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ARTICLE · 19 MAY 2023

FIG Top 5 At 5 - 27/04/2023

Matheson
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As was advised in the FIG Top 5 at 5 on 13 April 2023, Part 3 (with the exception of section 10) of The Central Bank (Individual Accountability Framework) Act 2023 ("IAF Act") was commenced by the Minister for Finance...

IrelandFinance and Banking
Matheson LLP
Matheson LLP
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1. Central Bank of Ireland Fitness and Probity updates

Central Bank of Ireland publishes updates to the Fitness and Probity Enforcement Process

As was advised in theFIG Top 5 at 5 on 13 April 2023, Part 3 (with the exception of section 10) of The Central Bank (Individual Accountability Framework) Act 2023 ("IAF Act") was commenced by the Minister for Finance, Michael McGrath on 19 April 2023. The IAF Act amongst other things, signals a change in law to the Central Bank of Ireland's ("Central Bank") fitness and probity ("F&P") investigations, suspensions and prohibitions.

The changes, which amend Part 3 of the Central Bank Reform Act 2010 ("2010 Act") required a number of consequential changes to the Central Bank's existing regulations and guidance in relation to F&P procedures. The updated regulations and guidance apply from 20 April 2023 and include:

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