Central Bank Act 2014

The Central Bank Act 2014 has been published.

The Act has been published in order to allow for the transfer of the business and other assets and liabilities of building societies and to amend the Central Bank Act 1971. The Act also provides for certain payments out of the ESM for the purpose of providing financial assistance to Greece.

View the Central Bank Act 2014 here

Central Bank Act 1942 (Financial Services Ombudsman Council) (Amendment) Regulations 2014 (S.I. No. 164 of 2014).

The Regulations’ purposes are to:

1. Amend and clarify the definition of “consumer” to include (i) a natural person when acting in the course of or in connection with the carrying on of a business and (ii) sole traders;
2. Apply the limit of €3m annual turnover to all persons, groups of persons and incorporated bodies; and
3. Provide for a definition of “turnover” in respect of a person (and group of persons) and in respect of a financial service provider.

View the Financial Services Ombudsman Regulations here

Competition and Consumer Protection Bill 2014

The Competition and Consumer Protection Bill 2014 has been published.  The legislation has the following three main components:

1. To merge the National Consumer Agency and Competition Authority and deliver improvements in competition law.
2. To regulate certain practices in the grocery goods sector aimed at ensuring balance and fairness between the various players in the sector – suppliers, retailers and consumers.
3. To update and modernise the law on media mergers to take account of international best practice and technological developments.

View the Bill here:

European Union (Consumer Information, Cancellation and Other Rights) (Amendment) Regulations 2014

The Regulations amend the European Union (Consumer Information, Cancellation and Other Rights) Regulations of 2013 which give effect to European Directive on Consumer Rights.

The purpose of the amendment is to ensure that the 2013 Regulations come into operation at the same time as the cancellation of a number of earlier consumer protection regulations.  This is necessary to ensure that the consumer protections provided by the existing regulations remain in force until the new 2013 Regulations become operative.

View the Consumer Rights Regulations here.

Health Insurance Act 1994 (Section 11E(2)) (Amendment) Regulations 2014 (S.I. No. 167 of 2014)

The Health Insurance Authority has made the Health Insurance Act 1994 (Section 11E(2)) (Amendment) Regulations 2014.  The Regulations amend the Health Insurance Act 1994 (Section 11E(2)) Regulations 2014 and came into operation on 4 April 2014.

View the Health Insurance Regulations here.

Contributed by:  Dianne McMahon