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ARTICLE · 22 NOVEMBER 2023

CBI Publishes Final Individual Accountability Framework Standards And Guidance

William Fry LLP
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On 16 November 2023, following a consultation process on Consultation Paper 153 (CP153), the Central Bank published a Feedback Statement and issued final form Regulations...

IrelandCorporate/Commercial Law
Shane Kelleher
Shane Kelleher
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Louise Harrison
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On 16 November 2023, following a consultation process on Consultation Paper 153 (CP153), the Central Bank published a Feedback Statement and issued final form Regulations and Guidance to firms on the Individual Accountability Framework (IAF).

These set out the Central Bank's expectations for the implementation of three aspects of the IAF:

  • Senior Executive Accountability Framework (SEAR) (applicable to in-scope firms from 1 July 2024 (with a 12-month deferral for (Independent) Non-Executive Directors to 1 July 2025);
  • Conduct Standards (applicable from 29 December 2023) (except for the Business Standards, which will not be effective until the revised Consumer Protection Code is implemented); and

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