The Principal Act is amended by inserting the following Parts before Part IV:

"Part IIIA Irish Financial Services Regulatory Authority

Chapter I Constitution, functions and powers of Regulatory Authority

33A. Interpretation: Part IIIB and Schedule 3.

In this Part and Schedule 3 -

'Chairperson' means Chairperson of the Regulatory Authority;

'member' means a member of the Regulatory Authority;

'other members of the Regulatory Authority' -

(a) when used in a provision relating to the Chief Executive - means a majority of the members of the Regulatory Authority other than the Chief Executive or a person acting as such, and

(b) when used in a provision relating to the Consumer Director - means a majority of the members of the Regulatory Authority other than the Consumer Director or a person acting as such.

33B. Establishment of Regulatory Authority.

(1) There is established by this section a body called 'Údarás Rialála Seirbhísí Airgeadais na hÉireann' or in the English language the 'Irish Financial Services Regulatory Authority'.

(2) The Regulatory Authority is a constituent part of the Bank.

(3) The Regulatory Authority is separate from its members and continues in existence despite any vacancy or change in its membership.