(1) In this Act, unless the context otherwise requires -
"Appeals Tribunal" means the Irish Financial Services Appeals Tribunal established by section 57C;
"appointed member" means a member of the Commission referred to in section 18CA(1)(b);
"appointed member of the Commission" means a member of the Commission referred to in section 18CA(1)(b);
"associated entity" in relation to a financial service provider, means -
(a) a holding company of the financial service provider, or
(b) a subsidiary company of the financial service provider, or
(c) a company that is a subsidiary of a body corporate, if the financial service provider is also a subsidiary of the body, but neither company is a subsidiary of the other, or
(d) if a financial service provider is a company, any other body corporate that is not a subsidiary of the company but in respect of which the company is beneficially entitled to more than 20 per cent of the nominal value of either -
(i) the allotted share capital, or
(ii) the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in that other body corporate,
or
(e) a partnership or joint venture in which the financial service provider has a financial interest;
"approved stock exchange" means a stock exchange approved under section 9 of the Stock Exchange Act 1995;
"Bank" means the Central Bank of Ireland;
"Capital Requirements Regulation" means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as amended by -
(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 2014 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,
(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,
(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,
(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,
(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,
(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 2017 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,
(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,
(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,
(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and
(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;
"Central Bank Acts" means the Central Bank Acts 1942 to 1998 and includes any later Act that is to be construed as one with those or any of those Acts;
"Commission" means the Central Bank Commission;
"consolidated bank note" has the same meaning as in the Currency Act 1927;
"credit union" has the meaning given by the Credit Union Act 1997;
"Currency Act 1927" means that Act as adapted in consequence of the Constitution;
"Deputy Financial Services and Pensions Ombudsman" means a person appointed under section 8(1)(b) of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017);
"designated enactments" means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;
"designated statutory instruments" means the statutory instruments specified in Part 2 of Schedule 2;
"ECB" means the European Central Bank;
"EEA country" means a country that is a member of the European Economic Area;
"employee", in relation to the Bank, includes the Secretary of the Bank;
"enactment" includes any instrument made under an enactment;
"ESCB Statute" means the Statute of the European System of Central Banks and of the European Central Bank as set out in Protocol (No. 3) (annexed by the Treaty on European Union done at Maastricht on February 1992) to the Rome Treaty;
"ex-officio member" means a member of the Commission referred to in section 18CA(1)(a);
"ex-officio member of the Commission" means a member of the Commission referred to in section 18CA(1)(a);
"financial futures and options exchange" has the meaning given by section 97 of the Central Bank Act 1989;
"Financial Services and Pensions Ombudsman" means a person appointed under section 8(1)(a) of the Financial Services and Pensions Ombudsman Act 2017 (No. of 2017);
"financial services" include financial products;
"financial service provider" means a person who carries on a business of providing one or more financial services;
"financial year" means a period of 12 months ending on 31 December or, if the Minister, by order notified in Iris Oifigiúil, has prescribed a different period for the purposes of this Act, that other period;
"function" includes duty;
"general fund" means the fund referred to in section 32F;
"Governor" means the person holding office as the Governor of the Bank, and includes -
(a) any person appointed to act as Governor in accordance with section 22, and
(b) the Head of Central Banking when carrying out responsibilities of the Governor in accordance with section 22A;
"Head of Central Banking" shall be construed in accordance with section 23;
"Head of Financial Regulation" shall be construed in accordance with section 23;
"Head of Function" shall be construed in accordance with section 23;
"holding company" means a company that has one or more subsidiary companies;
"law" includes the Rome Treaty and the ESCB Statute;
"local authority" means a local authority for the purposes of the Local Government Act 2001;
"member" means an appointed member or an ex-officio member;
"member of the Commission" means an appointed member or an ex-officio member;
"Minister" means the Minister for Finance;
"officer" means each Head of Function, the Secretary of the Bank and the Registrar of Credit Unions;
"power" includes right and privilege;
"publication", in relation to a report or other document, includes publishing the report or document in an accessible form on an Internet website;
"record" means any record of information, however compiled, recorded or stored, and includes -
(a) any book, a register and any other document containing information, and
(b) any disc, tape or other article from which information is capable of being produced in any form capable of being reproduced visually or aurally;
"regulated financial service provider" means -
(a) a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument,
(b) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under this Act or under a designated enactment or designated statutory instrument, or
(bb) a financial service provider whose business is subject to supervision by the ECB under a designated enactment,
(c) [deleted]
"the regulations" means regulations made by the Minister under section 61A and in force under this Act;
"Rome Treaty" means the Treaty on the Functioning of the European Union done at Rome on 25 March 1957, as amended by the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community signed at Lisbon on 13 December 2007;
"SRB" means the Single Resolution Board established under Article 42 of the SRM Regulation;
"SRM Regulation" means Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 [OJ No. L 225, 30.07.2014, p. 1] establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010;
"SSM Framework Regulation" means Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 2014 [OJ No. L 141, 14.5.2014, p. 1] establishing the framework for co-operation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities;
"SSM Regulation" means Council Regulation (EU) No. 1024/2013 of 15 October 2013 [OJ No. L287, 29.10.2013, p.63] conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions;
"subsidiary company" has the meaning given by section 2A;
"voting rights" means -
(a) in relation to a company that has a share capital, the rights conferred on shareholders by virtue of their shares, or
(b) in relation to a company that does not have a share capital, the rights conferred on members,
to vote at general meetings of the company on all, or substantially all, matters.
(2) In this Act -
(a) a reference to an enactment is, unless the context otherwise requires, a reference to that enactment as amended or extended by or under any subsequent enactment (including this Act), and
(b) a reference to a section is a reference to a section of this Act unless it is indicated that a reference to some other enactment is intended, and
(c) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.
(2A) The following shall be taken to be designated enactments:
(a) Commission Regulation (EC) No 1287/2006 of 10 August 2006 [OJ No. L 241, 02.09.2006, p. 1];
(b) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 [OJ No. L 266, 09.10.2009, p. 11];
(c) Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 [OJ No. L 83, 22.03.2013, p. 1];
(d) Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013 [OJ No. L 132, 16.05.2013, p. 1];
(e) Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 [OJ No. L 132, 16.05.2013, p. 3];
(f) the Capital Requirements Regulation;
(g) Commission Implementing Regulation (EU) No 1249/2012 of 19 December 2012 [OJ No. L 352, 21.12.2012, p. 32];
(h) Commission Delegated Regulation (EU) No 152/2013 of 19 December 2012 [OJ No. L 52, 23.02.2013, p. 37];
(i) Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 [OJ No. L 52, 23.02.2013, p. 41];
(j) Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 [OJ No. L 201, 27.07.2012, p. 1];
(k) the SSM Regulation;
(l) the SSM Framework Regulation;
(m) Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 [OJ No. L 115, 25.04.2013, p. 18];
(n)Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 [OJ No. L 115, 25.04.2013, p. 1];
(o) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) [OJ No. L12, 17.1.2015, p. 1];
(p) Commission Implementing Regulation (EU) 2015/460 of 19 March 2015 laying down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council [OJ No. L76, 20.3.2015, p. 13]
(q) Commission Implementing Regulation (EU) 2015/461 of 19 March 2015 laying down implementing technical standards with regard to the process to reach a joint decision on the application to use a group internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council [OJ No. L76, 20.3.2015, p. 19];
(r) Commission Implementing Regulation (EU) 2015/462 of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the co-operation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/EC of the European Parliament and of the Council [OJ No. L76, 20.3.2015, p. 23];
(s) Commission Implementing Regulation (EU) 2015/498 of 24 March 2015 laying down implementing technical standards with regard to the supervisory approval procedure to use undertaking-specific parameters in accordance with Directive 2009/138/EC of the European Parliament and of the Council [OJ No. L79, 25.3.2015, p. 8];
(t) Commission Implementing Regulation (EU) 2015/499 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Directive 2009/138/EC of the European Parliament and of the Council [OJ No. L79, 25.3.2015, p. 12];
(u) Commission Implementing Regulation (EU) 2015/500 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be followed for the supervisory approval of the application of a matching adjustment in accordance with Directive 2009/138/EC of the European Parliament and of the Council [OJ No. L79, 25.3.2015, p. 18];
(v) Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015;
(va) Commission Delegated Regulation No 1125/2014 of 19 September 2014 supplementing Directive 2014/17/EU of the European Parliament and of the Council with regard to regulatory technical standards on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held by credit intermediaries [OJ L 305, 24.10.2014, p.1];
(w) the SRM Regulation;
(x) Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 2012 [OJ L 94, 30.03.2012, p.22];
(y) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC [OJ L 173, 12.6.2014, p. 1.];
(z) Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 [OJ L 88, 5.4.2016, p.1.];
(aa) Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 [OJ L 153, 10.6.2016, p. 3.];
(ab) Commission Delegated Regulation (EU) 2016/909 of 1 March 2016 [OJ L 153, 10.6.2016, p. 13.];
(ac) Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 [OJ L 160, 17.6.2016, p. 1.];
(ad) Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 [OJ L 160, 17.6.2016, p. 15.];
(ae) Commission Delegated Regulation (EU) 2016/523 of 10 March 2016 [OJ L 88, 5.4.2016, p. 19.];
(af) Commission Delegated Regulation (EU) 2016/347 of 10 March 2016 [OJ L 65, 11.3.2016, p. 49.];
(ag) Commission Delegated Regulation (EU) 2016/378 of 11 March 2016 [OJ L 72, 17.3.2016, p. 1.];
