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ARTICLE · 02 MAY 2024

FIG Top 5 At 5 - 18/04/2024

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On 16 April 2024, the Central Bank of Ireland ("Central Bank") published S.I. No. 147 of 2024 Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))...

IrelandFinance and Banking
Matheson LLP
Matheson LLP
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1. SEAR Regulations are published and IAF Guidelines are updated

On 16 April 2024, the Central Bank of Ireland ("Central Bank") published S.I. No. 147 of 2024 Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Senior Executive Accountability Regime)) Regulations 2024 ("SEAR Regulations") along with the related final Guidance on the Individual Accountability Framework ("IAF") ("Guidance").

The SEAR Regulations include an explanatory note, which states that the SEAR Regulations give effect to section 48(1) of the Central Bank (Supervision and Enforcement) Act 2013 by specifying the aspects of a regulated financial service provider's ("RFSP") affairs for which a PCF holder has inherent responsibilities and for which responsibility is to be allocated by the RFSP to a PCF holder for the purposes of section 53B of the Central Bank Reform Act 2010.

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