The Central Bank (Individual Accountability Framework) Bill 2022 - Update

As readers will be aware from our previous briefing, the Central Bank (Individual Accountability Framework) Bill (the "Bill") was published in July 2022.

The Bill proposes to:

• introduce a new "Senior Executive Accountability Regime" for those discharging senior executive functions in the financial services industry;
• enhance the existing fitness and probity regime operated by the Central Bank of Ireland (the "Central Bank");
• extend and clarify the powers of the Central Bank under its administrative sanctions procedure; and
• introduce new conduct standards for all financial services service providers.

Last month, the Bill completed the "Committee Stage" during which provisions of the Bill were debated and considered by the Dáil Finance Committee (the "Committee").All of the proposed amendments to the Bill put forward by the Minister for Finance were approved by the Committee without objection.