Central Bank and Financial Services Authority of Ireland Act 2003

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(b) in sub-article (1), insert the following definition after the definition of “authorisation”:

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) in sub-article (1), delete the definition of “the Minister”.

(b) substitute “it” for “he”, wherever occurring;

(c) in sub-article (2), substitute “its” for “his”.

(b) in sub-article (1), substitute “it” for “he”;

(c) in sub-article (1), substitute “its” for “his”, wherever occurring;

(d) in sub-article (3)(a), substitute “it” for “him”.

(b) in sub-article (b), substitute “it” for “he”.

(b) substitute “it” for “him”;

(c) substitute “its” for “his”.

(b) in sub-article (2), substitute “its” for “his”;

(c) in sub-article (2), substitute “the restoration of the institution” for “its restoration”.

(b) in sub-article (1), substitute “it” for “him”;

(c) in sub-article (1), substitute “its” for “his”;

(d) in sub-article (3), substitute “it” for “he”.

(b) substitute “it” for “him”, wherever occurring;

(c) substitute “it” for “he”, wherever occurring.

(b) in sub-article (4) (as substituted by Article 10(1) of the European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991), substitute “it” for “he”.

(b) in sub-article (2)(c), substitute “it” for “he”.

(b) in sub-article (1), substitute “its” for “his”.

(b) substitute “the Central Bank and Financial Services Authority of Ireland” for “the Department of Industry and Commerce” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring.

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) delete the definition of “the Minister”.

(b) in paragraph (2), substitute “it” for “he”.

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) delete the definition of “the Minister”.

(b) substitute “it” for “he”.

“‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in sub-article (1), delete the definition of “the Minister”.

(b) substitute “it” for “he”, wherever occurring;

(c) substitute “its” for “his”.

(b) in sub-article (1), substitute “it” for “he”;

(c) in sub-article (1), substitute “its” for “his”, wherever occurring;

(d) in sub-article (3)(a), substitute “it” for “him”.

(b) in sub-article (b), substitute “it” for “he”.

(b) substitute “it” for “him”;

(c) substitute “its” for “his”.

(b) substitute “it” for “him”;

(c) substitute “its” for “his”;

(d) substitute “it” for “he”.

“(1) An undertaking that is the holder of an authorisation and whose head office is located in the State shall provide the Bank, either annually or at such more frequent intervals as the Bank requests, with such information (in such form and manner as it specifies) as will enable the Bank to verify the state of solvency of the undertaking with respect to its entire business.

(2) An undertaking that is the holder of an authorisation shall provide the Bank, either annually or at such more frequent intervals as the Bank requests, with such returns and documents (in such form and manner as it specifies) as are necessary—

(a) to enable the Bank to verify that the technical reserves (including the mathematical reserves) mentioned in Article 15 of these Regulations are being maintained, and

(b) to enable the Bank to comply with Article 14 of these Regulations.”;

(b) in sub-articles (3) and (4), substitute “Bank” for “Minister”, wherever occurring;

(c) in sub-article (4)(a), substitute “it” for “him”.

(b) in sub-article (2)(c), substitute “it” for “he”.

(b) in sub-article (1), substitute “its” for “his”.

(b) substitute “Central Bank and Financial Services Authority of Ireland” for “Minister for Industry, Trade, Commerce and Tourism hereby” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring;

(c) substitute “the official seal of the Central Bank and Financial Services Authority of Ireland” for “the official seal of the Minister for Industry, Trade, Commerce and Tourism” (as construed as a reference to the Minister for Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring;

(d) substitute “the Central Bank and Financial Services Authority of Ireland” for “the Department of Industry, Trade, Commerce and Tourism” (as construed as a reference to the Department of Enterprise, Trade and Employment by virtue of the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), wherever occurring.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in paragraph (1), substitute the following definition for the definition of “competent authority”:

“ ‘competent authority’ means the Bank or, in the case of another Member State, the body or bodies designated by that State to act as a competent authority for the purposes of the Directive;”.

“Bank to be competent authority

“(3) A responsible authority may, in writing, appoint a qualified person to exercise the powers conferred by paragraph (3A).

