The Central Bank of Ireland recently published a consultation paper on draft Inquiry Guidelines to replace the existing 2005 Administrative Sanctions Procedure Guidelines. This is the second public consultation on the draft Inquiry Guidelines. Following feedback from the first consultation, the draft Inquiry Guidelines have been amended to provide for a more inquisitorial approach to Inquiries.
The Central Bank has powers to impose sanctions for breaches of regulatory requirements by regulated firms and individuals involved in their management. The Central Bank may make a referral to Inquiry if it suspects on reasonable grounds that a prescribed contravention is being or has been committed, and no settlement agreement has been entered into, to determine if there is or has been a prescribed contravention and, if so, what sanctions to impose.