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ARTICLE · 19 SEPTEMBER 2011

Central Bank (Supervision and Enforcement) Bill 2011

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The Central Bank (Supervision and Enforcement) Bill, 2011 (the "Bill") was initiated on 28 July, 2011.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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Introduction

The Central Bank (Supervision and Enforcement) Bill, 2011 (the "Bill") was initiated on 28 July, 2011. While only at the initial stage in the Oireachtas, when enacted the Bill will provide the Central Bank of Ireland (the "Central Bank") with significantly enhanced powers regarding the supervision of regulated financial service providers and the enforcement of financial services legislation. In doing so, it will provide welcome protection to persons who act as "whistleblowers" in respect of regulated financial service providers. However, the Bill in its current form is not without its controversies.

In this article we set out the main provisions of the Bill, explore any potential overlap it may have with the Criminal Justice Act, 2011 (which came into force on 9 August 2011) and highlight some concerns over certain provisions of the Bill in its current form.

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