Central Bank (Supervision and Enforcement) Act 2013
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Amendment of section 33A of Central Bank Act 1997. |
63.— Section 33A of the Central Bank Act 1997 is amended— | |
(a) in subsection (1) by substituting “, a person authorised to carry on a regulated business” for “an authorised retail credit firm or an authorised home reversion firm”, | ||
(b) in subsection (1)(a)— | ||
(i) by substituting “the person’s” for “the firm’s”, and | ||
(ii) by substituting “persons authorised to carry on regulated business” for “retail credit firms or authorised home reversion firms”, | ||
(c) in subsection (1)(c)— | ||
(i) by substituting “any relevant document” for “a credit agreement or home reversion agreement, or on any other relevant document,”, and | ||
(ii) by substituting “the document” for “the agreement”, | ||
(d) in paragraph (1)(d) by substituting “person” for “firm”, | ||
(e) in subsections (2) and (3), by substituting “person” for “firm” and by substituting “persons” for “firms”, in each place, and | ||
(f) by inserting the following subsections after subsection (3)— | ||
“(4) The Bank may also impose on persons authorised to carry on a money transmission business a condition or requirement to raise and maintain such capital or other financial resources as may be specified by the Bank. | ||
(5) The Bank may also impose on a debt management firm a condition or requirement to effect a policy of professional indemnity insurance— | ||
(a) in such form, | ||
(b) providing indemnification up to such sum and in respect of such matters, and | ||
(c) valid for such minimum period, | ||
as the Bank may specify from time to time.”. |