It is proposed to introduce a "safe harbour"
for privileged legal material submitted to the Central Bank in the
course of an investigation under the Central Bank's
Administrative Sanctions Procedure (ASP).
Following our recent
briefing on the proposed amendments to the ASP, this briefing
focuses on this proposal in the General Scheme of the Central Bank
(Individual Accountability Framework) Bill 2021 (General
Scheme) to introduce a "safe harbour"
for privileged legal material submitted to the Central Bank.
What is privileged legal material?
Privileged legal material is information and / or documentation
which a person is entitled to withhold on the grounds of legal
professional privilege in the course of legal or regulatory action.
Material may be privileged for various reasons, the key ones
typically being legal advice privilege or litigation privilege.
