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ARTICLE · 21 NOVEMBER 2023

IAF/SEAR Update: Central Bank Publishes Feedback Statement, Updated Regulations And Guidance

Arthur Cox
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The Central Bank (CBI) has published its Feedback Statement, updated Regulations and updated Guidance on the impending Individual Accountability Framework (IAF).

IrelandFinance and Banking
Robert Cain
Robert Cain
Richard Willis
Richard Willis
Sarah Thompson
Sarah Thompson
Deirdre O'Mahony
Deirdre O'Mahony
Amelia Walsh
Amelia Walsh
Louise O'Byrne
Louise O'Byrne
Stephen D'Ardis
Stephen D'Ardis
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The Central Bank (CBI) has published its Feedback Statement, updated Regulations and updated Guidance on the impending Individual Accountability Framework (IAF).

Keep an eye out for detailed analysis and podcasts from our multi-disciplinary Individual Accountability and SEAR Group over the coming days.

Key takeaways are below.

Senior Executive Accountability Regime (SEAR)

  • (I)NEDs: Clarity that the application of the SEAR to (I)NEDs will be deferred until 1 July 2025. This is the only change to the planned IAF/SEAR timetable. The CBI's view is that this "learning/implementation" period will help firms manage concerns regarding the application of the SEAR framework to (I)NEDs. The interplay between collective responsibility and individual accountability has been a key talking point, including at last week's CBI Financial System Conference 2023; the CBI observed in the Feedback Statement that "...the role of collective responsibility and decision-making

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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