Interpretation (Part IV).

24.—(1) In this Part—

‘affiliate’, in relation to an auditor, means a firm or body corporate specified by subsection (2) as being an affiliate of the auditor;

‘company’ has the same meaning as in section 2(1) of the Companies Act 1963 ;

‘firm’ has the same meaning as in section 4 of the Partnership Act 1890;

‘guideline’ means a guideline issued under section 27A or, if such a guideline is amended, means the guideline as amended;

‘public authority’ means a body (whether corporate or incorporate) established or constituted by or under an Act that performs one or more public functions;

‘relevant obligations’, in relation to a regulated financial service provider, means the service provider's obligations under—

(a) all designated enactments and all designated statutory instruments that apply to it, and

(b) all codes, guidelines and notices issued by the Bank that apply to it, and

(c) all other enactments and statutory instruments with which it must comply;

‘work’, in relation to an auditor, includes all work of an accounting, financial or advisory nature that an auditor does for a financial service provider as well as work involved in auditing the financial service provider's accounts.

(2) For the purposes of this Part, each of the following is an affiliate of an auditor in a financial year:

(a) in the case of an auditor that is a firm—

(i) any other firm that, at any time during the financial year, was under the same ownership and control as the auditor,

(ii) any body corporate in which the auditor, any firm mentioned in subparagraph (i) or (iv) or any body corporate mentioned in subparagraph (iii) or (iv) was, at any time in the financial year, entitled to exercise or control the exercise of 20 per cent or more of the voting rights at a general meeting,

(iii) any body corporate that was, at any time in the financial year, in the same group as a body corporate mentioned in subparagraph (ii),

(iv) any other firm, or body corporate, that because of the use of a common name or corporate identity or the sharing of common professional services could reasonably be considered to be associated with the auditor,

(b) in the case of an auditor who is a natural person—

(i) any partnership in which the auditor was, at any time in the financial year, a partner,

(ii) any body corporate in which the auditor, any partnership mentioned in subparagraph (i) or any body corporate mentioned in subparagraph (iii) was, at any time in the financial year, entitled to exercise or control the exercise of 20 per cent or more of the voting rights at a general meeting,

(iii) any body corporate that was, at any time in the financial year, in the same group as a body corporate mentioned in subparagraph (ii).

(3) For the purposes of this Part, a director of a regulated financial service provider that is a body corporate is taken to be concerned in the management of the financial service provider even though the director is not involved in its day to day management.

Obligation of regulated service provider to provide compliance statement when required to do so by the Bank.

25.—(1) The Bank may, whenever it considers appropriate, serve on a regulated financial service provider a notice requiring the service provider to comply with this section.

(2) The Bank may also serve such a notice at the request of another public authority only if it is of the opinion that it would be in the public interest to do so.

(3) A notice must specify a reasonable period within which the requirement is to be complied with and, if the notice is served at the request of another public authority, it must specify the name and address of that authority.

(4) A regulated financial service provider on whom a notice is served shall provide the Bank with a compliance statement within the required period.

(5) If the compliance statement is provided at the request of another public authority, the financial service provider concerned shall, also within the required period, provide the public authority with a copy of the statement.

(6) A compliance statement must, in accordance with any relevant guideline, specify whether the regulated financial service provider concerned has, during the compliance period specified in the notice, complied with its relevant obligations, or with such of them as are specified in the notice.

(7) A compliance statement must also comply with the guidelines (if any) from time to time issued under section 27A (1).

(7A) In the case of a regulated financial service provider that is a company to which section 205E of the Companies Act 1990 applies, the Bank may, instead of serving on the financial service provider a notice under this section, rely on a compliance statement prepared under that section if it is satisfied that the statement contains the information that would be required to be included in a compliance statement under this section.

(8) In this section—

‘notice’ means a notice in writing served under this section;

‘required period’, in relation to a notice served on a regulated financial service provider, means the period specified in the notice within which the service provider must comply with the notice or, if the Bank extends that period, that extended period.

Compliance statement to be accompanied by auditor's report if required.

26.—(1) If a notice served under section 25 so requires, the financial service provider concerned shall request that service provider's auditor to prepare a report about the relevant compliance statement.

(2) Within such period as is specified in the notice, the auditor shall prepare a report about the relevant compliance statement and deliver the report to the financial service provider concerned.

