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Table of Contents

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Central Bank Reform Act 2010 (No. 23)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-3)1. Short title and collective citation.2. Commencement.3. Interpretation.Part 2 Reform of the Central Bank of Ireland - transitional and saving provisions (ss. 4-17)4. Transitional arrangements in relation to certain office-holders.5. Preservation of rights of employees.6. Arrangements for secondment of certain employees.7. Saving of certain regulations, rules, codes, etc.8. Saving of certain schemes.9. Applications, etc., made to Regulatory Authority.10. Information in possession of Regulatory Authority.11. Regulatory action taken by Regulatory Authority.12. Inquiries, etc., undertaken by Regulatory Authority.13. Legal proceedings to which Regulatory Authority is party.14. Amendments of Central Bank Acts.15. Amendments of other Acts.16. Amendments of statutory instruments.17. Construction of certain references.Part 2A Powers of Bank in Relation to Financial Service Providers (s. 17A)17A. Business standards.Part 3 Powers of Bank in relation to officers, etc., of financial service providers (ss. 18-53)Chapter 1 Preliminary (s. 18)18. Definitions (Part 3).Chapter 2 Controlled functions (ss. 19-23A)19. Definition (Chapter 2).20. Controlled functions.21. Application of standards of fitness and probity.22. Pre-approval controlled functions.23. Appointment of persons to perform pre-approval controlled functions.23A.Chapter 3 Suspension and investigation of fitness and probity of persons performing controlled functions, etc. (ss. 24-41)24. Definition (Chapter 3).25. Head of Financial Regulation may investigate persons' fitness and probity.25A. Notice of investigation26. Head of Financial Regulation may issue suspension notice, etc.27. Effect of suspension notices.28. Suspension notices that have not been confirmed - period of effect.29. Confirmation of suspension notices.30. Enforcement of suspension notice.31. Court's power to extend validity of suspension notices.32. Head of Financial Regulation may require persons to give evidence or produce documents.33. Offence of failing to appear.34. Investigation into fitness and probity - conduct of proceedings.35. Proceedings normally to be in private.36. Offence of failing to produce document, etc.37. Offence of refusing to answer question, etc.38. Privilege for evidence given under this Chapter, etc.39. Payment of allowances and expenses to persons who appear before Head of Financial Regulation.40. Head of Financial Regulation may certify failure to produce document, etc.41. Head of Financial Regulation to prepare report.Chapter 4 Prohibition of certain persons from performing controlled functions (ss. 42-46)42. Definitions (Chapter 4).43. Bank may prohibit person from carrying out controlled function, etc.44. Enforcement of certain prohibition notices.45. Application to Court to confirm prohibition notice.45A. Application to vary or revoke prohibition notice46. Agreement for prohibition notice to have effect without confirmation.Chapter 5 Miscellaneous (ss. 47-53)47. Use of information.48. Offences of providing false or misleading information, etc.49. Penalties for offences under this Part.49A. Service of notices and other documents.50. Standards of fitness and probity.51. Effect of this Part.52. Appointment of nominees, etc., for purposes of this Part.52A. Independence of decision-makers.53. Regulations - facilitation of performance of functions.Part 3A Duty of Responsibility and Conduct Standards (ss. 53A-53I)53A. Interpretation (Part 3A).53B. Duty of responsibility.53C. Duty to take steps to meet conduct standards.53D. Relevant circumstances for purposes of sections 53B and 53C.53E. Common conduct standards.53F. Additional conduct standards.53G. Guidelines on conduct standards.53H. Notification and training for persons subject to conduct standards.53I. Limitation of requirements to produce documents, give information or answer questions.Part 4 Overseas Regulators (s. 54)54. Co-operation with Member State authorities or third country authorities.Part 5 Authorised Officers (ss. 55-66)55. Definitions (Part 5).56. Persons to whom this Part applies.57. Appointment of authorised officers.58. Warrant of appointment.59. Power of authorised officer to enter premises.60. Powers of authorised officer.61. Warrant required to enter premises.62. Authorised officer may attend meetings.63. Production of record subject to legal professional privilege not required.64. Disclosure or production not to be treated as breach or to affect lien.65. Failure to comply with a requirement.66. Offence of obstruction or provision of false information.Schedule 1 Amendments of Central Bank ActsSchedule 1, Part 1 Amendments of Central Bank Act 1942Schedule 1, Part 2 Provisions of the Central Bank Act 1942 repealedSchedule 1, Part 3 Amendments of Central Bank Act 1971Schedule 1, Part 4 Amendments of Central Bank Act 1989Schedule 1, Part 5 Amendments of Central Bank Act 1997Schedule 1, Part 6 Amendment of Central Bank Act 1998Schedule 2 Amendments of other ActsSchedule 2, Part 1 Amendments of Anglo Irish Bank Corporation Act 2009Schedule 2, Part 2 Amendments of Companies (Auditing and Accounting) Act 2003Schedule 2, Part 3 Amendments of Company Law Enforcement Act 2001Schedule 2, Part 4 Amendments of Consumer Credit Act 1995Schedule 2, Part 5 Amendments of Consumer Protection Act 2007Schedule 2, Part 6 Amendments of Credit Institutions (Financial Support) Act 2008Schedule 2, Part 7 Amendments of Credit Union Act 1997Schedule 2, Part 8 Amendments of Disability Act 2005Schedule 2, Part 9 Amendments of Health (Repayment Scheme) Act 2006Schedule 2, Part 10 Amendments of Insurance Act 1989Schedule 2, Part 11 Amendments of National Asset Management Agency Act 2009Schedule 2, Part 12 Amendments of Official Languages Act 2003Schedule 2, Part 13 Amendment of Personal Injuries Assessment Board Act 2003Schedule 2, Part 14 Enactments amended by substituting "Central Bank of Ireland" for "Central Bank and Financial Services Authority of Ireland"Schedule 3 Amendments of statutory instrumentsSchedule 3, Part 1 Amendments of Ethics in Public Office (Prescribed Public Bodies, Designated Directorships of Public Bodies and Designated Positions in Public Bodies) Regulations 2004Schedule 3, Part 2 Amendments of European Communities (Consumer Credit Agreements) Regulations 2010Schedule 3, Part 3 Amendments of European Communities (Cooperation between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2006Schedule 3, Part 4 Amendments of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003Schedule 3, Part 5 Amendments of Market Abuse (Directive 2003/6/EC) Regulations 2005Schedule 3, Part 6 Amendments of Prospectus (Directive 2003/71/EC) Regulations 2005Schedule 3, Part 7 Amendment of Transparency (Directive 2004/109/EC) Regulations 2007Schedule 3, Part 8 Provisions of statutory instruments amended by substituting "Central Bank of Ireland" for "Central Bank and Financial Services Authority of Ireland"
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AI Summary of 26. Head of Financial Regulation may issue suspension notice, etc.

