The Central Bank (Individual Accountability Framework) Act 2023 signed into Law
The President signed the Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act) into law on 9 March 2023, paving the way for the introduction of a new framework which “…will put individual accountability at the centre of decision making in financial services organisations”.
What happens next?
When the IAF Act completed its passage through the Houses of the Oireachtas on 1 March 2023, the Minister for Finance confirmed that commencement orders would be published shortly after the IAF Act was signed into law other than in respect of the parts of the IAF Act dealing with SEAR, conduct standards and the new certification requirement as part of the Central Bank’s fitness and probity (F&P) regime. The Minister will not commence those remaining sections until after the Central Bank’s consultation process (which we expect to begin shortly). The Minister intends to commence those remaining sections before the end of 2023.
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