On 9 March 2023, the President of Ireland signed the Central Bank (Individual Accountability Framework) Act 2023 into law.
On 1 March 2023, when the legislation was passed by Dáil Eireann, the Minister for Finance Michael McGrath stated that all sections of the Act will be commenced as soon as possible, except for sections on the Senior Executive Accountability Regime (SEAR), the conduct standards and the fitness and probity certification requirement respectively. These sections are expected to commence following completion of the Central Bank of Ireland's public consultation. The Minister also stated that the Act will be fully implemented in the current year, which gives industry little time to implement the necessary actions.
In our latest briefing, taking account of the legislation as finalised, we set out key actions to benchmark your firm's compliance action plan under each of the four pillars of the individual accountability framework.
Click here to download our briefing.
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