FIG Top 5 At 5 - 13/04/2023

1. Partial Commencement of the Central Bank (Individual Accountability Framework) Act 2023

On 11 April 2023, the Central Bank (Individual Accountability Framework) Act 2023 (Commencement of Certain Provisions) Order 2023 (the "Commencement Order") partially commencing the Central Bank (Individual Accountability Framework) Act 2023 (the "Act") was published in Iris Oifigiúil .

The Commencement Order notes that Parts 1, 3 (other than section 10), 4, 5, 6 and 7 of the Act will commence from 19 April 2023.

As outlined in the Top 5 at 5 update from 2 March 2023, sections 3 – 6 and 10 of the Act, which deal with the Senior Executive Accountability Regime ("SEAR"), the conduct standards and the certification process will be commenced following completion of the Central Bank of Ireland's public consultation on the draft regulations and supporting draft guidance on the operation of the Individual Accountability Framework ("IAF") as contained in the Act.