Among the headline changes introduced by the Central Bank
(Supervision and Enforcement) Act 2013 (the "2013
Act") is the increase in the maximum fines which can
be imposed by the Central Bank of Ireland in the administrative
sanctions procedure. For corporates, maximum fines have increased
from €5 million to €10 million or 10% of the previous
year's turnover. For individuals the maximum fine has increased
from €500,000 to €1 million.
Significantly, the 2013 Act now empowers the CBI to require
regulated entities to produce a 'skilled person' report to
be prepared by a lawyer, accountant or other expert, whose
appointment is subject to CBI approval. While the regulated entity
must bear the costs of the preparation of the report, the CBI can
prescribe the issues that it must address. The CBI's new power
to compel the production of a skilled person report is similar to
the power available to the Prudential Regulation Authority and the
Financial Conduct Authority in the
