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ARTICLE · 03 JULY 2024

Central Bank Publishes "Questions From Stakeholders" On IAF Conduct Standards

Arthur Cox
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Earlier today the Central Bank published answers to certain questions about the Individual Accountability Framework ("IAF") raised by stakeholders.

IrelandFinance and Banking
Kevin Murphy
Kevin Murphy
Tara O'Reilly
Tara O'Reilly
Ian Dillon
Ian Dillon
Dara Harrington
Dara Harrington
Cormac Commins
Cormac Commins
Siobhan McBean
Siobhan McBean
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Earlier today the Central Bank published answers to certain questions about the Individual Accountability Framework ("IAF") raised by stakeholders. This document was first mooted in April 2024 when the Central Bank published updated Guidance on the IAF.

Of most interest to funds and fund managers are the clarifications relating to the Conduct Standards under the IAF. The Conduct Standards include the Common Conduct Standards, which are a set of expected standards of conduct which apply to all individuals carrying out Controlled Function roles ("CFs") in all regulated firms, and the Additional Conduct Standards, which apply to all individuals carrying out Pre-Approval Controlled Function roles ("PCFs") or any other role that may exercise a significant influence on the firm's affairs ("CF-1"), in all regulated firms. The Conduct Standards have applied since 29 December 2023.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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