Individual accountability in the regulated financial services sector moved a step closer with this week's publication of the heads of bill of the Central Bank (Individual Accountability Framework) Bill 2021. We now have much greater visibility of the additional obligations that will be imposed on firms and individuals under the individual accountability framework.
William Fry's financial regulation team has prepared the below briefing to give you with a short and accessible overview of the main components of the individual accountability framework as set out in the heads of bill including:
- The new senior executive accountability regime (SEAR) which will apply to credit institutions, certain insurance firms and certain MiFID investment firms in the initial phase;
- the new conduct standards for all regulated financial service providers and for all individuals in CF and PCF roles
- The more onerous obligations under the fitness and probity regime; and
- The streamlined enforcement process designed to remove certain barriers to regulatory enforcement action against individuals.
Please click here to download our briefing.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.