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ARTICLE · 08 OCTOBER 2013

Summary Obligations Of The Central Bank (Supervision And Enforcement) Act 2013

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The recently enacted Central Bank Act 2013 will fundamentally change the regulatory landscape in banking and financial services.

IrelandFinance and Banking
John Breslin
John Breslin
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The recently enacted Central Bank (Supervision and Enforcement) Act 2013 ("2013 Act") will fundamentally change the regulatory landscape in banking and financial services. It greatly enhances  the powers of the Central Bank of Ireland ("CBI") in a number of respects. These include the following:

It gives the CBI the power to write rules in a broad range of areas including conduct of business, financial regulation systems and procedures and dealing with client assets. The CBI is not obliged to consult with persons other than the Minister for Finance before making these rules. Notwithstanding it is hoped that the CBI will engage in a robust consultation exercise with industry in advance of finalising these rules.

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