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ARTICLE · 10 FEBRUARY 2023

FIG Top 5 At 5 - 02/02/2023

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On 1 February 2023, the Central Bank (Individual Accountability Framework) Bill 2022Opens in new window (the "Bill") was passed by Dáil Eireann.

IrelandFinance and Banking
Matheson Asset Management And Investment Funds Group
Matheson Asset Management And Investment Funds Group
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1. Central Bank (Individual Accountability Framework) Bill 2022

On 1 February 2023, the Central Bank (Individual Accountability Framework) Bill 2022 (the "Bill") was passed by Dáil Eireann.

The Bill aims to support the advancement of an improved culture in the Irish financial system through greater accountability in the regulated sector by introducing an Individual Accountability Framework ("IAF"). The four key pillars of the IAF proposal include conduct standards for firms and the individuals working within them; a Senior Executive Accountability Regime ("SEAR"); enhancements to the current Fitness and Probity Regime; and a unified enforcement process.

The Minister for Finance, Michael McGrath (the "Minister"), noted that the previous, Minister Finance, Pascal Donohoe, brought forward a number of amendments to the Bill on Committee Stage which "addressed the concerns of the European Central Bank to ensure there is clarity as to its exclusive prerogative in

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