The Central Bank (Individual Accountability Framework) Bill started Second Stage in the Dáil yesterday evening.
The Minister for State noted that the Minister for Finance will put forward additional amendments to the Bill at Dáil Committee Stage to reflect drafting feedback from the ECB. The ECB wants the Bill to be clearer that, in respect of banks that are 'significant' for the purposes of the Single Supervisory Mechanism, it is the ECB that has exclusive power to approve PCF appointments. It has also asked that the Irish SSM Regulations be amended to more accurately set out the jurisdictional split between the ECB and the CBI for certain SSM-specific matters. Apart from that, the ECB "strongly welcomes the measures envisaged by the draft law regarding the individual responsibilities of senior persons, including management board members and key function holders."
Please get in touch with any member of our market-leading Financial Regulation: Investigation and Enforcement team if you wish to discuss the potential impact of SEAR and the proposed individual accountability framework on your business.
https://www.oireachtas.ie/en/debates/debate/dail/2022-10-18/14/
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.
