Central Bank (Individual Accountability Framework) Bill 2022 Set For Enactment

• Published date: 09 March 2023
• Subject Matter: Finance and Banking, Financial Services
• Law Firm: Dillon Eustace
• Author: Mr Keith Waine, Colman O'Loghlen, Benedicte O'Connor, John O'Riordan, Peter Bredin and Rachel Turner

For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

As readers will be aware, the Central Bank (Individual Accountability Framework) Bill 2022 (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 (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.

The Bill passed the Seanad on 22 February 2023 at which point it was remitted to the D'il, where two related Government amendments made at Seanad Committee Stage were debated on 1 March 2023.

These changes were approved without objection, and the Bill was deemed to have passed, on what Minister Michael McGrath described as "a milestone day".

The Bill is expected to be signed into law by the President later this month. The Central Bank is also due to issue a public consultation paper shortly which will contain draft regulations which will underpin the provisions...