1. These Regulations may be cited as the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004.
“Schedule” means the Schedule to these Regulations.
3. These Regulations may be amended by the Chief Executive, with the approval of the members of the Authority, from time to time. Any such amendment shall not take effect until approved by the Minister for Finance.
4. (a) Subject to paragraph (b), these Regulations supersede and replace all regulations, requirements or administrative practices in force whereby a regulated entity is obliged to make an annual or other payment, by way of fee or otherwise, to the Authority or any part of the Authority in respect of the exercise by the Authority of any of its functions under the designated enactments or designated statutory instruments.
(iii) the fee payable by an applicant for an authorisation as a mortgage intermediary under Section 116, subsection (4), of the Consumer Credit Act 1995 (as amended) shall be nil.
(ii) the European Communities (Deposit Guarantee Schemes) Regulations, 1995.
(c) Notwithstanding paragraph (a), the Chief Executive may prescribe additional fees pursuant to Section 33K of the Central Bank Act 1942 in respect of matters covered, or required, by the designated enactments or designated statutory instruments and any such fees so prescribed shall be separate from and not included in the contributions payable under these Regulations.
(d) Any monies paid to the Authority by a regulated entity pursuant to any of the instruments or provisions referred to in paragraph (a) after the 1st January 2004 shall stand as a credit towards the amount of required levy contribution payable by that regulated entity.
(ii) if two or more regulated entities are assessed as a complex group pursuant to paragraph (b) of Regulation 6, the amount assessed for payment in accordance with that regulation.
(b) The required levy contribution shall be in respect of the levy period as specified in Part B of the Schedule, and shall be payable not later than the earlier of the date set out in a levy notice (not being less than 28 days from the date of the levy notice) and 16 weeks from the making of these Regulations (“due date”).
(c) The Chief Executive shall determine the appropriate category in the Schedule that shall apply to a regulated entity.
(d) Where in the reasonable opinion of the Chief Executive the obligation of a regulated entity to pay a required levy contribution would be likely to make that regulated entity insolvent, or, where the regulated entity is a sole trader, bankrupt, the Authority may waive the obligation of that regulated entity under these Regulations to pay a required levy contribution.
6. (a) The Authority may send to a regulated entity a notice in writing indicating the required levy contribution assessed by the Authority to be payable by that regulated entity for the levy period.
(b) The Authority may require that two or more regulated entities who form a group of entities shall also be assessed as a “complex group” for the purposes of these Regulations and may include such requirement in the levy notice sent to one or more of such regulated entities. In such a case the Authority may indicate in the levy notice the regulated entity who shall be liable to pay the required levy contribution on behalf of the complex group.
(c) The Authority may require a regulated entity in writing to make an assessment, on the basis of the information in the possession of the regulated entity, of the amount of the required levy contribution to be paid by that regulated entity for the levy period, and to make a return to the Authority of such assessment. The Chief Executive may indicate what information in respect of what periods any required assessment may be based upon. Where a regulated entity is required to make an assessment and return under this paragraph, the assessment and return must be made within such period, not less than 7 days, as the Chief Executive may require, or where a requirement was made before the coming into force of these Regulations, within 7 days from the making of these Regulations.
7. The required levy contributions shall be paid by direct bank transfer or equivalent instantaneous transfer of funds to the bank account specified by the Chief Executive, or in such other manner as the Chief Executive may indicate.
8. (a) A regulated entity who receives a levy notice under paragraph (a) of Regulation 6, may appeal to the Chief Executive, no later than 21 days following the date of a levy notice, to change the amount of the levy assessed for that regulated entity where it considers that the amount assessed is incorrect. Any such appeals must be in writing and shall set out the grounds of the appeal in detail and must be accompanied by the amount of required levy contribution that is not in dispute. Where relevant the appeal should include any supporting documentation or representations.
(b) The Chief Executive, after considering any such appeal, shall advise the appellant in writing of his decision and the reason therefor and, where appropriate, any amount of required levy contribution not already paid shall be payable by the regulated entity to the Authority within 10 days after the notification of the decision to the appellant.
9. Where an amount of required levy contribution becomes payable under these Regulations and is not paid by the due date, simple interest on the amount shall be paid by the regulated entity liable to pay the required levy contribution and such interest shall be calculated from the date on which the amount became payable at the rate for the time being fixed by the Minister for Enterprise, Trade and Employment under Section 10 of the Prompt Payment of Accounts Act 1997 for each day or part of a day during which the amount remains upaid.
