FIG Top 5 At 5 - 23/11/2023

1. Central Bank of Ireland Regulations and Guidance on the Individual Accountability Framework

Following its consultation process earlier in the year, the Central Bank of Ireland ("Central Bank") published a Feedback Statement and issued Regulations and Guidanceto firms on the Individual Accountability Framework on Thursday, 16 November 2023. The Guidance provides clarity regarding the Central Bank's expectations for the implementation of three aspects of the framework: the Senior Executive Accountability Framework ("SEAR"), the Conduct Standards and certain aspects of the enhancements to the Fitness and Probity ("F&P") regime.

Some of the key points are outlined below:

• SEAR will not apply to (I)NEDs until 1 July 2025 (though they must still be included in the Management Responsibilities Map);