First Previous (SCHEDULE 2 Amendment of European Communities Regulations)

12 2003

Central Bank and Financial Services Authority of Ireland Act 2003

SCHEDULE 3

Savings and Transitional Provisions

Section 36. .

Interpretation

1. (1) In this Schedule—

“Act of 1942” means the Central Bank Act 1942 ;

“Bank” means—

(a) in relation to any time before the commencement of the provision in which the reference occurs, the Central Bank of Ireland, or

(b) in relation to any time after that commencement, the Central Bank and Financial Services Authority of Ireland;

“Minister” (when used without qualification) means the Minister for Finance;

“reconstituted Board” means the Board of the Bank, as reconstituted under the Act of 1942, as amended by this Act;

“record” means any record of information, however complied, recorded or stored, and includes—

(a) any book, a register and any other document containing information, and

(b) any disc, tape or other article from which information is capable of being produced in any form that is capable of being reproduced visually or aurally;

“Regulatory Authority” means the Irish Financial Services Regulatory Authority.

(2) A provision of this Schedule does not limit the operation of any other such provision.

Board of the Bank

2. If—

(a) any action taken by the Board of the Bank under the Act of 1942 before the commencement of section 13 of this Act had not ceased to have effect before that commencement, and

(b) similar action could be taken by the reconstituted Board under that Act, as in force after that commencement,

the action so taken continues to have effect as if it had been taken by the reconstituted Board under the Act of 1942, as so in force. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by the reconstituted Board, and if the action relates to the exercise of a power, the action may be continued or completed by the reconstituted Board.

Existing Directors to cease to hold office

3. (1) On the commencement of section 13 of this Act, those persons who, immediately before that commencement, were holding office as Directors of the Board cease to hold office as such.

(2) A person who ceases to hold office as a Director because of the operation of subparagraph (1) is not entitled to any remuneration or compensation because of the loss of that office. However, the person can be appointed as a Director of the reconstituted Board if eligible for appointment under the Act of 1942, as in force after the commencement of section 13 of this Act.

(3) This paragraph does not apply to the Governor of the Bank in the Governor's capacity as a Director of the Board of the Bank.

Person appointed as Chief Executive Designate to be first Chief Executive of Regulatory Authority

4. (1) If a person whose appointment the Minister has purported to approve as Chief Executive Designate of the Regulatory Authority is holding that office immediately before the commencement of section 26 of this Act, the person is taken to have been appointed under that section as the first Chief Executive of that Authority on the commencement of that section.

(2) This paragraph has effect despite the provisions of section 33F of the Act of 1942 (as inserted by section 26 of this Act).

Transfer of certain functions of Minister for Enterprise, Trade and Employment to the Bank

5. (1) If—

(a) before the commencement of section 26 of this Act, any action had been taken by or done to the Minister for Enterprise, Trade and Employment in relation to the performance of a function imposed, or the exercise of a power conferred, on that Minister by or under any enactment or statutory instrument, and

(b) on that commencement, the function or power becomes the function or power of the Bank, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank under that enactment or statutory instrument, as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank, and if the action relates to the exercise of a power, the action may be continued or completed by or in relation to the Bank.

(2) If a document (other than an Act or statutory instrument) relates to an action referred to in subparagraph (1), all references in the document to the Minister for Enterprise, Trade and Employment, so far as relevant to that action, are taken to be references to the Bank.

(3) As soon as practicable after the commencement of section 26 of this Act, the Minister for Enterprise, Trade and Employment shall arrange for the transfer to the Bank of all records relating to the performance or exercise of functions or powers referred to in subparagraph (1).

Transfer of certain functions of Minister for Enterprise, Trade and Employment to Minister for Finance

6. (1) If—

(a) before the commencement of section 26 of this Act, any action had been taken by, or done to, the Minister for Enterprise, Trade and Employment in relation to the performance of a function imposed, or the exercise of a power conferred, on that Minister by or under any enactment or statutory instrument, and

(b) on that commencement, the function or power becomes the function or power of the Minister for Finance, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Minister for Finance under that enactment or statutory instrument, as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Minister for Finance, and if the action relates to the exercise of a power, the action may be continued or completed by or in relation to that Minister.