10. Every sum payable by a regulated entity under these Regulations, including interest, for or on account of the Authority shall be recoverable by the Chief Executive from that person as a simple contract debt in a court of competent jurisdiction.
11. (a) Each regulated entity shall, and shall in accordance with a direction (if any) as may be given by the Chief Executive, keep full and true records of all transactions which affect their liability under these Regulations and any related returns made.
Provided that this Regulation shall not apply to records of a company that have been disposed of in accordance with section 305 (1) of the Companies Act 1963 .
(c) No person shall, in purported compliance with a provision of these Regulations provide an answer or explanation, make a statement or produce or deliver any return, certificate, balance sheet or other document which is false in a material particular.
may be assessed by the Chief Executive under Category L in Part B of the Schedule, and the Chief Executive may send a levy notice to such a regulated entity indicating that basis of assessment.
(iii) the regulated entity may appeal to the Chief Executive under Regulation 8.
(c) in all cases, by facsimile by transmitting it to that person's last known facsimile number evidenced by a valid sent receipt.
13. The Authority may exercise any of the powers and perform any of the functions and duties imposed on the Authority by these Regulations through or by any of its officers or employees of the Bank.
The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.
All entities will be charged a minimum levy of €4,500. In addition to this amount all entities (with the relevant level of minimum regulatory capital) will be charged an additional amount based on the table below.
The range relates to the minimum regulatory capital of the reuglated entity as at 31 December 2003. This data is contained in the Monthly Prudential Return submitted to the CBFSAI, format RSI (Capital Adequacy Summary), row code TOFREQ, column code CRTOTI.
Certain groups are designated as complex groups and are required to pay an additional amount based on the minimum group regulatory capital as at 31 December 2003. This data is contained in the Quarterly Group Prudential Return submitted to the CBFSAI, format RSI (Capital Adequacy Summary), row code TOFREQ, column code CRTOTI.
The complex group charge will be calculated using the table above. This charge will be reduced by the amount of levy contribution which has been calculated using the minimum regulatory capital of the entity. Those entities which are designated as “Complex Groups” will be informed in writing by the Authority of this status.
All entities that engage in retail lending or retail deposit taking will be charged a levy of €1,500 plus an additional amount based on the table below.
The range is based on the combined total of retail lending to Irish resident individuals and households (extracted from Sectoral Return, LRS format, row code OPERSN, column code EURLRS) and retail deposits taken from Irish resident individuals and households (extracted from the Sectoral Return, LRS format, row code OPERSN, column code EURDRS) as reported to the CBFSAI as at 31 December 2003.
Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.
Branches will be required to pay a consumer levy if they are engaged in lending to or taking deposits from Irish resident individuals or households.
Entities undertaking “Cross Border” business are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.
Entities carrying out business in Ireland are required to pay a consumer levy if they are engaged in lending to or taking deposits from Irish resident individuals or households (as defined for the purposes of the Sectoral return). The table below details the amounts payable by such entities.
The range is based on the combined total of retail lending and retail deposits, to individuals and households in Ireland. Entities operating in Ireland on a “Cross Border” basis are obliged to determine the amount of levy contribution that they are due to pay by reference to this table and submit the appropriate amount to the Authority.
All entities will be charged a minimum levy of €4,500. In addition to this amount, all entities (with the relevant level of global gross premium income) will be charged an additional amount based on the table below.
The range relates to global gross premium income reported in the “Global Business” Form 2, Line 9, Column 1 of the statutory annual return received from life insurance companies for 2002.
All entities that engage in the writing of Irish risk business will be charged a minimum levy of €1,500. In addition to this amount all entities (with the relevant level of gross premium income written on Irish risk business) will be charged an additional amount based on the table below.
The range relates to gross premium income written on Irish risk business reported in the “Irish Risk Business” Form 2, Line 9, Column 1 of the statutory annual return received from life insurance companies for 2002.
Branches will be required to pay a consumer levy based on their gross premium income written on Irish risk business as reported in their annual return for 2002.
Entities carrying out business in Ireland on a cross border basis are required to pay a consumer levy based on gross premium income written on Irish risk business. The table below details the amounts payable by such entities.
The range is based on the total of gross premium income written on Irish risk business. Entities operating in Ireland on a “Cross Border” basis are obliged to determine the amount of levy contribution that they are due to pay by reference to this table and submit the appropriate amount to the Authority.
All entities will be charged a minimum levy of €4,500. In addition to this amount all entities (with the relevant level of global gross premium income) will be charged an additional amount based on the table below.
