 "On the whole, I agree with you that there is a limited amount of directorships that can be held with a job being well done." This is around minutes 55-57 (around 2:25pm-2:27pm) at full video at Oireachtas.ie https://media.heanet.ie/page/0382d466362a4d90b07d8e7d7f27fdd9  Central Bank of Ireland's Director of Enforcement & AML and Director of Financial Regulation to appear before Oireachtas Committee Bill 2021 13:30 Wednesday 3 November 2021 Oireachtas Hearing: Director of Financial Regulation - Policy & Risk, Gerry Cross, and Director of Enforcement & Anti-Money Laundering, Seána Cunningham, at Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach on Central Bank (Individual Accountability Framework) Bill. This should be an interesting hearing, and worth tuning in, as we believe it is the first appearance by the Central Bank of Ireland before an Oireachtas Committee on the General Scheme of Central Bank (Individual Accountability Framework) Bill . Copy of the General Scheme here. If you are not familiar with the structure of the Central Bank of Ireland, see the image below showing where Seána Cunningham and Gerry Cross sit within the organisation (as at 29 October 2021) Sources: https://www.oireachtas.ie/en/committees/schedule/ Central Bank of Ireland Author: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm. Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision. 
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 Speech: Clear standards of conduct, accountability, and robust enforcement mechanisms are essential to fostering trust in the financial services sector "Proposals in the Individual Accountability Framework seek to incentivise positive behaviours and promote improved governance and culture within firms while strengthening the Central Bank’s enforcement toolkit, particularly with respect to individuals, to allow the Central Bank to more effectively hold to account those that fall below the expected standards." Central Bank of Ireland In a speech made Wednesday 13th October 2021, quoting a lot of numbers, such as:
the Central Bank of Ireland covered its work and role in the proposed Individual Accountability Framework which it believes will drive uplift in governance across the board. The proposals in the Individual Accountability Framework seek to incentivise positive behaviours and promote improved governance and culture within firms while strengthening the Central Bank’s enforcement toolkit, particularly with respect to individuals, to allow the Central Bank to more effectively hold to account those that fall below the expected standards.
Posted by: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm. Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision.
 The Central Bank (Individual Accountability Framework) Bill has made the list of 46 pieces of priority legislation for publication and draft this current parliamentary session of Autumn 2021. “I am very pleased Cabinet has approved and signed off on the autumn legislative agenda. This programme further builds on the work already delivered by Government with 62 separate bills published since coming to office in June last year and 62 bills enacted in the same period." Government Chief Whip Jack Chambers TD Government Chief Whip Jack Chambers TD has published the legislative programme for the autumn 2021 Oireachtas session. It contains 46 bills for priority drafting and publication by Ministers in the coming period. One of these is the Central Bank (Individual Accountability Framework) Bill.
The programme was approved by Cabinet following consultation and engagement in recent weeks with government departments, officials and the Attorney General. The Central Bank (Individual Accountability Framework) Bill is described as being to 'introduce the Senior Executive Accountability Regime, conduct standards for regulated financial service providers and persons performing functions in RFSPS, and other legislative changes to facilitate the Individual Accountability Framework' Heads of Bill approved on 27th July 2021. The date for Pre-Legislative Scrutiny is yet to be determined.
Author: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm. Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision.  General Scheme of Central Bank (Individual Accountability Framework) Bill 2021 Released “The changes to Central Bank legislation will put individual accountability at the centre of decision making in financial services organisations. The provisions will ensure that there is clarity around the roles and functions of senior executives." Ireland's Minister of Finance, Paschal Donohoe Using an image with a colour scheme reminiscent of a nearby overseas regulator with a similar senior executive regime, Ireland's Minister of Finance, Paschal Donohoe, has announced that today (27 July 2021) he has received agreement from Cabinet to approve the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector.
What does this mean for regulated firms and individuals particularly senior executives? Read CompliReg's blog here, where you can download both the (i) General Scheme - Central Bank (Individual Accountability Framework) Bill and (ii) Regulatory Impact Assessment - Central Bank (Individual Accountability Framework) Bill. Author: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm. Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision. |
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