Central Bank (Individual Accountability Framework) Act 2023

Central Bank (Individual Accountability Framework) Act 2023 Permanent Page URL View by Section Amharc de réir Ailt View Full Act Amharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDF Oscail PDF Priontáil an tAcht Iomlán Previous Section Alt Roimhe Next Section An Chéad Alt Eile Priontáil an tAlt 2023 CENTRAL BANK (INDIVIDUAL ACCOUNTABILITY FRAMEWORK) ACT 2023 PART 1 1. Short title and commencement 2. Definitions PART 2 Individual accountability and standards Chapter 1 Responsibility of persons performing pre-approval controlled functions 3. Amendment of section 48 of Act of 2013 4. Amendment of section 51 of Act of 2013 Chapter 2 Power of Bank to prescribe business standards 5. Insertion of Part 2A in Act of 2010 Chapter 3 Duty of responsibility and standards for individuals 6. Insertion of Part 3A in Act of 2010 PART 3 Amendment of Part 3 of Act of 2010 7. Amendment of section 18 of Act of 2010 8. Definition (Chapter 2) 9. Amendment of section 20 of Act of 2010 10. Application of standards of fitness and probity 11. Amendment of section 22 of Act of 2010 12. Amendment of section 23 of Act of 2010 13. Amendment of section 23A of Act of 2010 14. Amendment of section 25 of Act of 2010 15. Notice of investigation 16. Amendment of section 26 of Act of 2010 17. Amendment of section 27 of Act of 2010 18. Amendment of section 28 of Act of 2010 19. Amendment of section 29 of Act of 2010 20. Amendment of section 30 of Act of 2010 21. Amendment of section 31 of Act of 2010 22. Amendment of section 32 of Act of 2010 23. Amendment of section 39 of Act of 2010 24. Amendment of section 40 of Act of 2010 25. Head of Financial Regulation to prepare report 26. Amendment of section 42 of Act of 2010 27. Amendment of section 43 of Act of 2010 28. Repeal of section 44 of Act of 2010 29. Amendment of section 45 of Act of 2010 30. Application to vary or revoke prohibition notice 31. Agreement for prohibition notice to have effect without confirmation 32. Amendment of section 48 of Act of 2010 33. Service of notices and other documents 34. Amendment of section 51 of Act of 2010 35. Amendment of section 52 of Act of 2010 36. Independence of decision-makers PART 4 Amendment of Act of 1942 Chapter 1 Amendment of Part IIIC of Act of 1942 37. Amendment of section 33AN of Act of 1942 38. Amendment of section 33ANC of Act of 1942 39. Amendment of section 33ANE of Act of 1942 40. Amendment of section 33ANF of Act of 1942 41. Amendment of section 33ANG of Act of 1942 42. Application of Part to holding companies under Part 3 of Central Bank Reform Act 2010 43. Amendment of Chapter 2 of Part IIIC of Act of 1942 44. Bank may hold inquiry into suspected commission of or participation in prescribed contravention 45. Notice of inquiry, submissions, attendance and adjournment 46. Amendment of section 33AQ of Act of 1942 47. Alternative procedure when commission of or participation in prescribed contravention is acknowledged 48. Considerations relevant to imposition of sanctions 49. Amendment of section 33AS of Act of 1942 50. Amendment of section 33AT of Act of 1942 51. Observance of directions imposing disqualification or conditions 52. Amendment of section 33AV of Act of 1942 53. Appeal, confirmation and taking effect of decisions under this Part 54. Confirmation of sanctions imposed by consent 55. Repeal of section 33AX of Act of 1942 56. Interpretation (Chapter 3) 57. Amendment of section 33AY of Act of 1942 58. Amendment of section 33AZ of Act of 1942 59. Power to order information about proceedings not to be disclosed 60. Confidential information provided for purposes of inquiry not to be disclosed 61. Amendment of section 33BA of Act of 1942 62. Documentary evidence 63. Amendment of section 33BB of Act of 1942 64. Amendment of section 33BC of Act of 1942 65. Amendment of section 33BD of Act of 1942 66. Amendment of section 33BE of Act of 1942 67. Limitation of judicial review 68. New Chapter 4 inserted into Part IIIC of Act of 1942 Chapter 2 Insertion of Part IIID in Act of 1942 