Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I move amendment No. 23:

In page 45, to delete line 42, and in page 46, to delete line 1 and substitute the following: “(2) The notice under subsection (1) must specify the grounds on which the Bank’s suspicions are based.

(3) In the notice under subsection (1) or by a separate notice or notices the Bank shall also—”.

Section 45 of the Bill substitutes section 33AP of the Act of 1942 which deals with how the bank gives notice to an inquiry subject with respect to where and when an inquiry takes place. The amendment is related to other provisions of the Bill that deal with the breaking of the participation link. The replacement section restates the provisions of the existing section but in terms which provide for individual accountability, recognising that going forward an inquiry may relate to the commission of a prescribed contravention by a person who is not a regulated financial services provider.

At present, an inquiry can only deal with a prescribed contravention committed by a regulated financial services provider or participated in by a person concerned in the management of such a regulated provider. This section sets out the procedures which involve issuing a notice, specifying the grounds for the bank's suspicion and specifying the date, time and place at which the bank holds an inquiry. A person concerned, whether or not invited to intend the inquiry may, before the date of the inquiry, may lodge a written submission that the person wishes to have taken into account. The bank can adjourn the inquiry from time to time, provided the person who is the subject of the inquiry is made aware of it and the bank may proceed with an inquiry as long as the person has the opportunity to attend it and make a written submission.