Central Bank and Financial Services Authority of Ireland Act 2004

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Interpretation: Part VIIC.

57CV.—In this Part—

‘advisory group’ means an advisory group established under section 57DG;

‘Consultative Consumer Panel’ means the Financial Services Consultative Consumer Panel established under section 57CW;

‘Consultative Industry Panel’ means the Financial Services Consultative Industry Panel established under section 57CW;

‘Consultative Panel’ means the Consultative Consumer Panel or the Consultative Industry Panel;

‘policy document’ means any document that embodies policies or principles relating to the regulation of financial services within the State;

‘proposed policy document’ means any document that embodies proposals for policies or principles relating to the regulation of financial services within the State;

‘proposed regulatory document’ means a regulation, rule, code of conduct or other document that is proposed to have legislative effect with respect to financial service providers or any specified class of financial service providers;

‘Regulatory Authority’ includes any member or officer of the Regulatory Authority, or employee of the Bank, to whom a function or power of that Authority is delegated;

‘regulatory document’ means a regulation, rule, code of conduct or other document that has legislative effect with respect to financial service providers or any specified class of financial service providers.

Establishment and membership of Consultative Panels.

57CW.—(1) The Regulatory Authority shall establish and maintain two consultative panels.

(2) One of the panels is to be called the ‘Financial Services Consultative Consumer Panel’ and the other is to be called the ‘Financial Services Consultative Industry Panel’.

(3) As soon as practicable after establishing a Consultative Panel, the Regulatory Authority shall publish in Iris Oifigiúil a notice to the effect that the Panel has been established and the date on which the establishment took effect.

Membership of Consultative Consumer Panel.

57CX.—(1) The Consultative Consumer Panel is to consist of not fewer than 5, and not more than 20, members.

(2) The members of the Consultative Consumer Panel are to be appointed by the Minister for Finance after consulting the Minister for Enterprise, Trade and Employment and those organisations that, in the opinion of the Minister for Finance, represent the interests of consumers.

(3) In appointing persons as members to the Consultative Consumer Panel, the Minister shall ensure as far as possible that those persons have knowledge or experience of or as consumers of financial services.

(4) A person is not eligible to be appointed as a member of the Consultative Consumer Panel if the person—

(a) is a member of either House of the Oireachtas or is, with the person's consent, nominated as a candidate for election as such a member, or

(b) is a member of the European Parliament or is, with the person's consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

(c) is a member of a local authority or is, with the person's consent, nominated as a candidate for election as such a member.

(5) A member of the Consultative Consumer Panel holds office for such period, not exceeding 5 years, as is specified in the member's document of appointment, unless the member ceases to hold office under Schedule 8.

(6) A member is eligible for reappointment at the end of a period of office.

(7) The Minister shall appoint one of the members of the Consultative Consumer Panel to be chairperson of the Panel.

Functions of Consultative Consumer Panel.

57CY.—The functions of the Consultative Consumer Panel are as follows:

(a) to monitor the performance by the Regulatory Authority of its functions and responsibilities under this Act;

(b) to provide the Regulatory Authority with comments with respect to the performance of its functions and responsibilities;

(ba) to provide the Regulatory Authority with comments and suggestions with respect to the performance of the financial services industry;

(c) to provide the Regulatory Authority with suggestions for initiatives that, in the Panel's opinion, that Authority should take with respect to the performance of its functions and responsibilities;

(d) when the Regulatory Authority so requests, to comment on a policy document or regulatory document, or a proposed policy document or proposed regulatory document, prepared by that Authority;

(e) to provide the Regulatory Authority with comments on that Authority's draft estimate of income and expenditure for each financial year.

Regulatory Authority to provide sufficient resources to enable Consultative Consumer Panel to function.

57CZ.—(1) The Regulatory Authority shall provide the Consultative Consumer Panel with such administrative services (including technical and legal advice), and such funds, as that Authority believes are necessary to enable that Panel to perform its functions.

(2) The Regulatory Authority shall arrange for an officer or employee of the Bank nominated by that Authority to attend a meeting of the Consultative Consumer Panel whenever the chairperson of the Panel asks that Authority to do so.

Membership of Consultative Industry Panel.

57DA.—(1) The Consultative Industry Panel is to consist of not fewer than 5, and not more than 20, members.

(2) The members of the Consultative Industry Panel are to be appointed by the Minister for Finance after consulting the Taoiseach, the Minister for Enterprise, Trade and Employment and those organisations that, in the opinion of the Minister for Finance, represent the interests of financial service providers.

(3) In appointing persons as members to the Consultative Industry Panel, the Minister shall ensure as far as possible that those persons have knowledge or experience of the financial services industry.

(4) A person is not eligible to be appointed as a member of the Consultative Industry Panel if the person—

(a) is a member of either House of the Oireachtas or is, with the person's consent, nominated as a candidate for election as such a member, or

(b) is a member of the European Parliament or is, with the person's consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

(c) is a member of a local authority or is, with the person's consent, nominated as a candidate for election as such a member.

(5) A member of the Consultative Industry Panel holds office for such period, not exceeding 5 years, as is specified in the member's document of appointment, unless the member ceases to hold office under Schedule 8.

(6) A member of the Consultative Industry Panel is eligible for reappointment at the end of a period of office.