(3) Such a report must—

(a) state whether the relevant compliance statement is, in the auditor's opinion, fair and reasonable in the light of the information obtained by the auditor, or by an affiliate of the auditor, in the course of undertaking work for the service provider, and

(b) if the auditor is of the opinion that the compliance statement is not fair and reasonable, specify the reasons why, in the auditor's opinion, that statement is not fair and reasonable.

(4) As soon as practicable after receiving a report prepared in accordance with this section, the financial service provider concerned shall—

(a) attach the report to the compliance statement, or

(b) if that statement has already been delivered to the Bank, deliver the report to the Bank, and if another public authority requested the compliance statement, also deliver a copy of the report to the public authority.

(5) If a report prepared in accordance with this section relates to a financial service provider that is a company, the auditor shall include a copy of the report in the auditor's report on the company's accounts that are required to be laid before the company in general meeting.

Offences under section 25 or 26.

27.—(1) A regulated financial service provider who fails to comply with a requirement of section 25 or 26 commits an offence and is—

(a) if tried summarily, liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, liable on conviction to a fine not exceeding €75,000.

(2) A regulated financial service provider who, having been convicted of an offence of failing to comply with a requirement of section 25 or 26, continues to fail to comply with the requirement commits a further offence on each day or part of a day during which the failure continues after that conviction and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

(3) If a regulated financial service provider that is a body corporate commits an offence under subsection (1) or (2), each person who, at the time when the offence is found to have been committed, was concerned in the management of the body commits a separate offence, unless the person establishes that—

(a) the body committed the offence without the person's knowledge, or

(b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence.

(4) A person may be charged with having committed an offence under subsection (3) even if the financial service provider concerned is not charged with having committed an offence under subsection (1) in relation to the same matter.

(5) A person who is convicted of an offence under subsection (3) is liable to a fine not exceeding that prescribed by subsection (1) or (2) for a regulated financial service provider.

Bank may issue guidelines.

27A.—(1) The Bank may from time to time issue guidelines with which a compliance statement must comply.

(2) The Bank may also from time to time issue guidelines specifying the manner in which the persons concerned in the management of regulated financial service providers, or of regulated financial service providers of a specified class, are required to exercise control over those service providers so as to ensure that those service providers comply with their obligations under the designated enactments and designated statutory instruments that apply to them.

(3) Whenever the Bank issues guidelines under this section, or amends or revokes those guidelines, the Bank must publish in Iris Oifigiúil a notice—

(a) stating that the guidelines have been issued, or have been amended or revoked, and

(b) specifying a place or places where copies of the guidelines, or the amendment or revocation, may be obtained.

(4) The Bank shall publish guidelines issued under this section, or any amendment or revocation of those guidelines, in a publication chosen by the Bank.

(5) Guidelines issued under this section take effect on the date on which the notice of their issue is published in Iris Oifigiúil or on such later date as is specified in the publication.

(6) The Bank may amend or revoke guidelines issued under this section.

(7) An amendment or revocation of a guideline issued under this section takes effect on the date on which notice of the amendment or revocation is published in Iris Oifigiúil or on such later date as is specified in the notice.

(8) All courts and tribunals are required to take judicial notice of guidelines in force under this section.

Auditor of regulated financial service provider to lodge annual report with Bank.

27B.—(1) This section applies to an auditor who is required by or in accordance with a prescribed enactment to report a matter to the Bank.

(2) Within 1 month after the date of the auditor's report on the financial service provider's accounts, or within such extended period as the Bank allows, the auditor of the service provider shall deliver a written report to the Bank—

(a) stating whether or not circumstances have arisen that require the auditor to report a matter to the Bank under a prescribed enactment and, if such circumstances have arisen, specify those circumstances, and

(b) where the service provider has, during that financial year, been required to provide the Bank with a compliance statement stating whether or not the requirement has been complied with.

(3) A report under this section must be in a form publicly notified by the Bank.

