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ARTICLE · 13 JULY 2023

IAF/SEAR Update: Second Commencement Order Signed

Arthur Cox
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The Minister for Finance has signed a second commencement order (Central Bank (Individual Accountability Framework) Act 2023 (Commencement of Certain...

IrelandFinance and Banking
Arthur Cox
Arthur Cox
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
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The Minister for Finance has signed a second commencement order (Central Bank (Individual Accountability Framework) Act 2023 (Commencement of Certain Provisions) (No. 2) Order 2023) under the Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act).

The second commencement order confirms that the provisions of the IAF Act which were not already commenced by the first commencement order in April 2023 will come into operation on 29 December 2023 – these provisions deal with the senior executive accountability regime (SEAR), the conduct standards and the new certification requirement as part of the fitness and probity (F&P) regime.

The 29 December 2023 date aligns with the planned timeline for the key pillars of the IAF. By way of reminder, that timeline is as follows:

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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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