Central Bank of Ireland Update
Individual Accountability Framework (IAF) Consultation Paper
Date: 13th March 2023
The Central Bank of Ireland ('CBI') have launched their consultation, including draft regulations and guidance, on these key aspects of the Individual Accountability Framework (IAF):
• Senior Executive Accountability Regime (SEAR) which will apply from 1 July 2024 to in-scope firms.
• Conduct Standards which will apply from 31 December 2023.
• Certain enhancements to the Fitness and Probity regime such as the new certification process and the inclusion of Holding Companies, these will apply from 31 December 2023.
The CBI noted that the draft regulations and guidance seek to provide clarity in terms of their expectations for the implementation of the above three aspects of the framework and the consultation will remain open for three months until 13th June 2023.
Details of the consultation can be read here: