(1) Subject to subsection (2), 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) shall register with the Bank.
(2) Subsection (1) shall not apply to a designated person that is authorised or licensed to carry on its activities by, or is registered with, the Bank under -
(a) an Act of the Oireachtas (other than this Act),
(b) a statute that was in force in SaorstátÉireann immediately before the date of the coming into operation of the Constitution and that continues in force by virtue of Article 50 of the Constitution, or
(c) an instrument made under an Act of the Oireachtas or a statute referred to in paragraph (b).
(3) A designated person who is required to register under this section commits an offence if the person fails to do so and is liable -
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or
(b) on conviction on indictment to
…