The Head of Financial Regulation has the authority to issue a suspension notice if a person's fitness and probity are under investigation or if a prohibition has been imposed. This action is aimed at ensuring the integrity of financial services and protecting users, necessitating that the individual not perform certain controlled functions during ongoing regulatory processes.

A suspension notice must be in writing, outlining the grounds for suspension, the specified functions impacted, and mandate that the involved parties show cause within five days. The notice also allows the imposition of terms and conditions on the regulated firm to enforce compliance.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 19 April 2023 - onwards
Version 3 of 3

26. Head of Financial Regulation may issue suspension notice, etc.

(1) The Head of Financial Regulation may issue a notice (in this Part called a ‘suspension notice’) in relation to a person if -

(a) subject to subsection (1A), the person’s fitness and probity is or has been the subject of an investigation under section 25, or

(b) the Bank or the Governor has imposed a prohibition on the person under section 43 (whether or not there has been any investigation under section 25),

and the Head of Financial Regulation is satisfied that it is necessary in the interests of the proper regulation of a regulated financial service provider or holding company that the person not perform the relevant controlled function, a part of the relevant controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor, as the case may be, is carrying out any function in relation to the person under this Chapter or Chapter 4.

(1A) In paragraph (a) of subsection (1), the reference to an investigation under section 25 does not include an investigation in the circumstances referred to in paragraph (aa) of section 25(2), unless any other paragraph of section 25(2) also applies.

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