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ARTICLE · 03 JULY 2023

Central Bank Consultation CP154 – Enforcement Reforms

William Fry LLP
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On 9 March 2023, the Central Bank (Individual Accountability Framework) Act 2023 (Act) was enacted.

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Derek Hegarty
Derek Hegarty
Hilary Rogers
Hilary Rogers
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On 9 March 2023, the Central Bank (Individual Accountability Framework) Act 2023 (Act) was enacted.

The Act lays the foundations of an Individual Accountability Framework (IAF) comprising four key pillars:

  1. Conduct standards
  2. Enhanced fitness and probity regime
  3. Reforms to simplify regulatory enforcement against individuals
  4. Senior executive accountability rating (SEAR).

We have addressed these Pillars and key reforms in those areas in detail here.

On 22 June 2023, the Central Bank of Ireland (Central Bank) published the consultation paper CP154 and draft guidelines regarding the Central Bank Administrative Sanctions Procedure (ASP) under Pillar 3. In this briefing, we examine key enforcement reforms as provided for in CP154.

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