Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 3:

In page 17, to delete lines 8 to 11 and substitute the following:“(2) A regulatory act taken by the Bank under the relevant regulations in respect of a Solvency II undertaking on or before the commencement of this section continues to have effect according to its terms.

(3) The Bank may enforce a regulatory act referred to in subsection (1) or (2).

(4) The repeal of the repealed instruments does not preclude the taking of any legal proceedings, or the undertaking of any investigation, or disciplinary or enforcement action by the Bank or any other person, in respect of any contravention by a Solvency II undertaking of a provision of the relevant regulations or any misconduct which may have been committed by a Solvency II undertaking before the repeal of the repealed instruments.

(5) In this section—

"regulatory act" includes any direction, order, requirement, sanction, condition, appointment or request (however described) of a regulatory nature made, given or imposed by the Bank;

"Solvency II undertaking" means an undertaking to which Titles I, II and III of the [No. 89a of 2015] [10 November, 2015] Solvency II Directive applies.".

This amendment ensures that actions taken by the Central Bank in respect of undertakings which will fall within the scope of the Solvency II directive but are currently within the scope of the Solvency I directive shall continue in force. The Central Bank can take actions against such undertakings for non-compliance with the Solvency I regime.

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