Ireland—Central Bank of Ireland—enforcement essentials

Produced in partnership with Elizabeth Corcoran BL of The Bar of Ireland

Practice notes

Ireland—Central Bank of Ireland—enforcement essentials

Produced in partnership with Elizabeth Corcoran BL of The Bar of Ireland

Practice notes

Central Bank of Ireland (CBI) enforcement

The Central Bank of Ireland (CBI) relies on regulatory rules, on-going supervision and enforcement as part of its regulatory architecture. This Practice Note focuses on CBI’s enforcement powers with which it investigates, conducts inquiries into and administers sanctions in respect of ‘prescribed contraventions’ by regulated financial services providers (RFSPs) and by persons concerned or formerly concerned in their management.

CBI’s powers are set out in Part IIIC of the Central Bank Act 1942 (Ireland) (CBA 1942 (IRL)) as amended. CBA 1942 (IRL), Pt IIIC is often referred to the Administrative Sanctions Procedure (ASP).

Important amendments were introduced in 2023 in respect of the scope of CBI’s enforcements powers. The Central Bank (Individual Accountability Framework) Act 2023 (Ireland) (IAF Act (IRL)) removes the ‘participation link’ which has hitherto allowed enforcement action against individuals only insofar as they have participated in the commission by a RFSP of a prescribed contravention. IAF Act (IRL) introduces some key changes to CBI’s enforcement powers, allowing it to pursue individuals who have

Elizabeth Corcoran, BL

Barrister, The Bar of Ireland

Dr Elizabeth Corcoran BL practices in commercial, chancery and administrative law, specialising in banking and financial services law. Elizabeth advises and acts for a wide range of financial institutions, the State and statutory bodies, and private customers and companies in litigation and regulatory matters.

Elizabeth advises financial institutions on responses to Central Bank inquiries and other regulatory matters. She has advised the Financial Services and Pensions Ombudsman (FSPO) for a number of years. Elizabeth also acts for the General Solicitor for Minors and Wards of Court in fraud litigation to retrieve missing funds on behalf of Wards

Career highlights include:

• Acting for an international financial services provider in Commercial Court proceedings arising from a sophisticated cyber-fraud and forged payment instructions;

• Acting for the State in a novel application by a creditor for the appointment of an inspector to investigate the affairs of a company under section 747 of the Companies Act 2014;

• Acting for the FSPO in a number of statutory appeals against decisions involving tracker mortgages; and

• Advising on the constitutionality of legislation to transfer the Irish market in dematerialised shares from CREST to Euroclear, which was enacted as the Migration of Participating Securities Act 2019.

Elizabeth is the co-author of Banking Law (4th ed) with John Breslin SC. She completed her doctoral research on the interplay between financial regulation and equity in 2017 and was the inaugural UCD Matheson Doctoral Scholar. Elizabeth is a founding member and Treasurer of the Financial Services Bar Association.

Jurisdiction(s):

Ireland

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