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ARTICLE · 23 NOVEMBER 2023

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Individual Accountability & SEAR: Time For Action Nov 2023

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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It is time for the regulated financial services industry to accelerate their preparations for implementation of the Central Bank individual accountability...

IrelandFinance and Banking
Shane Kelleher
Shane Kelleher
Louise Harrison
Louise Harrison
Hilary Rogers
Hilary Rogers
Patricia Taylor
Patricia Taylor
John Aherne
John Aherne
Julie Murray
Julie Murray
Louise McNabola
Louise McNabola
Ciarán Herlihy
Ciarán Herlihy
Laura Murdock
Laura Murdock
Author LinkedIn connections

1. INTRODUCTION

It is time for the regulated financial services industry to accelerate their preparations for implementation of the Central Bank individual accountability framework (IAF) following publication by the Central Bank of a feedback statement on Consultation Paper 153 (CP153) and final form Regulations and Guidance on IAF on 16 November 2023.

The Central Bank (Individual Accountability Framework) Act 2023 (the Act) enacted on 9 March 2023 lays the foundations of the IAF comprising of four pillars:

  1. Conduct standards.
  2. Enhanced fitness and probity (F&P) regime.
  3. Reforms to simplify regulatory enforcement against individuals.
  4. The senior executive accountability regime (SEAR).

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