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ARTICLE · 02 SEPTEMBER 2013

Central Bank Supervision And Enforcement Act 2013

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The Central Bank (Supervision and Enforcement) Act, 2013 (the "Act") was enacted on 11 July 2013 and came into operation on the 1 August 2013, with the exception of Section 72.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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Background

The Central Bank (Supervision and Enforcement) Act, 2013 (the "Act") was enacted on 11 July 2013 and came into operation on the 1 August 2013, with the exception of Section 72. This Act significantly enhances the capacity of the Central Bank of Ireland ("Central Bank") to supervise regulated financial services providers and enforce financial services legislation, particularly by:

  • Increasing its powers to investigate, give directions and make regulations;
  • Consolidating and augmenting the authorised officer role;
  • Providing protection for whistleblowers; and
  • Increasing the level of sanctions it may impose.

In addition it brings debt management firms into the regulatory regime for the first time and it provides that a third country credit institution can now apply to the Central Bank to establish a branch in Ireland.

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