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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
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
Co-Authored by Jane Balfe (Knowledge Lawyer)
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.
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