Administrative Sanctions and the Prospectus Directive

The Central Bank and Financial Services Authority of Ireland Act, 2004 provides powers for the Central Bank impose sanctions for prescribed contraventions of legislation or regulatory rules.

Contravention, examination and possible inquiry

If the Central Bank has reasonable cause to suspect that a regulated financial service provider and/or person concerned in the management of a regulated financial service provider has committed or is committing a 'prescribed contravention', it may conduct an examination into the issue.

Settlement and Resolution

The legislation provides that, at any time up to the conclusion of an examination, the Central Bank may enter into a binding settlement agreement with a regulated financial service provider and/or a person concerned in its management to resolve the matter.  Where an entity/individual enters into such an agreement early in the pursuit of a sanctions case, the terms of the settlement will reflect the savings in time, resources and money that would result.

Panel of Assessors

Pursuant to the provisions of Regulation 93 of the Prospectus (Directive 2003/71/EC) Regulations 2005 (the Regulations), the Central Bank has appointed the following Panel of Assessors:

  • The Hon. Mr Justice Ronan Keane 
  • The Hon. Mr Justice Joseph Finnegan   
  • The Hon. Mr Justice Bryan McMahon 
  • Mr Seamus Woulfe SC
  • Mr Eoin McCullough SC

Where the Central Bank has reason to suspect that a prescribed contravention of the Regulations, the Prospectus Rules or any other provision of prospectus law is being or has been committed, a decision will be taken whether to appoint one or more assessors.

The assessors will decide if the prescribed contravention has occurred and determine the appropriate sanctions to be imposed.