(3A) To enable the Bank to perform its statutory functions, an authorised person may, on producing the person's authorisation, at any reasonable time, inspect and take copies of, and make such enquiries as the person considers necessary in relation to—

(a) the records kept under this Regulation by the management company, investment company or trustee of an authorised UCITS, and

(b) any accounting records relating to the management company, investment company or trustee and kept under the Companies Acts, and

(c) any other documents relating to the business of the UCITS.

For those purposes the authorised person may enter any office to which paragraph (1) relates and any other place where the person reasonably believes any such records are kept.

(3B) A person who has possession of, or control over, records referred to in paragraph (1) shall, at the request of an authorised person—

(a) produce the records to that person and permit that person to inspect and take copies of them, and

(b) give any information that that person reasonably requires with respect to the records, and

(c) give such other assistance and information to that person as is reasonable in the circumstances.

(3C) Paragraphs (3) and (3A) apply to every management company, investment company and trustee of a UCITS. When an inspection of the management company, investment company or trustee of a UCITS is being or proposed to be undertaken, those paragraphs (other than paragraph (3A)(a)) also apply to—

(a) every associated enterprise of the management company, investment company and trustee, and

(b) any other person,

if an inspection of the accounts or other records of that enterprise or other person is, in the opinion of the Bank, materially relevant to the proper appraisal of the business of the UCITS.

(b) Substitute the following paragraph for paragraph (5):

“(5) In this Regulation—

‘associated enterprise’, in relation to the management company, investment company or trustee of a UCITS, means—

(a) a holding company of the management company, investment company or trustee, or

(b) a subsidiary company of the management company or investment company or trustee, or

(c) a company that is a subsidiary of a body corporate, where the management company, investment company or trustee is also a subsidiary of the body corporate, but neither company is a subsidiary of the other, or

(d) any other body corporate that is not a subsidiary of the management company, investment company or trustee but in respect of which the management company, investment company or trustee is beneficially entitled to more than 20 per cent in nominal value of either the allotted share capital or of the shares carrying voting rights (other than voting rights that arise only in specified circumstances) in that other body corporate, or

(e) a partnership in which the management company, investment company or trustee has an interest, and whose business is or, at the relevant time, was, in the opinion of the Bank, materially relevant to any inspection of the management company, investment company or trustee being carried out or proposed to be carried out under this section;

‘authorised person’ means a person appointed under paragraph (3);

‘holding company’ has the meaning given to it by section 155 of the Companies Act 1963 ;

‘qualified person’ means-

(a) a Director, officer or employee of the Bank, or a member or officer of the Irish Financial Services Regulatory Authority, or

(b) in relation to any particular inspection (including a proposed inspection), any other person who in the opinion of the responsible authority possesses appropriate qualifications or experience to carry out the inspection to which this Regulation relates, or any part of that inspection;

‘records’ includes books and any other documents, and also includes—

(a) any information kept in a non-legible form (whether electronically or otherwise) that is capable of being reproduced in a legible form, and

(b) the electronic or other means by which the information is capable of being reproduced;

‘responsible authority’ means the Governor of the Bank or the Chief Executive of the Irish Financial Services Regulatory Authority;

‘statutory functions’ means functions under these Regulations;

‘subsidiary company’ has the meaning given by section 155 of the Companies Act 1963 .”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

(b) substitute “it” for “he”;

(c) substitute “its” for “his”.

(b) in sub-article (4), substitute “it” for “him”;

(c) in sub-article (6), substitute “it” for “he”;

(d) in sub-article (6), substitute “its” for “his”.

(b) substitute “it” for “he”, wherever occuring.

(b) in sub-article (2)(b), substitute “its” for “his”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in sub-article (1), delete the definition of “the Minister”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

(b) in sub-article (1), insert the following definition after the definition of “authorisation”:

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(c) in sub-article (1), insert the following definition after the definition of “Member State where the risk is situated”:

“ ‘Minister’ (when used without qualification) means the Minister for Finance;”.

(b) in sub-article (12) (as inserted by Article 3(b) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

(b) in sub-article (4) (as inserted by Article 3(c) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

“(h) any other requirements that the Bank may prescribe by regulations for the general good.”;

(b) insert as sub-articles (2) and (3) the following subarticles:

“(2) Regulations made for the purposes of sub-article (1)(h) do not take effect until approved by the Minister for Finance.

