A person who is a designated person pursuant to paragraph (a) of the definition of 'financial institution' in section 24(1) and section 25(1)(b) must register with the Bank. Subsection (2) exempts a designated person authorised or licensed to carry on its activities by, or registered with, the Bank under (a) an Act of the Oireachtas (other than this Act), (b) a statute that was in force in Saorstát Éireann immediately before the Constitution and continues under Article 50, or (c) an instrument made under such enactments. Failure to register is an offence: on summary conviction a class A fine or imprisonment up to 12 months (or both); on conviction on indictment a fine or imprisonment up to 5 years (or both).

The Bank shall establish and maintain a Register of persons that register. The Register must record each designated person’s name, the addresses of its head office and registered office, and the activities it carries out that fall within paragraph (a) of the definition of financial institution in section 24(1). The Bank may specify a procedure for registration; the Register may be in book, electronic or other form and may be maintained in non-written form only if it is capable of reproduction in written form. Particulars relating to a person designated under section 25(1)(b) and paragraph (a) may be removed where that person ceases to be so designated or becomes authorised, licensed or registered as described. In this section ‘Bank’ means the Central Bank of Ireland.