(ah) Commission Delegated Regulation (EU) 2016/959 of 17 May 2016 [OJ L 160, 17.6.2016, p. 23.];
(ai) Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 [OJ L 160, 17.6.2016, p. 29.];
(aj) Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 [OJ L 173, 30.6.2016, p. 34.];
(ak) Commission Implementing Regulation (EU) 2016/1055 of 29 June 2016 [OJ No. L173, 30.6.2016, p. 47.];
(al) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 [OJ No. L257, 28.08.2014, p. 1.];
(am) each of the acts adopted by an institution of the European Union specified in Schedule 9 (inserted by the European Union (Markets in Financial Instruments) (Amendment) Regulations 2017);
(an) Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 [OJ No. L 141, 05.06.2015, p.1];
(ao) Regulation (EU) No 2015/2365 of the European Parliament and of the Council of 25 November 2015 [OJ No. L 337, 23.12.2015, p.1];
(ap) Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 [OJ L352, 9.12.2014, p. 1.];
(aq) Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 [OJ No. L 100, 12.4.2017, p. 1.];
(ar) Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 2016 [OJ, No L171, 29.6.2016, p. 1];
(as) Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions [OJ No. L 294, 11.11.2017, p. 1.];
(at) each of the acts adopted by the European Commission specified in Schedule 10 (inserted by the European Union (Detailed Technical Measures Designation) Regulations 2018 and the European Union (Insurance Distribution) Regulations 2018);
(au) Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 [OJ No. L169, 30.6.2017, p.8];
(av) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 [OJ No L 347, 28.12.2017, p.35];
(aw) Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 [OJ No. L 69, 13.3.2018, p. 23. ];
(ax) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 [OJ No. L 168, 30.6.2017, p. 12.];
(ay) Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 [OJ No. L 166, 21.6.2019, p. 1.];
(az) Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 [OJ No. L 166, 21.6.2019, p. 26.];
(ba) Council Regulation (EC) No. 1338/2001 of 28 June 2001 laying down measures necessary for the protection of the euro against counterfeiting, as amended by Council Regulation (EC) No. 44/2009 of 18 December 2008;
(bb) Regulation (EU) No. 1210/2010 of the European Parliament and of the Council of 15 December 2010 concerning authentication of euro coins and handling of euro coins unfit for circulation;
(bc) Decision ECB/2010/14 of the European Central Bank of 16 September 2010 on the authenticity and fitness checking and recirculation of euro banknotes, as amended by Decision ECB/2012/19 of 7 September 2012 and by Decision ECB/2019/2195 of 5 December 2019.
(ba) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 [OJ No. L317, 9.12.2019, p. 1]];
(bb) Council Regulation (EC) No. 1338/2001 of 28 June 2001 [OJ No. L181, 4.7.2001, p.6] laying down measures necessary for the protection of the euro against counterfeiting, as amended by Council Regulation (EC) No. 44/2009 of 18 December 2008 [OJ No. L17, 22.1.2009, p.1];
(bc) Regulation (EU) No. 1210/2010 of the European Parliament and of the Council of 15 December 2010 [OJ No. L339, 22.12.2010, p.1] concerning authentication of euro coins and handling of euro coins unfit for circulation;
(bd) Decision ECB/2010/14 of the European Central Bank of 16 September 2010 [OJ No. L267, 9.10.2010, p.1] on the authenticity and fitness checking and recirculation of euro banknotes, as amended by Decision ECB/2012/19 of 7 September 2012 [OJ No. L253, 20.9.2012, p.19] and by Decision ECB/2019/2195 of 5 December 2019 [OJ No. L330, 20.12.2019, p.91];
(be) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 [OJ No. L. 314, 5.12.2019, p.1.];
(bf) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 [OJ No. L. 347, 20.10.2020, p. 1.];
(bg) Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 2019 [OJ No. L. 198, 25.7.2019, p.1.].
(bg) Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 [OJ No. L 22, 22.1.2021, p. 1].
(3) A function or responsibility imposed, or a power conferred, on a person by a provision of this Act is not to be taken to be limited merely by implication from another provision, whether of this or any other Act, that imposes a function or responsibility, or confers a power, on that person.
(4) [deleted]
(5) In this Act, a reference to the directors of a company, in relation to a company that does not have a board of directors, is a reference to the persons responsible for directing the operations of the company.
(6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time.
