. 4. Substitution of section 6B of Central Bank Act 1942. 5. Amendment of section 20 of Central Bank Act 1942 (Prohibition of the Governor holding shares in a bank). 6. New section 33SA inserted into Central Bank Act 1942. 7. Amendment of section 33AC of Central Bank Act 1942 (Registrar to prepare annual report). 8. Amendment of section 33C of Central Bank Act 1942 (Functions and powers of Regulatory Authority). 9. Amendment of section 33AK of Central Bank Act 1942 (Disclosure of information). 10. New Part IIIC inserted into Central Bank Act 1942. 11. Amendment of section 57A of Central Bank Act 1942 (Interpretation Part VIIA and Schedule 5). 12. Amendment of section 57G of Central Bank Act 1942 (Jurisdiction and powers of the Appeals Tribunal). 13. Amendment of section 57R of Central Bank Act 1942 (Operation and implementation of appealed decision pending determination of appeal). 14. Amendment of section 57Z of Central Bank Act 1942 (What decisions the Appeals Tribunal can make in determining an appeal). 15. Amendment of section 57AK of Central Bank Act 1942 (Right of appeal to High Court). 16. New Part VIIB inserted into Central Bank Act 1942. 17. New Part VIIC inserted into Central Bank Act 1942. 18. Amendment of section 61E of Central Bank Act 1942. 19. Insertion of new section 61G into Central Bank Act 1942. 20. Amendment of Schedule 2 to Central Bank Act 1942 (Enactments and regulations under which Regulatory Authority is to perform functions of the Bank). 21. Amendment of Schedule 5 to Central Bank Act 1942 (Provisions applicable to members of the Appeals Tribunal). 22. Insertion into Central Bank Act 1942 of new Schedules 6 and 7. 23. Insertion into Central Bank Act 1942 of new Schedule 8.
PART 3
Amendment of Central Bank Act 1997
24. Amendment of section 2 of Central Bank Act 1997 (Interpretation). 25. Amendment of section 19 of Central Bank Act 1997 (Prohibition of revocation of certain payments). 26. Substitution of Part IV of Central Bank Act 1997. 27. Substitution of Part V of Central Bank Act 1997. 28. Amendment of section 53 of Central Bank Act 1997 (Application of section 47 of Act of 1989). 29. Amendment of section 75 of Central Bank Act 1997 (Powers of inspection). 30. Amendment of section 76 of Central Bank Act 1997 (Search and seizure). 31. Amendment of section 77 of Central Bank Act 1997 (Examination by Comptroller and Auditor General). 32. Amendment of section 84 of Central Bank Act 1997 (Representative offices).
PART 4
Amendment of Other Legislation
33. Miscellaneous amendments to other Acts administered by the Bank. 34. Amendment of European Communities Regulations administered by the Bank. 35. Savings and transitional provisions.
SCHEDULE 1
Amendment of Acts Consequential on Insertion into Central Bank Act 1942 of Part IIIC
SCHEDULE 2
Amendment of European Communities Regulations Consequential on Insertion of Part IIIC of Central Bank Act 1942
SCHEDULE 3
Miscellaneous Amendments to Other Acts Administered by the Bank
SCHEDULE 4
Miscellaneous Amendments to Other European Communities Regulations Administered by the Bank
SCHEDULE 5
Savings and Transitional Provisions
Acts Referred to Asset Covered Securities Act 2001 2001, No. 47 Betting Act 1931 1931, No. 27 Building Societies Act 1989 1989, No. 17 Central Bank Act 1942 1942, No. 22 Central Bank Act 1971 1971, No. 24 Central Bank Act 1989 1989, No. 16 Central Bank Act 1997 1997, No. 8 Central Bank Act 1998 1998, No. 2 Central Bank Acts Central Bank and Financial Services Authority of Ireland Act 2003 2003, No. 12 Companies Act 1963 1963, No. 33 Companies Act 1990 1990, No. 33 Companies Acts Consumer Credit Act 1995 1995, No. 24 Courts Act 1981 1981, No. 11 Credit Union Act 1997 1997, No. 15 Criminal Justice Act 1994 1994, No. 15 Currency Act 1927 1927, No. 32 European Communities Act 1972 1972, No. 27 Gaming and Lotteries Act 1956 1956, No. 2 Insurance Act 1936 1936, No. 45 Insurance Act 1964 1964, No. 18 Insurance Act 1989 1989, No. 3 Insurance Act 2000 2000, No. 42 Insurance Acts 1909-2002 Insurance (Miscellaneous Provisions) Act 1985 1985, No. 8 Insurance (No. 2) Act 1983 1983, No. 29 Investment Intermediaries Act 1995 1995, No. 11 Investment Limited Partnerships Act 1994 1994, No. 24 Investor Compensation Act 1998 1998, No. 37 Licensing Acts 1833 to 1994 Netting of Financial Contracts Act 1995 1995, No. 25 Partnership Act 1890 53 & 54 Vic., c 59 Pawnbrokers Act 1964 1964, No. 31 Pensions Acts Pensions Act 1990 1990, No. 25 Petty Sessions (Ireland) Act 1851 14 & 15 Vic., c 93 Stock Exchange Act 1995 1995, No. 9 Trustee Savings Banks Act 1989 1989, No. 21 Trustee Savings Banks Acts 1863 to 1979 Unit Trusts Act 1990 1990, No. 37
