The Central Bank (Supervision and Enforcement) Act 2013 (the "Act") comes into force today, 1 August 2013. It is likely to be the last significant piece of regulatory legislation to follow on from the financial crisis.
The Act, which underwent a series of changes after it was first presented to the Oireachtas in July 2011, introduces a number of significant new powers for the Central Bank of Ireland. However, it is those changes which the Act makes to existing legislation that will, in our view, be of particular interest to clients. Some of these are expected, some timely, while one or two are a little surprising.
We have prepared a detailed note in which we provide our insight into some of these changes. We especially consider the impact they will have on clients operating in the Irish market.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
