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Progress continues to be made in relation to the passing of the Central Bank (Individual Accountability Framework) Bill 2022 (the "Bill").
The Bill introduces the Senior Executive Accountability Regime, with the aim of enhancing individual accountability in regulated financial entities.
The Bill was published on 28 July 2022. As noted in our update published on 17 August 2022 (available here) the Bill's publication came four years after a Central Bank of Ireland report, which highlighted concerns relating to internal culture within Regulated Financial Service Providers ("Regulated Entities").
On 1 February 2023, the Bill was passed by Dáil Éireann with only minor technical amendments. The Bill now progresses to Seanad Éireann.
With only minor amendments passed during Committee and Report Stage, it will be interesting to observe any further proposed amendments to this very significant Bill.
As noted in our previous update, the Bill introduces:
- Updates to Standards of Conduct
- Updates to the Fitness and Probity Regime
- The Senior Executive Accountability Regime (SEAR)
- Reform and Expansion of the Regulatory Powers of the CBI.
It is advisable that all Regulated Entities take proactive steps at this stage to prepare for the new regulatory regime.
Please do not hesitate to contact James Roche, Eimear Burke, or Barry Fagan with any queries.
Please do not hesitate to contact James Roche, Eimear Burke, or Barry Fagan with any queries.
