The Central Bank (Individual Accountability Framework) Bill 2022 Is Published

On 28 July 2022 the Central Bank (Individual Accountability Framework) Bill 2022 (the "Bill") was published by the Department of Finance.

According to the Explanatory Memorandum to the Bill, its principal purpose is to confer powers on the Central Bank of Ireland (the "Central Bank") to strengthen and enhance individual accountability in the financial services industry.

The Bill follows the outline set by the General Scheme of the Bill which was published in July 2021 (further details here), and has provided greater detail on the four pillars of the individual accountability framework ("IAF"), namely:

• The Senior Executive Accountability Regime ("SEAR");
• The Conduct Standards;