Published on 16 June, this Bill contains measures including:

  • An extension of the guarantee given under the Credit Institutions (Financial Support) Act 2008;
  • Technical amendments to the Prospectus Directive Regulations 2005 and the Investment Funds, Companies and Miscellaneous Provisions Act 2005;
  • An amendment to the Central Bank Act 1989 to clarify that any acquisition coming within the scope of the Directive 2007/44/EC on the Prudential Assessment of Acquisitions in the Financial Sector will not also be subject to the provisions of that Act;
  • Amendments to the Insurance (No 2) Act 1983 and the Insurance Act 1989 to address a regulatory gap - the Financial Regulator can now present a petition to the High Court for the administration of a non-life insurance undertaking (current position) and life and reinsurance companies (new) and the appointment of an administrator; and
  • A technical amendment to the Netting of Financial Contracts Act 1995 that clarifies the application of that Act for netting agreements where one party to the agreement has created a security interest in favour of a third party.