New Irish Legislation On Individual Accountability

On 27 July 2021, the General Scheme of the Central Bank (Individual Accountability) Bill (the "Bill") was published.  The Bill will introduce a new legislative framework to improve individual accountability in the financial sector, known collectively as the "Individual Accountability Framework".

Key Elements 

The objective of the new Individual Accountability Framework is to enhance the supervisory and enforcement powers of the Central Bank of Ireland (the "Central Bank") to hold individuals to account for regulatory breaches in the area for which they are responsible.  This includes:

• The introduction of a Senior Executive Accountability Regime  ("SEAR"), which places obligations on firms and individuals performing 'Senior Executive Functions' to set out clearly where responsibility and decision-making lies.  In-scope firms will be required to produce detailed responsibility maps and statements of responsibility.  These will require changes to existing