Number 21 of 2004
CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2004
AN ACT TO AMEND THE CENTRAL BANK ACT 1942 FOR THE PURPOSES OF ESTABLISHING THE FINANCIAL SERVICES OMBUDSMAN'S BUREAU AND PRESCRIBING THE FUNCTIONS AND POWERS OF THAT OMBUDSMAN, PROVIDING FOR THE ESTABLISHMENT OF CONSULTATIVE PANELS TO ADVISE THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY ON CERTAIN MATTERS; TO AMEND THE CENTRAL BANK ACT 1997 FOR THE PURPOSES OF MAKING FURTHER PROVISION FOR AUDITING THE ACCOUNTS OF FINANCIAL SERVICE PROVIDERS AND PROVIDING FOR THE REGULATION OF MONEY TRANSMISSION BUSINESSES; AND TO MAKE MISCELLANEOUS AMENDMENTS TO CERTAIN OTHER ACTS AND STATUTORY INSTRUMENTS RELATING TO THE PROVISION OF FINANCIAL SERVICES.
[5th July, 2004.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
PART 1 Preliminary
	Short title and commencement.	1.—(1) This Act may be cited as the Central Bank and Financial Services Authority of Ireland Act 2004.
	(2) This Act comes into operation on such day or days as may be fixed by an order or orders made by the Minister for Finance, either generally or with reference to any particular purpose or provision. Different days may be fixed for different purposes and different provisions.
PART 2 Amendment of Central Bank Act 1942
	Amendment of section 2 of Central Bank Act 1942 (Interpretation).	2.— Section 2 of the Central Bank Act 1942 (as substituted by section 3 of the Central Bank and Financial Services Authority of Ireland Act 2003 ) is amended—
	(a) by inserting the following definition after the definition of “Appeals Tribunal” in subsection (1):
	“ ‘associated entity’ in relation to a financial service provider, means—
	(a) a holding company of the financial service provider, or
	(b) a subsidiary company of the financial service provider, or
	(c) a company that is a subsidiary of a body corporate, if the financial service provider is also a subsidiary of the body, but neither company is a subsidiary of the other, or
	(d) if a financial service provider is a company, any other body corporate that is not a subsidiary of the company but in respect of which the company is beneficially entitled to more than 20 per cent of the nominal value of either—
	(i) the allotted share capital, or
	(ii) the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in that other body corporate,
	or
	(e) a partnership or joint venture in which the financial service provider has a financial interest;”;
	(b) by inserting the following definition after the definition of “Currency Act 1927” in subsection (1):
	“ ‘Deputy Financial Services Ombudsman’ means the person holding office under section 57BL;”;
	(c) by inserting the following definition after the definition of “Director”:
	“ ‘EEA country’ means a country that is a member of the European Economic Area;”;
	(d) by inserting the following definitions after the definition of “financial services” in subsection (1):
	“ ‘Financial Services Ombudsman’ means the person holding office under section 57BJ or acting as Financial Services Ombudsman under section 57BM;
	‘financial service provider’ means a person who carries on a business of providing one or more financial services;”;
	(e) by inserting the following definition after the definition of “Governor” in subsection (1):
	“ ‘holding company’ means a company that has one or more subsidiary companies;”;
	(f) by inserting the following after the definition of “power” in subsection (1):
	“ ‘publication’, in relation to a report or other document, includes publishing the report or document in an accessible form on an Internet website;”;
	(g) by inserting the following definition after the definition of “record” in subsection (1):
	“ ‘regulated financial service provider’ means—
	(a) a financial service provider whose business is subject to regulation by the Bank or the Regulatory Authority under this Act or under a designated enactment or a designated statutory instrument, or
	(b) a financial service provider whose business is subject to regulation by an authority that...