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ARTICLE · 21 JUNE 2017

Under The Spotlight Of The Central Bank

Dillon Eustace
Dillon Eustace
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Muireann Reedy examines the potential implications of the Central Bank's powers for those involved in the management of regulated entities.

IrelandWealth Management
Dillon Eustace
Dillon Eustace
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Muireann Reedy examines the potential implications of the Central Bank's powers for those involved in the management of regulated entities.

Regulated entities and those involved in their management need to be aware of the potential consequences of not running a tight ship. Professional advisors to regulated firms, or even to entities related to such undertakings, should also be aware that the Central Bank can also come knocking at their door, using its compulsory information-gathering powers.

The Administrative Sanctions Procedure

The Central Bank's enforcement regime, the Administrative Sanctions Procedure (ASP), was introduced in 2004 by amendment to the Central Bank Act 1942. It has evolved since then, most significantly since the introduction of the Central Bank (Supervision and Enforcement) Act 2013, which gave the Central Bank wide-ranging compulsory powers. These powers are frequently used in ASP investigations.

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