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21 2004

Central Bank and Financial Services Authority of Ireland Act 2004

SCHEDULE 5

Savings and Transitional Provisions

Section 35 .

Interpretation: Schedule 5

1. In this Schedule, “the Bank” means the Central Bank and Financial Services Authority of Ireland, and includes the Irish Financial Services Regulatory Authority performing the functions or exercising the powers of that Bank in accordance with section 33C of the Central Bank Act 1942 .

Authorisations to carry on bureau de change business under Part V of the Central Bank Act 1997

2. (1) An authorisation having effect under Part V of the Central Bank Act 1997 immediately before the commencement of section 22 of this Act continues to have effect under that Part as substituted by that section and as if the substituted Part had been in force when the authorisation was granted.

(2) Any action taken under Part V of the Central Bank Act 1997 before the commencement of section 22 of this Act and not completed before that commencement may, if it could be taken under that Part as substituted by that section, be continued or completed under that Part as so substituted.

(3) In subparagraph (2), the reference to action taken includes (but is not limited to) proceedings (whether civil or criminal) taken before a court.

Savings for certain directions and requirements given or made by Bank

3. If—

(a) a direction or requirement has been given or made by the Bank or the Regulatory Authority under a provision of an Act or statutory instrument substituted or amended by Schedule 1 or 2, and

(b) the direction or requirement has not been complied with, withdrawn or otherwise disposed of before the commencement of the substituted provision or the amendment,

the provision continues to have effect in relation to the direction or requirement as if the substituted provision or the amendment had not commenced.

Savings for certain proceedings pending before the High Court

4. If any appeal or other proceeding is pending before the High Court under a provision of an Act or statutory instrument substituted or amended by Schedule 1 or 2 immediately before the commencement of the substituted section or the amendment, the High Court may hear and determine the appeal or other proceeding as if that section or amendment had not commenced.

Saving for certain pending criminal proceedings

5. (1) If any proceedings for an offence under section 70 of the Stock Exchange Act 1995

(a) were pending immediately before the commencement of item 14 of Part 4 of Schedule 1 to this Act, or

(b) could have been brought under that section before that commencement,

the proceedings may be prosecuted and disposed of, or may be brought, prosecuted and disposed of, under that section as if that item had not commenced.

(2) If any proceedings for an offence under section 79 of the Investment Intermediaries Act 1995

(a) were pending immediately before the commencement of item 13 of Part 11 of Schedule 3 to this Act, or

(b) could have been brought under that section before that commencement,

the proceedings may be prosecuted and disposed of, or may be brought, prosecuted and disposed of, under that section as if that item had not commenced.

Insurance risks

6. Section 3 of the Insurance Act 1964 (as amended by item 1 of Part 3 of Schedule 3 to this Act) extends to risks arising under insurance policies in force immediately before the commencement of that item.

Exemptions granted by Bank

7. If—

(a) an exemption granted by the Bank under a provision that is substituted or amended by a provision of Schedule 3 to this Act had not ceased to have effect before the commencement of the substituted or amended provision, and

(b) the exemption could be granted under the substituted or amended provision,

the exemption continues to have effect as if it had been granted under the substituted or amended provision.

Notices given by Bank

8. If—

(a) any notice given, served or issued by the Bank under a provision of an Act substituted or amended by a provision of Schedule 3 to this Act had not ceased to have effect before the commencement of the substituted or amended provision, and

(b) the notice could be given, served or issued under the substituted or amended provision,

the notice continues to have effect as if it had been given, served or issued under the substituted or amended provision.

Conditions or requirements imposed by or under substituted or amended provision

9. If—

(a) a condition or requirement has been imposed under a provision of an Act substituted or amended by a provision of Schedule 3 to this Act, and

(b) the condition or requirement has not ceased to have effect before the commencement of the substituted or amended provision, and

(c) the condition or requirement could be imposed under the substituted or amended provision,

the condition or requirement continues to have effect under the substituted or amended provision.

Approvals and consents given under certain substituted or amended provisions

10. If—

(a) an approval or consent given under a provision that is substituted or amended by a provision of Schedule 3 to this Act has effect immediately before the commencement of the substituted or amended provision, and

(b) the approval or consent could be given under the substituted or amended provision,

the approval or consent continues to have effect under the substituted or amended provision.

Applications pending under certain substituted or amended provisions

11. If—

(a) an application has been made for an authorisation under a provision that is substituted or amended by a provision of Schedule 3 to this Act before the commencement of the substituted or amended provision, and

(b) the application could be made under the substituted or amended provision, the application has effect as if it had been made under the substituted or amended provision.

Obligations under substituted or amended provisions

12. If—

(a) a person was under an obligation to comply with a provision substituted or amended by Schedule 3 to this Act immediately before the commencement of the substituted or amended provision, and

(b) the substituted or amended provision provides for the imposition of a similar obligation,

the obligation continues to subsist under the substituted or amended provision.

Saving for certain offences against the Consumer Credit Act 1995

12A. An offence alleged to have been committed under section 12 of the Consumer Credit Act 1995 before the commencement of item 2 of Part 12 of Schedule 3 is to be prosecuted, tried and determined under that section as in force before that commencement.

Amendments to Investor Compensation Act 1998 to apply to pending applications

13. The amendments made to the Investor Compensation Act 1998 by Part 15 of Schedule 3 to this Act apply to and in respect of applications for payments made under that Act and not disposed of before those amendments took effect.

Transfer of employment to Financial Services Ombudsman's Bureau of certain persons employed in voluntary schemes

14. (1) The Minister for Finance may, by order notified in Iris Oifigiúil, transfer the employment of persons employed in a voluntary scheme to the Financial Services Ombudsman's Bureau subject to such conditions (conditions as to pay and allowances, leave and superannuation) as are specified in the order.

(2) A person's employment may be transferred under subparagraph (1) only with the person's consent.

(3) In this paragraph, “voluntary scheme” means a scheme that, before the commencement of Chapter 3 of Part VIIB of the Central Bank Act 1942 (as inserted by section 16 of this Act), provided for the mediation, investigation or adjudication of consumer complaints against financial service providers.

Power to make regulations to deal with savings and transitional issues

15. (1) The Minister for Finance may make regulations containing provisions of a savings or transitional nature consequential on the enactment of this Act.

(2) Regulations made under this paragraph may provide for any such savings or transitional provision to come into operation on the date of passing of this Act or a later day.

(3) To the extent to which regulations provide for any such savings or transitional provision to come into operation on and from a day that is earlier than the date on which the regulations are notified in Iris Oifigiúil, the provision does not operate—

(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before that date of notification, or

(b) to impose a liability on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before that date.