The Individual Accountability Framework, including the Senior Executive Accountability Regime, is one of the most impactful regulatory developments of recent years. All firms regulated by the Central Bank of Ireland will be impacted and will have varying implementation requirements through 2023 and 2024.
Contact usFurther to last week's enactment of the Central Bank (Individual Accountability Framework) Act 2023, the Central Bank of Ireland has now launched a three-month Consultation on key aspects of the implementation of the Individual Accountability Framework, including the publication of draft Regulations and draft Guidance.
Regulatory Risk & InvestigationsToday, 9 March 2023, the long-awaited Central Bank (Individual Accountability Framework) Act 2023 was enacted. Find our update here.
Regulatory Risk & InvestigationsYesterday, the Central Bank (Individual Accountability Framework) Bill 2022 (IAF Bill) was passed by the Dáil. Find our insights here.
Financial RegulationAs previously highlighted, the Central Bank (Individual Accountability Framework) Bill 2022 (IAF Bill) recently passed second stage before the Seanad. The IAF Bill progressed to committee stage before the Seanad last week, where a number of proposed amendments were tabled for consideration. We set out below the amendments considered together with key issues raised upon debate, and next steps.
Financial RegulationAs previously highlighted, the Central Bank (Individual Accountability Framework) Bill 2022 (IAF Bill) passed the report and final stage before the Dáil last week, where four typographical amendments were agreed. The IAF Bill progressed to second stage before the Seanad this week, and we set out below the key issues raised upon debate.
ESG & SustainabilityThe IAF Bill is continuing to progress through the legislative process and, at yesterday's report and final stage before the Dáil, consideration was given to four typographical amendments, all of which were agreed.
ESG & SustainabilityAs previously highlighted, the Central Bank (Individual Accountability Framework) Bill 2022 (IAF Bill) was published in July of this year, and is continuing to progress through the legislative process. In the latest development, further to review by the Dáil Select Committee, an updated IAF Bill has now been published with some further amendments compared to the initial draft Bill.
ESG & SustainabilityThe Department of Finance has now published the long-awaited Central Bank (Individual Accountability Framework) Bill 2022.
ESG & SustainabilityThe introduction of the Senior Executive Accountability Regime and broader Individual Accountability Framework will be one of the most impactful regulatory changes of recent years. The recent publication of the General Scheme for the legislation gives a good indication of what will be expected of regulated firms and individuals within them.
Financial RegulationAt the end of July, the long-awaited General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 was published. It provides for an Individual Accountability Framework designed to deliver heightened accountability in the financial system and follows the Central Bank of Ireland's focus on consumer issues in a number of sectors.
Financial RegulationThe Department of Finance announced today details on the long-awaited Individual Accountability Framework (the IAF) including the Senior Executive Accountability Regime (SEAR).
Financial RegulationThe past decade has seen a marked and continuing shift in global focus towards greater accountability and responsibility for decision making in the financial sector - no doubt influenced by the fallout of financial crisis.
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