(4) The following are prescribed enactments for the purpose of this section:

(a) section 35 of the Insurance Act 1989 ;

(b) section 47 of the Central Bank Act 1989;

(c) section 89 of the Building Societies Act 1989 ;

(d) section 38 of the Trustee Savings Banks Act 1989 ;

(e) section 258 of the Companies Act 1990 ;

(f) section 15 of the Unit Trusts Act 1990 ;

(g) section 16 of the Investment Limited Partnerships Act 1994 ;

(h) section 33 of the Investment Intermediaries Act 1995 ;

(i) section 34 of the Stock Exchange Act 1995 ;

(j) section 122 of the Credit Union Act 1997 ;

(k) regulations 7, 8 and 9 of the Supervision of Credit Institutions, Stock Exchange Member Firms and Investment Business Firms Regulations 1996;

(l) regulation 85 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003;

(m) any other provision of an Act or regulations declared under subsection (5) to be a prescribed enactment for the purpose of this section.

(5) The Bank may, by notice published in Iris Oifigiúil, declare a provision of an Act or regulations to be a prescribed enactment for the purpose of this section.

Duty of auditor to provide Bank with copies of certain reports.

27C.—(1) If the auditor of a regulated financial service provider provides the financial service provider, or those concerned in its management, with a report on a matter that has come to the auditor's notice while auditing the accounts of the financial service provider or carrying out any other work for the financial service provider of a kind specified by the Bank, the auditor shall provide the Bank with a copy of the report. The copy must be provided at the same time as, or as soon as practicable after, the original is provided to the financial service provider or those concerned in its management.

(2) If—

(a) an auditor of a regulated financial service provider invites the financial service provider, or the persons concerned in its management, to comment on a draft of a report referred to in subsection (1), and

(b) the financial service provider or those persons comment on the draft in response to the invitation,

the obligation of the auditor under that subsection applies only to the final version of the report.

(3) If, in relation to the financial year of a regulated financial service provider, there has been no reason for the auditor of the service provider to provide such a report, the auditor shall nevertheless notify the Bank in writing that this is the case.

Duty of auditor to provide Bank with copies of reports sent to Director of Corporate Enforcement.

27D.—Whenever an auditor of a regulated financial service provider that is a company provides the Director of Corporate Enforcement with a report or other document in accordance with a requirement imposed by the Companies Acts or any other enactment, the auditor shall also provide the Bank with a copy of that report or document. The copy must be provided at the same time as, or as soon as practicable after, the original is provided to the Director of Corporate Enforcement.

Bank may request auditor of regulated financial service provider to provide Bank with report on certain matters.

27E.—(1) The Bank may, by notice in writing, request an auditor of a regulated financial service provider, or an affiliate of the auditor, to provide the Bank with a report on all or any of the following:

(a) the service provider's accounting or other records;

(b) the systems (if any) that the service provider has in place to ensure that the service provider acts prudently in the interests of its members (if a company or firm) and the interests of those to whom the service provider provides financial services;

(c) any other matter in respect of which the Bank requires information about the service provider, or the service provider's activities, to enable the Bank to perform a function imposed on it by or under an Act.

(2) The auditor or affiliate shall comply with such a request within such period as is specified in the request, or within such extended period as the Bank may allow.

(3) If the Bank so directs, the auditor or affiliate shall not, without the consent of the Bank, disclose to the financial service provider concerned, or any person concerned in the management of, or employed by, that service provider—

(a) the fact that the auditor or affiliate has received a request under subsection (1), or

(b) any information that might lead that service provider, or any such person, to suspect that the auditor or affiliate has received such a request.

Bank may require auditor of regulated financial service provider to provide certain documents.

27F.—(1) The Bank may, by notice in writing, require an auditor of a regulated financial service provider, or an affiliate of the auditor, to provide the Bank with a copy of any record or information provided or obtained by the auditor or affiliate in connection with an audit of the financial service provider's accounts that is in the possession of the auditor or affiliate.

(2) The auditor or affiliate shall comply with such a request within such period as is specified in the request, or within such extended period as the Bank may allow.

(3) If the Bank so directs, the auditor or affiliate shall not, without the consent of the Bank, disclose to the financial service provider concerned, or any person concerned in the management of, or employed by, that service provider—

(a) the fact that the auditor or affiliate has received a request under subsection (1), or

(b) any information that might lead that service provider, or any such person, to suspect that the auditor or affiliate has received such a request.

Offences by auditors and affiliates under this Chapter.

27G.—(1) An auditor of a regulated financial service provider who, without reasonable excuse, fails to comply with section 27B(2), 27C(1), 27D, 27E(2) or 27F(2), or contravenes section 27E(3) or 27F(3), commits an offence and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.