(2) If a document (other than an Act or a statutory instrument) relates to an Act referred to in subparagraph (1), all references in the document to the Minister for Enterprise, Trade and Employment, so far as relevant to that action, are taken to be references to the Minister for Finance.

(3) As soon as practicable after the commencement of section 26 of this Act, the Minister for Enterprise, Trade and Employment shall arrange for the transfer to the Minister for Finance of all records relating to the performance or exercise of functions or powers referred to in subparagraph (1).

Levies and fees payable under Acts amended by this Act

7. (1) If—

(a) immediately before the commencement of section 33J of the Act of 1942 (as inserted by section 26 of this Act) a levy was imposed under a provision of an Act amended or repealed by this Act, and

(b) on the commencement of that section, the Chief Executive of the Regulatory Authority could prescribe a levy in respect of that provision under the first-mentioned section,

then, despite the amendment or repeal of that provision by this Act, the levy that was imposed under the amended or repealed provision continues to be payable until that levy is replaced or terminated under regulations made under that section.

(2) If—

(a) immediately before the commencement of section 33K of the Act of 1942 (as inserted by section 26 of this Act) a fee was imposed under a provision of an Act amended or repealed by this Act, and

(b) on the commencement of that section, the Chief Executive of the Regulatory Authority could prescribe a fee in respect of that provision under the first-mentioned section,

then, despite the amendment or repeal of that provision by this Act, the fee that was imposed under the amended or repealed provision continues to be payable until it is replaced or terminated under regulations made under that section.

Effect of Insurance (Fees) Order 1995

8. The Insurance (Fees) Order 1995, as in force immediately before the commencement of section 26 of this Act, continues to have effect as if it were a regulation made under section 33K of the Act of 1942, as in force after that commencement, and may be amended or revoked accordingly.

Staff of Bank

9. (1) All persons who, immediately before the commencement of section 7 of this Act, were officers and servants of the Bank are taken to be employees of the Bank under the Act of 1942, as in force on and after that commencement.

(2) The Board of the Bank shall take all reasonably practicable steps to ensure that the persons referred to in subparagraph (1) are provided with the opportunity for training and experience in those activities for which the Regulatory Authority is responsible.

Transfer of employment of certain persons to the Bank

10. (1) On the request of the Governor of the Bank made within 25 months after the commencement of section 26 of this Act, the Minister may, by direction in writing, transfer to the Bank the employment of a person who is employed in a Government department, or by a public authority or a State owned corporation, but only if the person has agreed to have that employment transferred to the Bank.

(2) The Governor of the Bank may make such a request only with the concurrence of the Chief Executive of the Regulatory Authority.

(3) The conditions of employment of a person whose employment is transferred under this paragraph are to be no less favourable than those applicable to the person immediately before the transfer, except in so far as—

(a) a collective agreement negotiated with a trade union or staff association of which the person is a member, or

(b) an agreement between the person and the Bank,

expressly provides otherwise.

(4) If any dispute arises between a person whose employment is transferred under this paragraph and the Bank as to the conditions of employment applicable to the person immediately before the transfer, the Minister shall determine the dispute.

(5) If a person's employment is transferred under this paragraph, the person's previous service with a Government department, public authority or State owned corporation is to be counted as service for the purposes of the following Acts:

(a) the Redundancy Payments Acts 1967 to 1991;

(b) the Minimum Notice and Terms of Employment Act 1973 ;

(c) the Unfair Dismissals Act 1977 ;

(d) the Organisation of Working Time Act 1997 ;

(e) the Parental Leave Act 1998 ;

(f) any other Act prescribed for the purposes of this subparagraph by a regulation made under paragraph 31;

(g) any Act that is to be read as one with any of those Acts.

(6) In this paragraph—

“public authority” means a body (other than a company) established or constituted by or under an Act for a public purpose;

“State owned corporation” means a body corporate owned, or of which all or a majority of the shares of the body are owned, by the Government or by a Minister on behalf of the State.