(3) In prescribing regulations for the purposes of sub-article (1)(h), the Bank shall have regard—

(a) to provisions in Codes of Conduct and Practice related to the marketing and selling of insurance, and

(b) to the content of insurance proposals.”.

(b) substitute “the Bank” for “the Minister's”.

Article 32

Amendment Substitute “Bank” for “Minister”, wherever occurring.

(b) in sub-article (1), substitute “the Bank made under these Regulations” for “the Minister thereunder”;

(c) in sub-article (5), substitute “only by the Bank” for “by the Minister”.

“Lodgement of applications for authorisations.

(b) in section 2(7)(a) of Annex III, substitute “it” for “him”;

(c) in section 2(7)(a) of Annex III, substitute “it” for “he”.

(b) in sub-article (1), insert the following definition after the definition of “authorisation”:

“ `Bank' means the Central Bank and Financial Services Authority of Ireland;”;

(c) in sub-article (1), in the definition of “direction”, substitute “Bank” for “Minister”;

(d) in sub-article (1), substitute the following definition for the definition of “Minister”:

“ ‘Minister’ (when used without qualification) means the Minister for Finance;”.

(b) in sub-article (12) (as inserted by Article 4(b) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

(b) in sub-article (6) (as inserted by Article 4(c) of the European Communities (Non-Life Insurance and Life Assurance) Framework (Amendment) Regulations 1997), substitute “its” for “his”.

(b) in sub-article (1), substitute “it” for “he”.

(b) substitute “the Minister for Enterprise, Trade and Employment” for “Minister”, where secondly occurring.

Article 21

Substitute the following Article:

“Certain documents to be laid before Oireachtas.

“(e) any other requirements that the Bank may prescribe by regulations for the general good.”;

(b) insert as sub-article (2) and (3) the following subarticles:

“(2) Regulations made for the purposes of sub-article (1)(e) do not take effect until approved by the Minister.

(3) In prescribing regulations for the purposes of sub-article (1)(e), the Bank shall have regard—

(a) to provisions in Codes of Conduct and Practice related to the marketing and selling of insurance, and

(b) to the content of insurance, proposals.”.

(b) substitute “Bank's” for “Minister's”.

Article 58

Substitute “Bank” for “Minister”.

(b) in sub-article (1), substitute “Bank” for “Minister”;

(c) in sub-article (5), substitute “only by the Bank” for “by the Minister”.

“Lodgement of applications for authorisations.

(b) in section 2(3) of Annex VII, substitute “it” for “he”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) delete the definition of “Minister”.

5. (1) The Bank is required to lodge with the Companies Registration Office all prescribed documents submitted to it under these Regulations.

(2) For the purposes of sub-article (1), the prescribed documents are all documents submitted to the Bank under these Regulations, other than a document in form 1, 3, 5, 6, 7, 14, 15 or 16 in the Schedule to these Regulations.

(3) A member of the public is entitled—

(a) to inspect without charge documents lodged in accordance with sub-article (1), and

(b) on payment of such fee (if any) as the Minister for Enterprise, Trade and Employment may fix from time to time — to obtain copies of those documents.

(4) As soon as practicable after documents are submitted to the Companies Registration Office under these Regulations, the Bank shall arrange for copies of the documents to be laid before each House of the Oireachtas. The Bank may attach to those copies such explanatory statements as the Bank thinks appropriate.”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in paragraph (1), delete the definition of “Minister”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”;

(b) in the definition of “insurance undertaking”, substitute “Bank” for “Minister”;

(c) in paragraph (1), delete the definition of “Minister”;

(d) in the definition of “parent undertaking”, substitute “Bank” for “Minister”;

(e) in the definition of “subsidiary undertaking”, substitute “Bank” for “Minister”.

(b) in paragraph (1), substitute “it” for “he or she”.

(b) in paragraph (1) (b), substitute “its” for “his or her”.

(b) in paragraph (5), substitute “only by the Bank” for “by the Minister”.

(b) in section 11, substitute “it” for “he or she”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

“ ‘Bank’ means the Central Bank and Financial Services Authority of Ireland;”.

(b) in paragraph (1), substitute “it” for “he or she”;

(c) in paragraph (2), substitute “section 8M” for “section 7”.