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ARTICLE · 26 JUNE 2019

Senior Executive Accountability Regime – Work Begins On Draft Legislation

Arthur Cox
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Government approval has been given for the Department of Finance to draft Heads of Bill for the proposed new Senior Executive Accountability Regime.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
Richard Willis
Richard Willis
Deirdre O'Mahony
Deirdre O'Mahony
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Government approval has been given for the Department of Finance to draft Heads of Bill for the proposed new Senior Executive Accountability Regime.

As outlined in our recent briefing (Accountability for Senior Executives – Update on Central Bank Proposals), the Central Bank has formally recommended the introduction of an Individual Accountability Framework comprising:

  • A Senior Executive Accountability Regime (SEAR)
  • Conduct Standards
  • Enhancements to the existing Fitness and Probity Regime
  • Enhancements to the existing Administrative Sanctions Regime

This week, the Government agreed that the Department of Finance should begin work on drafting Heads of Bill for the Central Bank (Amendment) Bill 2019 which will:

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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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