S.I. No. 650/2003 - Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003

I, CHARLIE McCREEVY, Minister for Finance in exercise of the powers conferred on me by paragraph 31 of Schedule 3 to the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003), hereby make the following regulations:

Citation

1.         These Regulations may be cited as the Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003.

Interpretation

2.         In these Regulations—

“first financial year” means the financial year ending on 31 December 2003;

“Minister” means the Minister for Finance;

“Principal Act” means the Central Bank Act 1942 ;

“Regulatory Authority” means the Irish Financial Services Regulatory Authority.

Modification of certain provisions of Central Bank Act 1942

3.         (1)      This paragraph has effect despite sections 33N, 33P, 33V and 33AE of the Principal Act (as inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 ).

(2)      The obligation imposed by section 33N of the Principal Act requiring the Regulatory Authority to prepare a statement setting out estimates of its income and expenditure for a financial year and submit it to the Minister not later than 3 months before the beginning of that year does not apply in respect of the first financial year. Instead, the Regulatory Authority shall prepare such a statement and submit it to the Minister as soon as practicable after the commencement of these Regulations and in any case not later than 31 December 2003.

(3)      The obligation imposed by section 33P of the Principal Act requiring the Regulatory Authority to prepare a strategic plan and submit it to the Minister at least 3 months before the beginning of each financial year does not apply in respect of the first financial year. Instead, the Regulatory Authority shall prepare such a plan and submit it to the Minister as soon as practicable after the commencement of these Regulations and in any case not later than 31 December 2003.

(4)      The obligation imposed by section 33V of the Principal Act requiring the Consumer Director to prepare a draft strategic plan and submit it to the Chief Executive at least 3 months before the beginning of each financial year does not apply in respect of the first financial year. Instead, the Consumer Director shall prepare such a plan and submit it to the Chief Executive as soon as practicable after the commencement of these Regulations and in any case not later than 31 December 2003.

(5)      The obligation imposed by section 33AE of the Principal Act requiring the Registrar of Credit Unions to prepare a draft strategic plan and submit it to the Regulatory Authority at least 3 months before the beginning of each financial year does not apply in respect of the first financial year. Instead, the Registrar of Credit Unions shall prepare such a plan and submit it to the Regulatory Authority as soon as practicable after the commencement of these Regulations and in any case not later than 31 December 2003.

EXPLANATORY NOTE

(This note is not a legal part of the Instrument and does not purport to be a legal interpretation.)

These regulations give effect to transitional provisions which amend deadlines specified in Sections 33N, 33P, 33V and 33AE of the Central Bank and Financial Services Authority of Ireland Act 2003 for IFSRA's first financial year.