On 28 July 2022, the Department of Finance published the Central Bank (Individual Accountability Framework) Bill 2022 (the Bill). The Government will debate the Bill in Dáil Eireann after it resumes in mid-September 2022. You can access the Bill and the Explanatory Memorandum here.
The Central Bank welcomed the publication of the Bill and confirmed that following the enactment of the legislation, it intends to publicly consult on implementing the individual accountability framework (IAF).
As expected, the Bill contains greater detail on the four pillars of the IAF including conduct standards, fitness and probity reforms, reforms to simplify regulatory enforcement against individuals and the senior executive accountability regime (SEAR). The Bill extends the Central Bank's regulation-making powers regarding regulated financial service providers to facilitate the implementation of IAF and SEAR.
William Fry's experienced multi-disciplinary IAF/SEAR team is already helping clients to prepare for implementation of IAF and SEAR. We are currently analysing the Bill and we will be publishing a more detailed update on the Bill shortly. Please visit our dedicated Individual Accountability & SEAR web page for our analysis and commentary to date.
Co-Authored by Jane Balfe (Knowledge Lawyer)
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