69. Establishment of panel Chapter 3 Amendment of Part VIIA of Act of 1942 70. Amendment of section 57R of Act of 1942 71. Repeal of section 57S of Act of 1942 72. Amendment of section 57Z of Act of 1942 73. Amendment of section 57AC of Act of 1942 Chapter 4 Miscellaneous amendments to Act of 1942 74. Amendment of section 2 of Act of 1942 75. Amendment of section 33AK of Act of 1942 76. Amendment of section 34 of Act of 1942 77. Amendment of section 57G of Act of 1942 78. Amendment of section 61G of Act of 1942 79. Amendment of Schedule 2 to Act of 1942 PART 5 Privileged legal material 80. Repeal of section 33 of Act of 2013 81. Amendment of section 34 of Act of 2013 82. Insertion of Part 3A in Act of 2013 PART 6 Miscellaneous amendments 83. Amendment of section 3 of Act of 2010 84. Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 85. Amendment of section 21 of Act of 2013 86. Amendment of section 22 of Act of 2013 87. Amendment of section 24 of Act of 2013 PART 7 Savings and transitional provisions 88. Interpretation (Part 7) 89. Investigations and suspension notices under Chapter 3 of Part 3 of Act of 2010 90. Prohibition notices under section 43 of Act of 2010 91. Continuing functions under section 52 of Act of 2010 92. Application of Part IIIC of Act of 1942 to participation in prescribed contraventions before commencement of section 46 93. Investigations under Part IIIC of Act of 1942 94. Inquiries under Part IIIC of Act of 1942 95. Disqualification under section 33AQ of Act of 1942 in case where contravention or participation occurred before commencement of section 46 96. Continuing functions under section 33BE of Act of 1942 97. Application of section 33BI of Act of 1942 to existing panel 98. Section 33 of Act of 2013 Central Bank (Supervision and Enforcement) Act 2013 (No. 26) Central Bank Act 1942 (No. 22) Central Bank Reform Act 2010 (No. 23) Freedom of Information Act 2014 (No. 30) 2023 CENTRAL BANK (INDIVIDUAL ACCOUNTABILITY FRAMEWORK) ACT 2023 An Act to amend the Central Bank Act 1942 to extend the application of the administrative sanctions procedure to persons performing controlled functions and to certain holding companies, to provide for the appointment of a panel from which appointments may be made for the purposes of certain decisions, to provide for the admissibility of business records at an inquiry, to provide for disclosure agreements, and to provide for an application for confirmation by the High Court of a decision of an inquiry under Part IIIC and a decision of the Irish Financial Services Appeals Tribunal under Part VIIA of that Act; to amend the Central Bank Reform Act 2010 to extend the regulation and supervision of financial service providers and persons performing controlled functions and pre-approval controlled functions through the introduction of business standards, conduct standards and the duty of responsibility, to provide for the independence of persons carrying out an investigation in the performance of their functions, to provide for the independence of persons to whom a function of the Head of Financial Regulation, the Central Bank or the Governor is delegated in the performance of their functions, to provide for a right of appeal to the Irish Financial Services Appeals Tribunal of a decision of the Head of Financial Regulation to confirm a suspension notice, to increase the period for which the High Court may extend the duration of a suspension notice, and to provide for an application for confirmation by the High Court of a decision of the Central Bank or the Governor to issue a prohibition notice; to amend the Central Bank (Supervision and Enforcement) Act 2013 to extend the regulation‑making power of the Central Bank to provide for arrangements that financial service providers shall adopt in relation to the allocation of responsibilities and compliance with obligations under financial services legislation; to amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352 of 2011 ); and to provide for related matters. th March , 2023] Be it enacted by the Oireachtas as follows: