1. Irish Financial Services Law
  2. Legislation (IE)
  3. Acts
  4. 2010
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  1. Central Bank Reform Act 2010 (No. 23)
  2. Part 3A Duty of Responsibility and Conduct Standards (ss. 53A-53I)
  3. 53B. Duty of responsibility.
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 29 December 2023 - onwards
  Version 2 of 2    

53B. Duty of responsibility.

(1) For the purposes of this section -

(a) a person has inherent responsibility for an aspect of the affairs of a regulated financial service provider if -

(i) the person performs a pre-approval controlled function in relation to the regulated financial service provider, and

(ii) the aspect of its affairs is specified in relation to that function by regulations made under section 48(2)(ba) of the Central Bank (Supervision and Enforcement) Act 2013,

and

(b) a person has allocated responsibility for an aspect of the affairs of a regulated financial service provider if -

(i) the person performs a pre-approval controlled function in relation to the regulated financial service provider, and

(ii) responsibility for the aspect of its affairs has been allocated to the person performing that function under arrangements adopted by the regulated financial service provider in accordance with regulations made under section 48(2)(bc) of the Central Bank (Supervision and Enforcement) Act 2013.

(2) A

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