(2) An affiliate of an auditor of a regulated financial service provider who, without reasonable excuse, fails to comply with section 27E(2) or 27F(2), or contravenes section 27E(3) or 27F(3), commits an offence and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.

(3) An auditor who, having been convicted of an offence of failing to comply with a provision of section 27B, 27C, 27D, 27E or 27F, continues to fail to comply with the provision commits a further offence on each day or part of a day during which the failure continues after that conviction and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

(4) An affiliate of an auditor who, having been convicted of an offence of failing to comply with a provision of section 27E or 27F, continues to fail to comply with the provision commits a further offence on each day or part of a day during which the failure continues after that conviction and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

Auditors to have certain immunities from liability.

27H.—An auditor or an affiliate of a regulated financial service provider does not—

(a) contravene any duty of confidentiality owed to the service provider or to its creditors or clients or, if the service provider is an incorporated or unincorporated body, to its members, or

(b) incur any tortious liability,

only because the auditor or affiliate complies with a duty imposed on the auditor or affiliate by this Part.

Offence to provide false or misleading information for the purposes of this Part.

27I.—Any person who, in a return, statement or other document required by or under a provision of this Part or a regulation made for the purposes of this Part, provides information that the person knows, or ought reasonably to know, is false or misleading in a material respect commits an offence and is—

(a) if tried summarily, liable on conviction to a fine not exceeding €2,000 and to imprisonment for a term not exceeding 3 months, or both, or

(b) if tried on indictment, liable on conviction to a fine not exceeding €75,000 or to imprisonment for a term not exceeding 12 months, or both.

Who may prosecute offences against this Part that are to be tried summarily.

27J.—Proceedings for an offence against a provision of this Part that is to be tried summarily may be brought and prosecuted only by the Bank or the Director of Public Prosecutions.

Limitation period for bringing proceedings for summary trial of offence against this Part.

27K.—Proceedings for an offence against a provision of this Part that is to be tried summarily may be brought at any time within 2 years after the date on which the offence is alleged to have been committed or, if the commission of the offence is discovered after the end of that period, within 2 years after the discovery of the commission of the offence. This section has effect despite section 10(4) of the Petty Sessions (Ireland) Act 1851.”.

Definitions (Part V).

28.—In this Part—

‘Appeals Tribunal’ means the Irish Financial Services Appeals Tribunal established under Part VIIA of the Central Bank Act 1942 ;

‘authorisation’ means an authorisation authorising a person to carry on—

(a) a bureau de change business, or

(b) a money transmission business,

and, if an authorisation is amended in accordance with section 34, means the authorisation as amended;

‘bureau de change business’ means a business that comprises or includes providing members of the public with a service that involves buying or selling foreign currency, other than a service that is provided—

(a) by a person or body regulated by the Bank referred to in section 32(1) (a) to (k) of the Criminal Justice Act 1994 , or

(b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the Bank under a designated enactment or designated statutory instrument), or

(c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body;

‘inspector’ means a person holding office as an inspector under section 36G;

‘money’ includes any representation of money (such as a cheque) and any means by which monetary value is stored;

‘money transmission business’ means a business that comprises or includes providing a money transmission service to members of the public;

‘money transmission service’ means a service that involves transmitting money by any means, other than such a service provided—

(a) by a person or body referred to in section 32(1)(a) to (k) of the Criminal Justice Act 1994 , or

(b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the Bank under a designated enactment or designated statutory instrument), or

(c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body;

‘officer’, in relation to a person that is a body corporate, means any person concerned in the direction or management of the body;

‘regulated business’ means a bureau de change business or a money transmission business;

‘this Part’ includes all regulations in force under this Part;

‘transmitting’ includes transmitting—

(a) by means of a message or other form of communication, or

(b) by means of a transfer instrument, or

(c) by means of a clearing network.

Person prohibited from carrying on regulated business without authorisation.

29.—(1) A person shall not carry on a regulated business unless the person is the holder of an authorisation.

(2) A person who contravenes subsection (1) commits an offence and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €100,000.

(3) A person who, after being convicted of an offence under subsection (2), continues to contravene subsection (1) commits a further offence on each day or part of a day during which the contravention continues and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €200 for each such day or part of a day, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €7,500 for each such day or part of a day.