The range relates to global gross premium income reported in the “Total Business” Form 1, Line 2, Column 1 of the statutory annual return received from non-life insurance companies for 2002.
All entities that engage in the writing of Irisk risk business will be charged a minimum levy of €1,500. In addition to this amount all entities (with the relevant level of gross premium income written on Irish risk business) will be charged an additional amount based on the table below.
The range is based on the gross premium income written on Irish risk business reported in the “Irish Risk Business” Form 1, Line 2, Column 1 of the statutory annual return received from non-life insurance companies for 2002.
B5 — Non Life insurance undertakings authorised in another EEA State operating in Ireland on a Branch basis.
B6 — Non Life Insurance undertakings in another EEA State operating in Ireland on a Cross Border basis.
Entities unertaking “Cross Border” business are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.
An intermediary will be required to declare their income for the most recent financial year ending no later than 31 December 2003.
Where an intermediary does not have a full financial year under this criteria they must estimate their income in their period of operation up to 31 December 2003 and select the relevant income range.
• All commissions and any other income derived from product producers.
• All payments and amounts received from individuals or companies in relation to services/advice provided in relation to regulated services.
• Any other income derived from regulated activities (but not including interest earned by an entity on bank credit balances held in their own name).
A flat rate levy contribution of €1,250 is payable by designated fund managers.
Note: In determining which of the following categories (D2 - D5) an entity is categorised into consideration is given to the most senior element of their authorisation. Therefore if the authorisation of an entity allows it to be categorised as D2 or D3 it would be categorised as D3 as “Discretionary Portfolio Management” is viewed as a more senior type of authorisation than “Receive and Transmit orders”.
All entities will be charged a minimum levy of €2,000. In addition to this amount all entities (with the relevant level of turnover) will be charged an additional amount based on the table below.
The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2002 that have been received by the Authority.
All entities will be charged a minimum levy of €2,000. In addition to this amount all entities (with the relevant level of regulatory capital) will be charged an additional amount based on the table below.
The range based used is based on the higher of: initial required regulatory capital; total required regulatory capital; total expenditure based requirement as at 31 December 2003 which is extracted from the capital adequacy return.
All entities will be charged a minimum levy of €4,500. In addition to this amount all entities (with the relevant level of turnover) will be charged an additional amount based on the table below.
All funds will pay a minimum contribution of €1,750 per annum. Umbrella style funds will also pay a per sub-fund contribution of €550 on the first five sub-funds resulting in a maximum contribution for umbrella funds of €4,500.
These entities will pay a levy contribution of €1,500 per annum.
The range is based on the Net Asset Value Administered as at 31 December 2003 as reported to the Authority.
provided however that the total amount of levies collected or recovered from credit unions does not exceed the total amount of costs incurred by the Authority in performing the functions and exercising the powers of the Authority under the Credit Union Act, 1997 .
A minimum contribution of €1,000 will be charged for each Moneylender. In addition a variable levy based on a percentage charge on the “Total value of loans outstanding” per the application for authorisation submitted in 2003 will also be charged. The maximum amount payable by a Moneylender is capped at €16,000. This levy contribution is to cover their operation in all Court Districts.
Variable levy: 0.11% of total value of loans outstanding.
Each Approved Professional Body will be charged €29,000.
The periodic levy contribution is based on the number of branches operated by each Bureau de Change. The contribution per branch is €390. Therefore a Bureau de Change with five branches will pay €1,950.
Each Money Transmission Service Provider shall pay a flat rate levy contribution of €1,000.
Each regulated entity falling within Regulation 11(d) shall pay a flat rate levy contribution of €3,600.
SIGNED on this the 16th day of July 2004.
Chief Executive of the Irish Financial Services Regulatory Authority.
These Regulations, made by the Chief Executive of the Irish Financial Services Regulatory Authority in accordance with Sections 33J and 33K of the Central Bank Act, 1942 (as amended) set out the requirements of regulated financial service providers to pay a levy contribution to the Irish Financial Services Regulatory Authority. The Regulations also provide for the collection and recovery of the levies as well as providing for certain obligations as to self-assessment and record keeping by regulated financial service providers. The Regulations will be published from time to time by the Authority on its website and in other ways that the Chief Executive thinks appropriate.
* Any intermediaries authorised in 2004 that have paid a fee to the Authority will be credited the amount of that fee towards any future levy contributions until the amount of that credit is exhausted.