1.1 LEGISLATIVE BASIS
Part 1 and Part 2 of this Code (the Standards) are issued by the Central Bank pursuant to the powers set out in Section 50 of the Central Bank Reform Act 2010 (the Act).
Terms used in Part 1 and Part 2 of this Code have the meaning given to them in the introduction to this Code.
The Standards may be amended or supplemented by the Central Bank from time to time. Failure by a person to comply, or indicate an ability to comply, with the Standards where it is relevant to the exercise of a controlled function, may have consequences under the Act including the following:
i) where the approval of the Central Bank is being sought to permit a person to perform a pre-approval controlled function, lead to approval being refused;
ii) where a person is performing a controlled function, lead to an investigation being conducted in relation to the fitness and probity of that person to perform the controlled function;
iii) cause that person to be the subject of a suspension notice
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