(4) This section does not have effect in relation to a person who carries on a money transmission business until 6 months after the commencement of section 27 of the Central Bank and Financial Services Authority of Ireland Act 2004.

Applications for authorisations.

30.—(1) A person who wishes to carry on a regulated business can apply to the Bank for an authorisation to carry on such a business.

(2) An application must—

(a) be in a form provided or specified by the Bank, and

(b) contain such information, and be accompanied by such documents, as the Bank requests, and

(c) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection.

(3) The Bank may, by written notice given to an applicant, require the applicant to provide such additional information and documents as are reasonably necessary to enable it to determine the application. If such a requirement is not complied with within a period specified in the notice, not less than 14 days, the Bank may refuse the application.

Grant and refusal of applications for authorisation.

31.—(1) Except as provided by subsection (2), the Bank shall grant an application for an authorisation that complies with section 30.

(2) The Bank may refuse an application for an authorisation that complies with section 30 only if it is of the opinion that—

(a) to grant the application would be inconsistent with the effective enforcement of any law of the State the purpose of which is to prevent or inhibit money laundering or terrorism, or

(b) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to properly fulfil the obligations imposed on holders of authorisations by or under this Part, or

(c) information given to the Bank by or on behalf of the applicant in connection with the application is materially false or misleading.

(3) If the Bank proposes to refuse an application, it shall serve on the applicant a notice in writing—

(a) specifying the grounds on which it is proposed to refuse the application, and

(b) informing the applicant that the applicant may, within 21 days after the giving of the notice, make written representations to the Bank showing why the application should be granted.

(4) Not later than 21 days after being given a notice under subsection (3), the applicant may make written representations to the Bank showing why the application should be granted.

(5) The Bank may refuse an application only after having considered any representations made by the applicant in accordance with subsection (4).

(6) If the Bank refuses an application, it shall immediately give to the applicant written notice of the refusal. The notice must include a statement setting out the reasons for the refusal.

(7) On granting an application for an authorisation, the Bank shall—

(a) record the appropriate particulars of the applicant in the register of persons authorised to carry on bureau de change businesses or money transmission businesses, and

(b) issue the applicant with an authorisation authorising the applicant to carry on the regulated business to which the application relates.

Effect and term of authorisation.

32.—(1) An authorisation authorises the holder to carry on a regulated business subject to and in accordance with the conditions of the authorisation.

(2) An authorisation remains in force until revoked under this Part.

Bank may impose conditions when granting an application for an authorisation.

33.—(1) In granting an application for an authorisation, the Bank may impose on the applicant such conditions as it considers necessary for the proper and orderly regulation of the applicant's business and, in particular, for preventing the business from being used to launder money or to finance terrorism.

(2) If the Bank grants an application subject to conditions, it shall specify those conditions in the authorisation granted to the applicant or in one or more documents annexed to that authorisation.

Bank may amend authorisation.

34.—The Bank may from time to time amend an authorisation—

(a) by varying any of its conditions, or

(b) by replacing or revoking an existing condition, or

(c) by adding a new condition,

but only after giving to that holder a notice in writing of its intention to do so and an opportunity to be heard by, or to make written representations to, the Bank in relation to the proposed amendment.

Offence to fail to comply with certain conditions and requirements.

35.—(1) The holder of an authorisation shall comply with—

(a) the requirements imposed on holders of authorisations by this Part, and

(b) the conditions (if any) of the authorisation, and

(c) the requirements (if any) imposed by regulations in force under this Part.

(2) A person who fails to comply with subsection (1) commits an offence and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.

Revocation of authorisation by Bank on application of holder.

36.—The Bank shall revoke an authorisation on the application of the holder of the authorisation, but only if satisfied that the holder of the authorisation has fully complied with the provisions of this Part and the conditions of the authorisation.

Revocation of authorisation by Bank otherwise than on application of holder.

