Regulatory Investigations Unit Brochure

Introduction

Since the global financial crisis, both international and domestic financial services sectors have seen ever increasing levels of regulation and inspection and more intrusive and robust regulatory interventions.

This has been evidenced in Ireland, for example, by the introduction of new fitness and probity requirements for certain executives under the Central Bank Reform Act 2010 (including the power to investigate certain executives and suspend or prohibit them from carrying out their functions) and by the increased supervisory and sanctioning powers given to the Central Bank of Ireland (the "Central Bank") under the Central Bank (Supervision and Enforcement) Act 2013 (the "2013 Act"). The 2013 Act doubled the maximum fines (from Euro 5 million to Euro 10 million or 10% of turnover for firms – whichever the greater, and from Euro 500k to Euro 1 million for individuals) which the Central Bank could impose if a negative finding was made against a