The Central Bank (Supervision and Enforcement) Bill 2011 contains a range of additional powers for the Central Bank of Ireland to ensure proper and effective regulation of financial services.  Amongst the measures contained in the Bill are:

  • Requirement for financial service providers to provide independent expert reports (Skilled Person Reports) when requested.
  • Consolidation of procedures in respect of authorised officers.
  • Provision for the Central Bank to attend financial service provider meetings.
  • Whistleblowing protection – protection from civil liability and victimisation for persons making reports.
  • Mandatory disclosure regime for those performing pre-approval controlled functions.
  • Power for the Central Bank to issue regulatory directions to financial service providers.
  • Power for the Central Bank to make Regulations in respect of matters which up to now have been provided for under non-regulatory codes.
  • Increased penalties and sanctions.
  • Power for the Central Bank to apply for Court Orders for restitution by financial service providers.
  • Provision for cooperation by the Central Bank with overseas regulators.