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*** Updates on Legislation - see NEWS & BLOGS for latest  ***
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  • 9 March 2023: The Central Bank (Individual Accountability Framework) Act 2023 passes into law as Number 5 of 2023 ​

What

The Central Bank of Ireland says its needs more powers to pursue ‘individual accountability’.  It pressed the Irish Government for the introduction of a Senior Executive Accountability Regime (SEAR)​. The Minister for Finance (Paschal Donohue) who is the Minister in charge at the Department of Finance says the introduction of the SEAR will complement existing powers of the Central Bank, ensuring that it has the additional powers necessary to provide appropriate regulation. The existing fitness and probity regime will also be enhanced and a technical albeit important evidential provision will be changed to allow for actions against an individual where there is no action taken against a regulated firm.

Why

The Central Bank and the Government desire clarity as to who is responsible for what at regulated financial services firms.  Although the Central Bank already has extensive regulatory powers to investigate and impose sanctions where there are breaches of financial services legislation, the introduction of a SEAR will complement those existing powers. The legislation for the existing fitness and probity regime will be enhanced and there will be legislative changes to break the participation link to facilitate the Central Bank in taking action against either a firm or an individual where a contravention of legislation occurs.​

How

The legislation will include conduct standards for individuals and firms, giving the Central Bank additional powers to enforce obligations on financial services providers, and relevant individuals working within them, with respect to expected standards of conduct. ​ The SEAR will require firms to set out clearly the roles and responsibilities of their senior executives, including the production of management responsibility maps documenting key management and governance arrangements in a comprehensive and accessible way. ​

When

  • 16 November 2023: Central Bank publishes Individual Accountability Framework Standards and Guidance.
  • 11 July 2023: Minister McGrath signs 2nd order to commence other parts of Central Bank (Individual Accountability Framework) Act 2023.   The 2nd commencement order confirms that the provisions of the IAF Act  not already commenced by the first commencement order in April 2023 (see below) will come into operation on 29 December 2023.
  • 22 June 2023: CP154 - Central Bank of Ireland publishes consultation on Consolidated Guidelines in respect of the Central Bank’s Administrative Sanctions Procedure
  • 21 April 2023: Updated Fitness and Probity Enforcement Procedures.  Central Bank updated its procedures in relation to fitness and probity investigations, suspensions and prohibitions to align these with the IAF Act. See its fitness and probity enforcement page for further details. On same day the Central Bank wrote to various industry representative bodies and to those involved in ongoing investigations to notify them of the changes.
  • 19 April 2023: Minister McGrath signs order to commence large part of Central Bank (Individual Accountability Framework) Act 2023 (see also the Central Bank's announcement of the  Order of the Minister for Finance commencing several parts of the Act including those  affecting its enforcement processes).
  • 13 March 2023:  CP153 - Central Bank of Ireland publishes consultation on the Individual Accountability Framework, Financial Regulation and the role of the Central Bank
  • 9 March 2023: The Central Bank (Individual Accountability Framework) Act 2023 passes into law as Number 5 of 2023 
  • 9 March 2023: President Higgins signs the Central Bank (Individual Accountability Framework) Bill 2022
  • 1 March 2023: Dáil Éireann agrees amendments made by Senead Éireann
  • 22 February 2023: Bill commences at Senead Éireann Fourth Stage (also known as Report Stage) and concludes on 22 February 2023 with two amendments.
  • 16 February 2023: Bill concludes at Third Stage (also known as Committee Stage) in Senead Éireann and is moves to Report Stage on 21 February 2023 
  • 1 February 2023:  Bill as passed by Dáil Éireann
  • 7 December 2022: Bill as amended in Committee/Select Committee (Dáil Eireann)
  • 19 October 2022: the Central Bank (Individual Accountability Framework) Bill (Bill) received continuing debate in the Oireachtas (Dáil Éireann) before moving to the Third Stage following its referral to the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach.
  • 18 October 2022: the Bill, at the Second Stage, received its second reading in the Oireachtas (Dáil Éireann) by the Minister for State at the Department of Finance (Deputy Sean Fleming) 
  • 04 July 2022: the Finance Minister (Paschal Donoghue) sought approval from the Government for the text of the Bill.
  • 28 July 2022: the Bill is initiated/presented (First Stage) to the Oireachtas (Dáil Éireann).
  • 27 July 2021: the Minister for Finance, Paschal Donohoe TD announced that he had received agreement from his Cabinet colleagues 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. This document is know as a General Scheme.  It is not the Bill.  To learn more about the movement of the General Scheme, to a written Bill to an enactment of Parliament (i.e, Oireachtas) see the SEAR & AI Framework page.​
"Ultimately a key challenge is to continue to rebuild trust in the financial sector following the Global Financial Crisis. This will require ongoing cultural and practical change in the banking sector and throughout the financial services industry building on the progress that has been made to date.

"The Central Bank (Individual Accountability Framework) Act 2023 should make a significant contribution to bringing about this needed cultural change. This is the ultimate aim of this legislation.”

Minister for Finance, Michael McGrath, T.D. 


The Ingredients You Need to Embed S.E.A.R into your Institution

The SEAR Hub has the ingredients you need to research, plan, prepare for and execute an appropriate governance framework to rollout the Individual Accountability Regime and the SEAR at your business.
The SEAR Hub is supported by RegTech firms, professional services firms, training firms, academics and regulatory professionals.  
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