IAF/SEAR Update: First commencement order signed
Yesterday (19 April 2023) the Minister for Finance confirmed the commencement of key sections of the Central Bank (Individual Accountability Framework) Act 2023.
The commencement order is here: Central Bank (Individual Accountability Framework) Act 2023 (Commencement Of Certain Provisions) Order 2023.
From 19 April 2023, all provisions of the Act have been commenced apart from those that deal with (a) SEAR, (b) conduct standards and (c) the new certification requirement as part of the fitness and probity (F&P) regime.
The commencement order means that the framework is now in place for the Central Bank to enhance its F&P regime, bring holding companies into the scope of the F&P regime, enhance its administrative sanctions procedure (ASP) and break the participation link.
As highlighted in our key IAF/SEAR milestones, we expect to see updated F&P regulations and guidance from the Central Bank shortly, and a public consultation from the Central Bank on changes to its ASP towards the middle of this year.