The Central Bank (Supervision and Enforcement) Act 2013 was signed into law by the President on 11 July 2013. The Act is an important step forward in enhancing the Central Bank’s supervisory powers over financial service providers and its power to enforce financial services legislation. The adoption of the Act is a welcome development given that it was first proposed as a Bill back in July 2011.

The main change since the Act was first published as a Bill in July 2011 is the inclusion of a new provision to allow credit institutions or banks with a head office outside the EEA, to apply to set up a branch in Ireland.

A more in-depth article on the Act will be included in the September issue of Legal News.

Contributed by Michelle McGrath.

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