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Controlled functions.
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20.— (1) The Bank may make regulations prescribing functions that are to be controlled functions.
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(2) The Bank may prescribe a function under subsection (1) if and only if the function is a function in relation to the provision of a financial service and—
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(a) is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a regulated financial service provider,
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(b) is related to ensuring, controlling or monitoring compliance by a regulated financial service provider with its relevant obligations, or
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(c) is likely to involve the person responsible for its performance in the provision of a financial service by a regulated financial service provider in one or more of the following ways:
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(i) the giving of advice or assistance to a customer of the regulated financial service provider in the course of providing, or in relation to the provision of, the financial service;
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(ii) dealing in or having control over property of a customer of the regulated financial service provider to whom a financial service is provided or to be provided, whether that property is held in the name of the customer or some other person;
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(iii) dealing in or with property on behalf of the regulated financial service provider, or providing instructions or directions in relation to such dealing.
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(3) A controlled function that is carried on by a person who, or a partnership or an entity that, is not a regulated financial service provider remains a controlled function.
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(4) A controlled function remains a controlled function even if—
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(a) it is carried on at an office or location outside the State,
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(b) it is carried on at the office or location of another person, whether or not the other person is a regulated financial service provider, or
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(c) it relates to a business of a regulated financial service provider established in the State conducted by that provider outside the State.
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(5) A function may be prescribed as a controlled function in relation to a specified class or classes of regulated financial service providers or in relation to regulated financial service providers generally.
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(6) The Bank shall give to the Minister a copy of any regulations made by it under this section as soon as practicable after the regulations are made and the Minister shall, as soon as may be, cause a copy of the regulations to be laid before each House of the Oireachtas.
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