36A.—(1) The Bank may revoke an authorisation on being satisfied on reasonable grounds that—

(a) the holder of the authorisation has not begun to carry on a regulated business within 12 months after the date on which the authorisation was granted, or

(b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months, or

(c) the authorisation was obtained by means of a false or misleading representation, or

(d) the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply with a provision of this Part, a condition of the authorisation or a requirement imposed by or under this Part, or

(e) if the holder of the authorisation is a natural person, the holder is adjudicated bankrupt, or

(f) if the holder of the authorisation is a partnership, the partnership is dissolved by the death or bankruptcy of a partner or because of the operation of a provision of the Partnership Act 1890, or

(g) if the holder of the authorisation is a body corporate, the winding-up of the body has commenced, or

(h) the holder of the authorisation is so structured, or business of the holder is so organised, that the holder is no longer capable of being regulated to the satisfaction of the Bank, or

(i) the circumstances under which the authorisation was granted have changed to the extent that an application for authorisation would be refused had the application been made in the changed circumstances, or

(j) the holder of the authorisation suspends payments due to creditors, or is unable to meet any other obligations to creditors of the holder, or

(k) if the holder of the authorisation is a branch or subsidiary of a body corporate that has its head office in another country that is an EEA country, the authority of that other country that performs functions similar to those of the Bank under this Part has terminated the authority of that body to carry on a regulated business in that other country, or

(l) the holder of the authorisation, or officer of that holder, is convicted of—

(i) an offence against this Part or against any other designated enactment or designated statutory instrument, or

(ii) an offence involving fraud, dishonesty, breach of trust, money laundering or financing terrorism.

(2) If the Bank proposes to revoke an authorisation, it shall serve on the holder of the authorisation a notice in writing informing the holder of the Bank's intention to revoke the authorisation. The notice must—

(a) specify the grounds on which it is proposed to revoke the authorisation, and

(b) inform the holder of the authorisation that the holder may, within 21 days after service of the notice, make written representations to the Bank showing why the authorisation should not be revoked.

(3) Not later than 21 days after a notice is served on the holder of an authorisation in accordance with subsection (2), the holder may make written representations to the Bank showing why the authorisation should not be revoked.

(4) The Bank may revoke the authorisation only after having considered any representations made by the holder of the authorisation in accordance with subsection (3).

(5) As soon as practicable after revoking an authorisation under this section, the Bank shall give written notice of the revocation to the person who was the holder of the authorisation. The notice must include a statement of the reasons for revoking the authorisation.

(6) Revocation of an authorisation under this section takes effect on and from the date of the notice of revocation or, if a later date is specified in the notice, on and from that date, irrespective of whether an appeal against the revocation is made under Part VIIA of the Central Bank Act 1942 .

Bank may direct holder of authorisation to suspend business.

36B.—(1) If the Bank reasonably believes that there may be grounds for revoking an authorisation under section 36A, it may give to the holder of the authorisation a direction in writing prohibiting it from carrying on a regulated business otherwise than in accordance with conditions specified by the Bank.

(2) A direction given under this section—

(a) must include a statement of the Bank's reasons for giving the direction and specify the conditions with which the holder of the authorisation must comply, and

(b) remains in force for such period (not exceeding 6 months) as is specified in the direction.

(3) A direction takes effect from the date of the direction or, if a later date is specified in the direction, from that date, irrespective of whether or not the holder of the authorisation appeals against the direction.

(4) The holder of an authorisation shall comply with a direction given under this section and the conditions (if any) contained in the direction.

(5) The Bank may, by notice in writing given to the holder of the authorisation concerned, amend or revoke a direction given under this section.

(6) Without limiting subsection (5), the Bank may from time to time, by notice in writing given to the holder of the authorisation concerned, extend the period during which a direction remains in force by a further period not exceeding 6 months.

(7) A direction given under this section ceases to have effect—

(a) at the end of the period specified in the direction, or if the period is extended under subsection (6), at the end of the extended period, or

(b) on the revocation of the holder's authorisation under this Part,

whichever first occurs.

(8) A person who contravenes a direction given under this section, or fails to comply with a condition of the direction, commits an offence and—

(a) if tried summarily, is liable on conviction to a fine not exceeding €2,000, or

(b) if tried on indictment, is liable on conviction to a fine not exceeding €75,000.

Bank to publish notice of revocation or suspension.

36C.—As soon as practicable after revoking an authorisation under section 36 or 36A, or giving a direction under section 36B, the Bank shall publish in a publication of its choice a notice giving particulars of the revocation or direction.

Bank to keep register of persons authorised to carry on regulated businesses.

36D.—(1) The Bank is required to establish and keep a register of persons authorised to carry on regulated businesses.