(7) The Minister shall appoint one of the members of the Consultative Industry Panel to be chairperson of the Panel.

Functions of Consultative Industry Panel.

57DB.—The functions of the Consultative Industry Panel are as follows:

(a) when the Regulatory Authority so requests, to comment on a policy document or regulatory document, or a proposed policy document or proposed regulatory document, prepared by that Authority;

(b) to provide the Regulatory Authority with comments on levies and fees that that Authority proposes to prescribe under section 33J or 33K;

(c) to provide the Regulatory Authority with comments on that Authority's draft estimate of income and expenditure for each financial year;

(d) to provide the Regulatory Authority with comments on the impact that the conditions and restrictions imposed by that Authority on financial service providers have on the competitiveness of those providers;

(e) to provide the Regulatory Authority with comments with respect to changing trends within the financial services industry that have implications for the functions and responsibilities of that Authority.

Regulatory Authority to provide sufficient resources to enable Consultative Industry Panel to function.

57DC.—(1) The Regulatory Authority shall provide the Consultative Industry Panel with such administrative services (including technical and legal advice) as that Authority believes are necessary to enable that Panel to perform its functions.

(2) The Regulatory Authority shall arrange for an officer or employee of the Bank nominated by that Authority to attend a meeting of the Consultative Industry Panel whenever the chairperson of the Panel asks that Authority to do so.

Schedule 8 to have effect with respect to Consultative Panels.

57DD.—Schedule 8 has effect with respect to a Consultative Panel.

Consultative Panel to prepare annual report.

57DE.—(1) Within 3 months after the end of each financial year, or within such extended period as the Regulatory Authority allows, each Consultative Panel shall prepare an annual report that provides details of the Panel's activities during that year.

(2) The Regulatory Authority shall arrange for publication of the annual report of each Panel.

(3) The Regulatory Authority shall also arrange for publication of—

(a) comments made by a Consultative Panel to that Authority in accordance with a provision of this Part, and

(b) any statement of reasons given by that Authority in response to any such comments, and

(c) reports of meetings of the Consultative Panels and advisory groups, and

(d) any other report produced or commissioned by a Consultative Panel or an advisory group, and

(e) the rules of procedure of the Consultative Panels.

Responsibilities of Regulatory Authority and Minister with respect to Consultative Panels.

57DF.—(1) Before making or issuing a policy document or a regulatory document, the Regulatory Authority shall consult each Consultative Panel, unless that Authority believes that the document must be made or issued without delay. In that case, the Regulatory Authority shall consult each of the Panels as soon as possible after the document is made or issued.

(2) In making or issuing a policy document or regulatory document, the Regulatory Authority shall take into account the advice (if any) provided by a Consultative Panel on any aspect of the document. If the Regulatory Authority declines to give effect to any particular advice provided by the Panel, it shall provide the Panel with a written statement setting out its reasons for declining to give effect to the advice and shall, if the Panel so requires, publish the statement.

(3) The Minister shall consult each Consultative Panel before approving the Regulatory Authority's draft estimate of income and expenditure for a financial year.

(4) If the Regulatory Authority makes or issues a policy document or regulatory document, a failure of that Authority to comply with subsection (1) in relation to the document does not of itself invalidate the document.

Establishment and operation of advisory groups.

57DG.—(1) A Consultative Panel, or the Consultative Panels jointly, may, with the consent of the Regulatory Authority, establish advisory groups to advise the Panel or Panels on any matter relating to financial services or providers of those services on which the Panel or Panels ask for advice.

(2) An advisory group is to consist of at least one member of the Panel or Panels that established it.

(3) As soon as practicable after being asked by a Consultative Panel, or by the Consultative Panels jointly, to provide advice on a matter, an advisory group shall provide the advice to the Panel or Panels that asked for the advice.

(4) The Regulatory Authority may consult an advisory group on a matter relating to financial services or to providers of those services directly without reference to—

(a) the Consultative Panel that established it, or

(b) if the group was established by the Consultative Panels jointly, those Panels.

(5) An advisory group may decide its own procedure for convening meetings of the group and for the conduct of business at those meetings.

(6) Within 3 months after the end of each financial year, an advisory group shall provide a report of its activities during that year to—

(a) the Consultative Panel that established it, or

(b) if the group was established by the Consultative Panels jointly, those Panels.

The report required under this subsection is in addition to any report that the group is required to provide under subsection (3).

(7) An advisory group continues in existence until dissolved—

(a) by the Consultative Panel that established it, or

(b) if the group was established by the Consultative Panels jointly, by those Panels jointly.

(8) The fact that an advisory group has been dissolved under subsection (7) does not prevent another advisory group or other advisory groups from being established under this section.

Chairperson of Consultative Panel to attend meetings of relevant Oireachtas Joint Committee when required.

57DH.—(1) The chairperson of a Consultative Panel shall attend a meeting of the relevant Joint Committee of the Oireachtas whenever that Committee requires that chairperson to do so.

(2) When attending a meeting of the relevant Joint Committee of the Oireachtas, the chairperson of a Consultative Panel shall provide that Committee with such information as it reasonably requires about matters with which the Panel is or has been concerned.

(3) In this section, ‘relevant Joint Committee of the Oireachtas’ means a Joint Committee of the Oireachtas to which the Oireachtas has assigned the role of examining matters relating to the operation of the Regulatory Authority.”.