Legislation and Guidance

Where the links provided are to www.irishstatutebook.ie users should note the disclaimer on the Irish Statue Book website.  The list provided is not exhaustive and is intended to serve as a general guide only.

Legislation

Central Bank Act 1942 (as amended) (the “1942 Act”)

The principal legislation relevant to the Administrative Sanctions Procedure is Part IIIC of the 1942 Act which was inserted by the Central Bank and Financial Services Authority of Ireland Act 2004. Part IIIC of the 1942 Act provides the Central Bank with the power to administer sanctions in respect of the commission of prescribed contravention(s) (prescribed contraventions are explained here (Administrative Sanctions Procedure) by regulated financial service providers and by persons presently or formerly concerned in their management who have participated in the prescribed contravention(s) committed by the regulated financial service provider.

 Read the 1942 Act

Central Bank Reform Act 2010 (the “2010 Act”)

The 2010 Act provides the Central Bank with a range of powers in relation to the regulation of individuals working in the financial services industry. These include the power to investigate, suspend or prohibit such individuals where concerns arise about their fitness & probity. Under the 2010 Act, the Central Bank also has a gatekeeper role to ensure that those entering the financial services industry are fit and proper.

Read the 2010 Act

Central Bank (Supervision and Enforcement) Act 2013 (the “2013 Act”)

The 2013 Act makes a number of amendments to Part IIIC of the 1942 Act, including increasing the Central Bank’s sanctioning powers under the Administrative Sanctions Procedure and introducing the suspension and revocation of authorisations as a sanction.

Read the 2013 Act

Guidance

Inquiry Guidelines

The Central Bank has prescribed the Inquiry Guidelines (latest version applicable from 4 November 2014) pursuant to section 33BD of the 1942 Act. These guidelines detail the procedures the Central Bank ordinarily proposes to follow at Inquiry.

Outline of the Administrative Sanctions Procedure

The Central Bank has also published the Outline of the Administrative Sanctions Procedure which describes the structures and procedures of the Administrative Sanctions Procedure under Part IIIC of the 1942 Act.