Savings for certain regulations, orders, notices and codes of conduct made under the Insurance Acts

11. (1) If—

(a) regulations made by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1936 , the Insurance Act 1964 , or the Insurance Act 1989 , were in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could make regulations under that provision, as in force after that commencement,

the regulations continue in force as if they had been made by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

(2) If—

(a) a direction given by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1936 , was in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could give a direction under that provision, as in force after that commencement,

the direction continues in force as if it had been made by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

(3) If—

(a) an order made, or a notice sent, by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1989 , was in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could make an order, or send a notice, under that provision, as in force after that commencement,

the order or notice continues in force as if it had been made or sent by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

(4) If—

(a) a code of conduct order prescribed by the Minister for Enterprise, Trade and Employment under a provision of the Insurance Act 1989 , was in force immediately before the commencement of section 26 of this Act, and

(b) on that commencement, the Bank could prescribe a code of conduct under that provision, as in force after that commencement,

the code of conduct continues in force as if it had been made by the Bank under that provision as in force after that commencement, and may be amended or revoked accordingly.

Authorised officers appointed for the purposes of the Insurance Act 1989

12. A person who, immediately before the commencement of item 39 of Part 8 of Schedule 1 to this Act, was holding office as an authorised officer under section 59 of the Insurance Act 1989 , as in force immediately before that commencement, continues to hold that office under that section, as in force after that commencement.

Persons authorised for purposes of the Central Bank Act 1971

13. A person who, immediately before the commencement of item 2 of Part 6 of Schedule 1 to this Act, was authorised for the purposes of section 17 of the Central Bank Act 1971 , as in force immediately before that commencement, continues to be an authorised person for the purposes of that section, as in force after that commencement.

Persons authorised for purposes of section 50 of the Central Bank Act 1989

14. A person who, immediately before the commencement of item 5 of Part 9 of Schedule 1 to this Act, was authorised under section 50 of the Central Bank Act 1989, as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

Persons authorised for purposes of the Building Socities Act 1989

15. A person who, immediately before the commencement of item 3 of Part 10 of Schedule 1 to this Act, was authorised under section 41 of the Building Societies Act 1989 , as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

Authorised officers appointed for purposes of Trustee Savings Banks Act 1989

16. A person who, immediately before the commencement of item 2 of Part 11 of Schedule 1 to this Act, was holding office as an authorised officer under section 24 of the Trustee Savings Banks Act 1989 , as in force immediately before that commencement, continues to hold that office under section 24A of that Act, as in force after that commencement.

Applications for authorisations pending under the Investment Limited Partnership Act 1994

17. An application for authorisation as an investment limited partnership made under section 8 of the Investment Limited Partnership Act 1994, as in force immediately before the commencement of item 2 of Part 16 of Schedule 1 to this Act, and pending immediately before that commencement, is to be dealt with as if that section had not been amended by this Act.

Persons authorised for the purposes of the Stock Exchange Act 1995

18. (1) A person who, immediately before the commencement of item 4 of Part 19 of Schedule 1 to this Act, was appointed for the purposes of section 30 of the Stock Exchange Act 1995 , as in force immediately before that commencement, continues to hold the appointment under and subject to that section, as in force after that commencement.

(2) A person who, immediately before the commencement of item 5 of Part 19 of Schedule 1 to this Act, was authorised under section 36 of the Stock Exchange Act 1995 , as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

(3) A person who, immediately before the commencement of item 7 of Part 19 of Schedule 1 to this Act, was holding office as an authorised officer under section 55 of the Stock Exchange Act 1995 , as in force immediately before that commencement, continues to hold that office under that section, as in force after that commencement.

Persons authorised for the purposes of the Investment Intermediaries Act 1995

19. (1) A person who, immediately before the commencement of item 4 of Part 20 of Schedule 1 to this Act, was authorised under section 22 of the Investment Intermediaries Act 1995 , as in force immediately before that commencement, continues to be authorised under that section, as in force after that commencement.

(2) A person who, immediately before the commencement of item 6 of Part 20 of Schedule 1 to this Act, was holding office as an authorised officer under section 64 of the Investment Intermediaries Act 1995 , as in force immediately before that commencement, continues to hold that office under that section, as in force after that commencement.

Performance of former functions of Director of Consumer Affairs

20. (1) If—

(a) before the commencement of section 26 of this Act, action taken by, or done to, the Director of Consumer Affairs in relation to the performance of a function imposed, or the exercise of a power conferred, on the Director by or under a provision of the Consumer Credit Act 1995 , and

(b) on that commencement, the function or power became the function or power of the Bank, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank under that provision as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank, and if the action relates to the exercise of a power, the act or thing may be continued or completed by or in relation to the Bank.

