STATUTORY INSTRUMENTS.

S.I. No. 455 of 2004 .

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2004 (COMMENCEMENT) ORDER 2004.

S.I. No. 455 of 2004 .

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2004 (COMMENCEMENT) ORDER 2004.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by section 1 of the Central Bank and Financial Services Authority of Ireland Act 2004 ( No. 21 of 2004 ), hereby make the following order:

Citation

1. This Order may be cited as the Central Bank and Financial Services Authority of Ireland Act 2004 (Commencement) Order 2004.

Commencement days for provisions of Central Bank and Financial Services Authority of Ireland Act 2004

2. Those provisions of the Central Bank and Financial Services Authority of Ireland Act 2004 specified in the Schedule to this Order come into operation on the days indicated in that Schedule.

SCHEDULE

COMMENCEMENT DAYS

PART 1

PROVISIONS TO COME INTO OPERATION ON 1 AUGUST 2004

The following provision come into operation on 1 August 2004:

(a)  sections 1 to 9, section 10(1), sections 11 to 15, sections 18 to 21, sections 24 to 26 and sections 28 to 32;

(b)  Parts 2 and 3 of Schedule 1 and section 10(2) in its application to those Parts;

(c)  item 1 of Part 1 of Schedule 1, except in so far as it relates to paragraph (b) of section 21(3) of the Central Bank Act 1971 , and section 10(2) in its application to that item;

(d)  items 1 to 14 of Part 4 of Schedule 1 and section 10(2) in its application to those items;

(e)  item 15 of Part 4 of Schedule 1, except in so far as it relates to paragraphs 2 and 3 of the First Schedule to the Stock Exchange Act 1995 , and section 10(2) in its application to that item;

(f)  items 1 to 13 of Part 5 of Schedule 1 and section 10(2) in its application to those items;

(g)  item 14 of Part 5 of Schedule 1, except in so far as it relates to paragraphs 2 and 3 of the First Schedule to the Investment Intermediaries Act 1995 , and section 10(2) in its application to that item;

(h)  item 1 of Part 6 of Schedule 1, except in so far as it relates to section 93(18) of the Consumer Credit Act 1995 , and section 10(2) in its application to that item;

(i)  item 2 of Part 6 of Schedule 1, except in so far as it relates to section 116(18) of the Consumer Credit Act 1995 , and section 10(2) in its application to that item;

(j)  items 1 to 6 of Part 7 of Schedule 1 and section 10(2) in its application to those items;

(k)  item 7 of Part 7 of Schedule 1, except in so far as it relates to section 99(2) of the Credit Union Act 1997 , and section 10(2) in its application to that item;

(l)  item 8 of Part 7 of Schedule 1, except in so far as it relates to paragraph 1(b) of the Fourth Schedule to the Credit Union Act 1997 , and section 10(2) in its application to that item;

(m)  items 1 and 2 of Part 8 of Schedule 1 and section 10(2) in its application to those items;

(n)  item 3 of Part 8 of Schedule 1, except in so far as it relates to paragrpah (b) of section 28(2) of the Investor Compensation Act 1998 , and section 10(2) in its application to that item;

(o)  item 4 of Part 8 of Schedule 1, except in so far as it relates to paragraph (b) of section 31(3) of the Investor Compensation Act 1998 , and section 10(2) in its application to that item;

(p)  item 5 of Part 8 of Schedule 1, except in so far as it relates to paragraph 2(b) of the Second Schedule to the Investor Compensation Act 1998 , and section 10(2) in its application to that item;

(q)  Part 9 of Schedule 1 and section 10(2) in its application to that Part;

(r)  Parts 1 to 8 of Schedule 2 and section 10(3) in its application to those Parts;

(s)  items 1 and 3 of Part 9 of Schedule 2 and section 10(3) in its application to those Parts;

(t)  item 2 of Part 9 of Schedule 2, except in so far as it relates to subparagraph (b) of Regulation 104(7) of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003, and section 10(3) in its application to that item;

(u)  Parts 2 to 4, Parts 6 to 11, and Parts 13 and 15 of Schedule 3, and item 2 of Part 1, items 2 to 5 of Part 12 and item 2 of Part 14 of that Schedule and section 33 in its application to those Parts and items;

(v)  item 1 of Part 12 of Schedule 3, except in so far as it relates to the substitution of the definition of “mortgage intermediary” in section 2 of the Consumer Credit Act 1995 , and section 33 in its application to that item;

(w)  Schedule 4 and section 34 in its application to that Schedule;

(x)  Schedule 5 and section 35 in its application to that Schedule.

PART 2

PROVISIONS TO COME INTO OPERATION ON 1 OCTOBER 2004

The following provisions come into operation on 1 October 2004:

(a)  section 16, except in so far as it relates to Chapters 4 to 6 of Part VIIB of the Central Bank Act 1942 ;

(b)  sections 17, 22 and 23;

(c)  Part 5 of Schedule 3 and section 33 in its application to that Part.

PART 3

PROVISIONS TO COME INTO OPERATION ON 1 JANUARY 2005

The following provisions come into operation on 1 January 2005:

(a)  section 16, in so far as it relates to Chapter 4 of Part VIIB of the Central Bank Act 1942 ;

(b)  section 27;

(c)  item 1 of Part 12 of Schedule 3, in so far as it relates to the substitution of the definition of “mortgage intermediary” in section 2 of the Consumer Credit Act 1995 , and section 33 in its application to that item;

(d)  item 1 of Part 14 of Schedule 3 and section 33 in its application to that item.

PART 4

PROVISION TO COME INTO OPERATION ON 1 APRIL 2005

Section 16, in so far as it relates to Chapters 5 and 6 of Part VIIB of the Central Bank Act 1942 , comes into operation on 1 April 2005.

EXPLANATORY NOTE.

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

This Order commences the main provisions of the Central Bank and Financial Services Authority of Ireland Act 2004 . Most of the provisions are commenced with effect from 1 August 2004. The provisions establishing the Financial Services Ombudsman are commenced with effect from 1 October 2004, with the provisions enabling the Ombudsman to deal with complaints commencing on 1 April 2005. The provisions establishing Consumer and Industry Panels to advise the Irish Financial Services Regulatory Authority are also commenced with effect from 1 October 2004. The provisions introducing new regulatory requirements for money transmission businesses and mortgage “introducers” are commenced with effect from 1 January 2005, as are the new requirements regarding credit union loan agreements.