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ARTICLE · 10 AUGUST 2022

The Central Bank (Individual Accountability Framework) Bill 2022

Arthur Cox
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Published on 28 July 2022, the Central Bank (Individual Accountability Framework) Bill 2022 (the "Bill") aims to enhance individual accountability in the financial services industry.

IrelandFinance and Banking
Sarah Thompson
Sarah Thompson
Robert Cain
Robert Cain
Richard Willis
Richard Willis
Deirdre O'Mahony
Deirdre O'Mahony
Amelia Walsh
Amelia Walsh
Tara O'Reilly
Tara O'Reilly
Edel Curry
Edel Curry
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Published on 28 July 2022, the Central Bank (Individual Accountability Framework) Bill 2022 (the "Bill") aims to enhance individual accountability in the financial services industry. In this update, we provide an overview of the key pillars of the new Individual Accountability Framework and the key updates made to the July 2021 General Scheme.

Introduction

On 28 July 2022, the Department of Finance published the Bill, together with an accompanying Explanatory Memorandum.

The publication of the Bill follows the publication of the General Scheme for the individual accountability framework (the "General Scheme") in July 2021 (covered in our briefing of 28 July 2021).

The Minister for Finance has identified the Bill as a priority for the Government, and it is expected to be enacted by the end of 2022. Following enactment, the Central Bank of Ireland (the "CBI") will issue draft implementing regulations and guidance for public consultation.

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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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