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Amendment of section 33AQ of Act of 1942.
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68.— Section 33AQ of the Act of 1942 is amended—
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(a) in subsection (3) by inserting the following after paragraph (c):
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“(ca) suspension of its authorisation, in respect of any one or more of its activities, for such period, not exceeding 12 months, as the Bank considers appropriate;
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(cb) revocation of its authorisation;”,
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(b) by substituting the following for subsection (4):
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“(4) For the purpose of subsection (3)(c), the prescribed amount is—
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(a) if the financial service provider is a body corporate or an unincorporated body, the greater of—
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(i) €10,000,000, and
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(ii) an amount equal to 10 per cent of the turnover of the body for its last complete financial year before the finding is made,
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(b) if the financial service provider is a natural person, €1,000,000, or
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(c) if the regulations prescribe some other amount for paragraph (a) or (b), that other amount.”,
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(c) in subsection (6), by substituting the following for paragraph (a):
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“(a) €1,000,000, or”,
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and
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(d) by inserting the following subsection:
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“(9) In this section ‘authorisation’ means an authorisation, licence or any other permission required to carry on business as a regulated financial service provider granted by the Bank pursuant to any provision of financial services legislation, and includes registration.”.
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