The Companies (Corporate Enforcement Authority) Act 2021, providing for the CEA’s establishment was signed by the President on 22 December 2021. The Act was commenced on 6 July and the CEA was established on 7 July 2022.
The functions assigned to the Corporate Enforcement Authority include:
- enforcing and encouraging compliance with company law
- investigating suspected offences under the Companies Act 2014
- prosecuting detected breaches of the Companies Act 2014
- referring cases to the Director of Public Prosecutions for prosecution on indictment
- exercising a supervisory role over the activities of liquidators and receivers in the discharge of their functions under the Companies Act 2014
The Corporate Enforcement Authority (CEA) is invested with all the same functions and powers that the ODCE had with some modifications to meet the differing demands of its remit, which includes investigation, prosecution, supervision, and advocacy roles.
The Authority shall be independent in carrying out its functions.