The Minister for Finance, Pascal Donohue TD, published the long-awaited General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 in July of last year.
As expected, the individual accountability framework will include a new senior executive accountability regime (SEAR) under which regulated financial services providers (RFSPs) and senior managers within those RFSPs will clearly frame where responsibility and decision-making rests within their organisation.
In this audio briefing, Louise O'Byrne, Partner in the Employment Law Group at Arthur Cox, is joined by Rachel Morgan, Managing Associate in the Employment team, and Brenton Pollard, Managing Associate, Financial Regulation Group, of Linklaters LLP. Rachel and Brenton will share their experiences and insights into the equivalent UK scheme, the SMCR.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.