(2) The register must contain the name and the address of the principal place of business of each person authorised to carry on a regulated business and such other information as the Bank determines.

(3) The register may be in book form, electronic form or such other form as the Bank determines from time to time. If the register is kept in an electronic form that is not visually readable, it must be capable of being reproduced in a visually readable form.

(4) The Bank is to keep the register at its head office or at such other place as it specifies by notice published in Iris Oifigiúil.

(5) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of the Bank.

(6) A member of the public is entitled to obtain a copy of the register or of an entry in a register on payment of a fee of such amount (if any) as may be prescribed under section 33K of the Central Bank Act 1942 for the purposes of this subsection.

Bank to publish list of persons authorised to carry on regulated businesses.

36E.—The Bank shall, not less frequently than once during every period of 12 months after the commencement of this section, publish in a publication of its choice a list of persons authorised to carry on regulated businesses. If regulations in force under this Part so require, the list must contain such other particulars as are prescribed by those regulations.

Holders of authorisations to keep certain records.

36F.—(1) The holder of an authorisation shall—

(a) keep at an office or offices within the State such records as may be specified from time to time by the Bank, and

(b) notify the Bank in writing of the address of the office or offices where those records are kept.

Different kinds of records may be specified under this subsection for different kinds of authorisations.

(2) The requirement imposed by subsection (1) is additional to any other requirement imposed by law with respect to the keeping of records by the holder of an authorisation.

(3) The holder of an authorisation shall keep the records referred to in subsection (1) for such period as the Bank notifies in writing to that holder.

(4) The holder of an authorisation may keep documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.

Appointment of inspectors.

36G.—(1) The Bank may, in writing, appoint employees of the Bank or other suitably qualified persons to be inspectors for the purpose of securing compliance with this Part, or with any specified provisions of this Part.

(2) The Bank may, in writing, revoke the appointment of an inspector whenever it considers it appropriate to do so.

Powers of inspectors with respect to holders of authorisations.

36H.—(1) An inspector may, at all reasonable times on production of evidence of the person's appointment, enter any premises at which the inspector reasonably believes that a regulated business is being carried on.

(2) An inspector who has entered premises in accordance with subsection (1) may exercise all or any of the following powers:

(a) inspect the premises;

(b) request any person on the premises who apparently has control of, or access to, records that relate to a regulated business to produce the records for inspection;

(c) inspect records produced in accordance with such a request or found in the course of inspecting the premises;

(d) take copies of those records or of any part of them, and

(e) request any person who appears to the authorised person to have information relating to the records, or to a regulated business, to answer questions with respect to the records or that business.

(3) A person to whom a request is made in accordance with subsection (2) shall—

(a) comply with the request so far as it is possible to do so, and

(b) give such other assistance and information to the inspector with respect to the regulated business as is reasonable in the circumstances.

(4) The powers conferred by subsection (2) may also be exercised in relation to any other person who, in the opinion of the Bank or an inspector, has information that is materially relevant to the exercise of those powers in relation to a regulated business.

(5) The production of a record in compliance with a request made under this section does not prejudice a person's lien over the record.

(6) Nothing in this section requires a legal practitioner to produce a record that contains a privileged communication made by or to the practitioner or to disclose any information that relates to the communication.

(7) In this section—

‘legal practitioner’ means a barrister or solicitor;

‘suitably qualified person’ means any person (other than an employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on inspectors by this section.

Offence to obstruct inspectors in the exercise of their powers.

36I.—A person who—

(a) obstructs an inspector in the exercise of a power conferred on inspectors by this Part, or

(b) without reasonable excuse, fails to comply with a requirement or request made by an inspector under this Part, or

(c) in purported compliance with such a requirement or request, gives information that the person knows to be false or misleading,

commits an offence and is liable on summary conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both.

Court may make enforcement orders.

36J.—(1) If a person has engaged, is engaging or is about to engage in conduct that involved, involves or would involve—

(a) contravening a provision of this Part, or

(b) attempting to contravene such a provision, or

(c) aiding, abetting, counselling or procuring a person to contravene such a provision, or

(d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene such a provision, or

(e) being in any way, directly or indirectly, knowingly concerned in, or a party to, the contravention by a person of such a provision, or

(f) conspiring with others to contravene such a provision,

the Court may make an order restraining the person from engaging in the conduct. The Court may include in the order a requirement that the person do a specified act.

