Finance (Provision of Access to Cash Infrastructure) Act 2025
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Bank may impose conditions on CIT provider when granting application for registration | ||
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19. (1) In granting an application for registration as a CIT provider under section 18 , the Bank may decide to impose on the holder concerned one or more of the following conditions, as the Bank considers appropriate, relating to the proper and orderly regulation and oversight of CIT providers for the purposes of this Act: | ||
(a) that the holder notify the Bank, in such form and manner and to the extent that the Bank considers necessary and proportionate for the purposes of the performance of the Bank’s functions under this Act, and including such information as the Bank may specify in such conditions, of any proposed business changes or developments, or potential business changes or developments of which the holder becomes aware, that may impact materially the ability of the holder to service the needs of any or all of its customers, including any plans to cease any or all of its activities in the State or any part of it; | ||
(b) that the holder notify its customers, in such form and manner and to the extent that the Bank considers necessary and proportionate for the purposes of the performance of the Bank’s functions under this Act, and including such information as the Bank may specify in such conditions, of any proposed business changes or developments, or potential business changes or developments of which the holder becomes aware, that may impact materially the ability of the holder to service the needs of any or all of its customers, including any plans to cease any or all of its activities in the State or any part of it; | ||
(c) that the holder have in place such policies, as the Bank may specify in such conditions, relating to operational resilience and business continuity arrangements and compliance with those policies. | ||
(2) The Bank shall specify any condition imposed under subsection (1) in the registration granted to the holder or in one or more than one document annexed to that registration. | ||
(3) If the Bank decides to impose any condition under subsection (1), the Bank shall give to the holder, together with the notice of confirmation of registration under section 18 (7)(b), a notice of the decision to impose such condition, and the notice shall include a statement setting out the reasons for its imposition. | ||
(4) A holder shall comply with any condition imposed under subsection (1). | ||
(5) A decision of the Bank to impose any condition under subsection (1) is an appealable decision for the purposes of Part VIIA of the Act of 1942. |