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ARTICLE · 12 JULY 2023

Central Bank Launches Consultation On Its Administrative Sanctions Procedure

Dillon Eustace
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The Central Bank of Ireland (‘CBI') has issued Consultation Paper 154 seeking feedback on draft composite guidelines, which update and consolidate the existing Administrative Sanctions Procedure (‘ASP')...

IrelandInternational Law
John O'Riordan
John O'Riordan
Peter Bredin
Peter Bredin
Rachel Turner
Rachel Turner
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The Central Bank of Ireland ('CBI') has issued Consultation Paper 154 seeking feedback on draft composite guidelines, which update and consolidate the existing Administrative Sanctions Procedure ('ASP'), as set out in the ASP Outline 2018, Inquiry Guidelines 2014 and ASP Sanctions Guidance 2019.

The proposed changes follow the signing into law of The Central Bank (Individual Accountability Framework) Act 2023 (the 'Act') in March 2023, a CBI review of operating the ASP in recent years and international best practice.

Individual Accountability Framework and the ASP

The ASP is the process by which the CBI investigates breaches of financial services obligations by firms and/or individuals participating in those breaches and the draft composite guidelines, detailed in Consultation Paper 154, are designed to underpin and support the implementation of the Individual Accountability Framework ('IAF').

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