Simon Harris (Wicklow, Fine Gael) | Oireachtas source

The amendment provides for changes to the Central Bank Act 1942 to take account of the ICAV. Subsection (1) amends section 33AK of the Central Bank Act 1942 and is necessary to provide a gateway for the Central Bank to furnish information to the Office of the Director of Corporate Enforcement, OCDE concerning its functions under the Bill. Such a gateway is provided for the passing of information by the Central Bank to the ODCE on breaches of the Companies Acts, but it is of paramount importance in the context of the Bill, given the dual enforcement role of both agencies.

The purpose of subsection (2) which replaces the previous section 185 is to designate only those parts of the ICAV Bill that are properly the responsibility of the Central Bank to enable it to enforce these parts of the Bill and include use of its administrative sanction powers and its powers of inspection and enforcement under the Central Bank (Supervision and Enforcement) Act 2013.

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