(2) If a person has refused or failed, is refusing or failing, or is about to refuse or fail, to do an act that the person is required to do by or under a provision of this Part, the Court may make an order requiring the person to do that act.

(3) An order under this section may be made only on the application of the Bank or some other person whose interests have been, are or would be affected by the conduct or by the refusal or failure to do the act concerned.

(4) The Court may hear an application for an order under this section only if it is satisfied that the person in relation to whom the order is sought has been served with a copy of the application at least 7 days before the hearing.

(5) An order under this section may be made on such terms as the Court thinks appropriate.

(6) The Court may grant an interim order pending the determination of an application under this section.

(7) If the Bank applies to the Court to make an order under this section, the Court may not require the applicant or any other person to give an undertaking as to damages as a condition of granting an interim order.

(8) The Court may discharge or vary an order made under this section.

(9) The power of the Court to make an order restraining a person from engaging in conduct may be exercised—

(a) whether or not it appears to the Court that the person intends to repeat, or to continue, the conduct, and

(b) whether or not the person has previously engaged in that kind of conduct, and

(c) whether or not there is an imminent danger of substantial damage to any other person if the person engages in that kind of conduct.

(10) The power of the Court to grant an injunction requiring a person to do an act may be exercised—

(a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act, and

(b) whether or not the person has previously refused or failed to do that act, and

(c) whether or not there is an imminent danger of substantial damage to any other person if the person refuses or fails to do that act.

(11) Whenever the Court has power under this section to make an order restraining a person from engaging in particular conduct, or requiring a person to do a particular act, it may, either in addition to or instead of making such an order, order the person to pay damages to another person.

Offences by persons concerned in management of bodies corporate.

36K.—(1) If a body corporate commits an offence under this Part, each person who was, at the time the offence is found to have been committed, an officer of the body commits an offence, unless the person establishes that—

(a) the body committed the offence without the person's knowledge, or

(b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence.

(2) A person may be charged with having committed an offence under this section even if the body corporate concerned is not charged with having committed an offence under this Part in relation to the same matter.

(3) A person who is convicted of an offence under this section is—

(a) if tried summarily, liable on conviction to a fine not exceeding €2,000 or to imprisonment for a term not exceeding 3 months, or both, or

(b) if tried on indictment, liable on conviction to a fine not exceeding €50,000 or to imprisonment for a term not exceeding 12 months, or both.

Decisions of Bank under this Part to be appealable decisions for purposes of Part VIIA of Central Bank Act 1942.

36L.—The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942 :

(a) the refusal of an application made under section 30;

(b) the imposition of conditions on the granting of an authorisation (not being conditions prescribed by regulations in force under this Part);

(c) the amendment of an authorisation under section 34;

(d) the revocation of an authorisation under section 36A;

(e) the giving of a direction under section 36B.

Bank may make regulations for purposes of this Part.

36M.—(1) The Bank may make regulations, not inconsistent with this Part, for or with respect to any matter that by this Part is required or permitted to be prescribed, or that is necessary or expedient to be prescribed, for carrying out or giving effect to this Part.

(2) A regulation under section 33J or 33K of the Central Bank Act 1942 may require holders of authorisations to pay a levy or fee for the purposes of this Part, or both a levy and fee.

(3) If a regulation under section 33J or 33K of the Central Bank Act 1942 imposes a requirement to pay a levy or fee to the Bank and the holder of an authorisation fails to pay the fee within the period, or by the date, specified in the regulation, the Bank may, by proceedings brought in a court of competent jurisdiction, recover the amount of the levy or fee from the holder as a debt due to the Bank.

(4) A provision of a regulation under this section may—

(a) apply generally or be limited in its application by reference to specified exceptions or factors, or

(b) apply differently according to different factors of a specified kind, or

(c) authorise any matter or thing to be from time to time determined, applied or regulated by a specified person or body,

or may do any combination of those things.

Performance and exercise of Bank's functions and powers to be consistent with performance of certain responsibilities of Governor.

36N.—The Bank shall perform and exercise the functions and powers imposed or conferred on it by this Part in a manner consistent with the performance by the Governor of the responsibilities imposed on the Governor by section 19A of the Central Bank Act 1942 .”.