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ARTICLE · 22 NOVEMBER 2023

Central Bank Of Ireland Finalises Its Individual Accountability Framework

Dillon Eustace
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On 16 November 2023, the Central Bank of Ireland (Central Bank) published finalised guidance (Guidance) and implementing regulations (Implementing Regulations) ...

IrelandWealth Management
Keith Waine
Keith Waine
Colman O'Loghlen
Colman O'Loghlen
Benedicte O'Connor
Benedicte O'Connor
Laura Goonan
Laura Goonan
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On 16 November 2023, the Central Bank of Ireland (Central Bank) published finalised guidance (Guidance) and implementing regulations (Implementing Regulations) which will give further effect to the individual accountability framework (IAF) introduced under the Central Bank (Individual Accountability Framework) Act 2023 (Act). It also published a feedback statement to its consultation paper 153 on the IAF1.

Key Elements of the IAF

The below table sets out the key elements of the IAF along with details of the scope of obligation and relevant application dates.

Key Elements

Scope of Obligation

Application Date

Common Conduct Standards

Applicable to all personnel and directors within an Irish regulated firm who perform controlled functions (CF) or pre-approved controlled functions (PCF), including Irish externally managed funds

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