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ARTICLE · 22 MAY 2023

Asset Management & Investment Funds Update – May 2023

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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The Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act) was signed into law by the President of Ireland on 9 March 2023.

IrelandFinance and Banking
Patricia Taylor
Patricia Taylor
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Key Dates & Deadlines: Q2/3 2023

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Updates to the Central Bank's Fitness and Probity Enforcement Procedures

The Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act) was signed into law by the President of Ireland on 9 March 2023. Part 3 of the IAF Act, which was commenced by Order of the Minister for Finance on 19 April 2023 (the commencement date), makes changes to the Central Bank's fitness and probity regime under Part 3 of the Central Bank Reform Act 2010 (the 2010 Act).

These amendments to Part 3 of the 2010 Act necessitated a number of changes to the Central Bank's regulations and guidance in relation to fitness and probity enforcement procedures. The updated regulations and guidance, applicable from 20 April 2023, are as follows:

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