Central Bank Concludes Public Consultation On Enhanced ASP

On 13 December 2023, the Central Bank of Ireland ("Central Bank") published its Feedback Statement and finalised consolidated Guidelines relating to the enhanced Administrative Sanctions Procedure ("ASP"). The Guidelines update and consolidate the Central Bank's existing ASP publications, including ASP Outline 2018, Inquiry Guidelines 2014 and ASP Sanctions Guidance 2019.

The Central Bank states in the Feedback Statement that the Guidelines aim to provide transparency, clarity and consistency on the ASP process while emphasising the Central Bank's principles of proportionality and fairness when dealing with individuals and firms. The Central Bank further explained that as the Guidelines are procedural in nature much of the feedback received related mainly to requests for additional clarifications rather than suggested changes. The majority of the submissions received by the Central Bank related to queries regarding the investigations stage of the ASP, however