(2) If a document relates to an action referred to in subparagraph (1), all references in the document to the Director of Consumer Affairs, so far as relevant to that action, are taken to be references to the Bank.

(3) Without limiting subparagraph (1), the moneylenders register and mortgage intermediaries register established under section 151 of the Consumer Credit Act 1995 , as in force before the commencement of items 45 and 46 of Part 21 of Schedule 1 to this Act, are taken to have been established under section 151A of the Consumer Credit Act 1995 , as in force after that commencement.

Furnishing by Director of Consumer Affairs of certain records to Consumer Director

21. The Director of Consumer Affairs shall, as soon as practicable after the commencement of section 33Q of the Act of 1942 (inserted by section 26 of this Act), furnish all such records as shall be required by the Consumer Director for the purposes of responsibilities under section 33S of the Act of 1942 (as so inserted). Section 21(1)(c) of the Interpretation Act 1937 , as applied to section 150 of the Consumer Credit Act 1995 by virtue of item 44 of Part 21 of Schedule 1, shall not be read so as to prevent any such records from being so furnished.

Appointment of persons as authorised officers for purposes of the Consumer Credit Act 1995

22. A person who, immediately before the commencement of item 3 of Part 21 of Schedule 1 to this Act, was holding office as an authorised officer under section 7 of the Consumer Credit Act 1995 , as in force immediately before that commencement, continues to hold office as such under section 8A or 8M of that Act, as in force after that commencement.

Saving of certain regulations under the Consumer Credit Act 1995

23. (1) Regulations made under the provisions of section 28, 37, 60 or 86 of the Consumer Credit Act 1995 and in force immediately before the respective commencements of items 11, 12, 18 and 19 of Part 21 of Schedule 1 to this Act continue in force as if they had been made under those provisions as in force after that commencement, and may be amended or revoked accordingly.

(2) If—

(a) regulations made by the Minister for Enterprise, Trade and Employment under the provisions of section 114, 116, 120 or 131 of the Consumer Credit Act 1995 were in force immediately before the respective commencements of items 28, 30, 34 and 36 of Part 21 of Schedule 1 to this Act, and

(b) on that commencement, the Minister for Finance could make regulations under those provisions as in force after that commencement,

the regulations continue in force as if they had been made by the Minister for Finance under those provisions as in force after that commencement, and may be amended or revoked accordingly.

(3) Any regulations made by the Minister for Enterprise, Trade and Employment under the provisions of section 137 or 144 of the Consumer Credit Act 1995 and in force immediately before the respective commencements of items 38 and 41 of Part 21 of Schedule 1 to this Act continue in force as if they had been made under those provisions as in force after that commencement, and may be amended or revoked accordingly.

Methods or formulae approved or prescribed under the Consumer Credit Act 1995

24. Any method or formula approved or prescribed for the purposes of section 52 or 53 of the Consumer Credit Act 1995 , and having effect immediately before the respective commencements of items 16 and 17 of Part 21 of Schedule 1 to this Act continues to have effect for the purpose of that section as substituted by this Act.

Saving for certain credit intermediaries

25. Despite the amendment to section 144(1) of the Consumer Credit Act 1995 made by item 41 of Part 21 of Schedule 1 to this Act, a person who was, immediately before the commencement of that item, the holder of a mortgage intermediaries authorisation under section 116 of that Act may continue to engage in the business of being a credit intermediary as long as the person continues to hold such an authorisation.

Performance of former functions of Registrar of Friendly Societies

26. (1) If—

(a) before the commencement of section 26 of this Act, any action taken by, or done to, the Registrar of Friendly Societies in relation to the performance of a function imposed, or the exercise of a power conferred, on that Registrar by or under a provision of the Credit Union Act 1997 , and

(b) on that commencement, the function or power becomes the function or power of the Bank or the Registrar of Credit Unions, and

(c) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank or the Registrar of Credit Unions under that provision as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank or the Registrar of Credit Unions, and if the action relates to the exercise of a power, the act or thing may be continued or completed by or in relation to the Bank or that Registrar.

(2) If a document relates to an action referred to in subparagraph (1), all references in the document to the Registrar of Friendly Societies, so far as relevant to that action, are taken to be references to the Bank or to the Registrar of Credit Unions, as the case requires.