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ARTICLE · 21 AUGUST 2013

Central Bank Supervision And Enforcement Powers Enhanced

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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The Central Bank (Supervision and Enforcement) Act 2013 came into force on 1 August 2013.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Mark Browne
Mark Browne
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The Central Bank (Supervision and Enforcement) Act 2013 (the "Act") came into force on 1 August 2013.

On 11 July 2013, the Central Bank (Supervision and Enforcement) Act 2013 (the "Act") was enacted and a commencement order was signed on 25 July 2013 giving effect to the Act as and from 1 August 2013.

The Act enhances the ability of the Central Bank of Ireland (the "Central Bank") to regulate, supervise and take any necessary steps against regulated financial service providers ("RFSP") and the related undertakings, including group companies and partnerships, that an RFSP may be a part of and which may not have been subject to a regulatory regime previously. As a result, the scope of this Act is extensive and unregulated entities must now consider their obligations under the Act where applicable. The key features of the Act are discussed below.

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