S.I. No. 161 of 2003

REGULATIONS

entitled

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2003 (TRANSITIONAL) REGULATIONS 2003

S.I. No. 161 of 2003

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2003 (TRANSITIONAL) REGULATIONS 2003

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by paragraph 31 of Schedule 3 to the Central Bank and Financial Services Authority of Ireland Act 2003 ( No. 12 of 2003 ), hereby make the following regulations:

1.         These Regulations may be cited as the Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) Regulations 2003.

2.         In these Regulations “Bank” means Central Bank and Financial Services Authority of Ireland.

3.         Notwithstanding section 33AL (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 ( No. 22 of 1942 ) the obligation imposed -

(a)      on the first Board of Directors of the Bank under subsection (1) of the said section 33AL, in respect of appointments to take effect from 1 May 2003, shall be discharged as soon as practicable but not later than 3 months after its formation, and

(b)      under subsection (2) of that section on a person accepting office as the first Governor or as a first Director or as an officer or employee, of the Bank, with effect from 1 May 2003, shall be discharged as soon as practicable but not later than one month of being informed under the said section 33AL(1) in accordance with paragraph (a) of this Regulation of the obligation imposed by section 33AK of the Central Bank Act 1942 and, accordingly, he or she may accept office before the discharge of this obligation in accordance with this paragraph.

EXPLANATORY NOTE

(This note is not a legal part of the Instrument and does not purport to be a legal interpretation.)

This Order makes transitional arrangements in regard to

-            the obligations of the Board of the Central Bank and Financial Services Authority of Ireland (CBFSAI) to inform the persons listed in subsection (1) of Section 33AL of No. 22 of 1942 ) (as inserted by Section 26 of the Central Bank and Financial Services Authority of Ireland Act, 2003 [ Central Bank Act, 1942 (No. 22 of 1942) , (as inserted by Section 26 of the Central Bank and Financial Services Authority of Ireland Act, 2003 [ No. 12 of 2003 ]), and

-            the acceptance of office by certain persons listed in subsection (2) of Section 33AL only if the persons concerned have acknowledged that they have been informed of the obligations imposed by Section 33AK.

The transitional arrangements:-

-            defer the obligations imposed on the Board of the CBFSAI under subsection (1) of Section 33AL for a period not exceeding three months after commencement of the Central Bank and Financial Services Authority of Ireland Act, 2003 [ No. 12 of 2003 ] on 1^st May, 2003, and

-            allows for the acceptance of office, with effect from 1^st May 2003, by certain persons before the discharge of the obligations imposed on them by subsection (2) of Section 33AL. However, the obligations must be met within one month of the persons concerned being informed of their obligations.