Central Bank (Supervision and Enforcement) Act 2013
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Transitional provision for existing debt management firms. |
64.— The Central Bank Act 1997 is amended by inserting the following section after section 34C— | |
“Transitional provision for existing debt management firms. | ||
34D.— (1) Notwithstanding section 29, a person carrying on the business of a debt management firm immediately before the commencement of Part 10 of the Central Bank (Supervision and Enforcement) Act 2013 is taken to be authorised to carry on the business of a debt management firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that commencement. | ||
(2) If a person is taken to be authorised to carry on the business of a debt management firm under subsection (1), the Bank may do either or both of the following: | ||
(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of debt management firms; | ||
(b) direct that person not to carry on the business of a debt management firm for such period (not exceeding 3 months) as is specified in the direction. | ||
(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.”. |