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ARTICLE · 14 APRIL 2023

CP153: CBI Consults On Individual Accountability Framework As Act Becomes Law

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On 9 March 2023, the Central Bank (Individual Accountability Framework) Act 2023 ("IAF Act") was signed into law and will significantly change the regulation and governance of regulated...

IrelandFinance and Banking
Adam Donoghue
Adam Donoghue
Emma O'Dwyer
Emma O'Dwyer
Stephen Carty
Stephen Carty
Lorna Smith
Lorna Smith
Philip Keegan
Philip Keegan
Alison Gibney
Alison Gibney
Karen Killalea
Karen Killalea
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On 9 March 2023, the Central Bank (Individual Accountability Framework) Act 2023 ("IAF Act") was signed into law and will significantly change the regulation and governance of regulated financial service providers in Ireland ("RFSPs"). It has not yet been commenced.

The IAF Act amends and updates three pieces of corelegislation1and gives the Central Bank of Ireland ("Central Bank") power to make regulations to strengthen and enhance individual accountability in the Irish financial services industry.

On 13 March 2023, the Central Bank released Consultation Paper 153 ("CP153"), including draft regulatory guidance and draft regulations supplementing the IAF Act. The main requirements of the IAF Act will not come into force until after this consultation process has concluded.

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