Published - Central Bank (Individual Accountability Framework) Bill 2022(Bill 75 of 2022)

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• DOWNLOAD THE BILL HERE
• DOWNLOAD THE EXPLANATORY MEMORANDUM HERE 

About the Central Bank (Individual Accountability Framework) Bill 2022 (Bill 75 of 2022)

It is a Bill to:

• amend the Central Bank Act 1942
• to extend the application of the administrative sanctions procedure to persons performing controlled functions and to certain holding companies
• to provide for the appointment of a panel from which appointments may be made for the purposes of certain decisions
• to provide for the admissibility of business records at an inquiry
• to provide for disclosure agreements
• to provide for an application for confirmation by the High Court of a decision of an inquiry under Part IIIC and a decision of the Irish Financial Services Appeals Tribunal under Part VIIA of that Act
• to amend the Central Bank Reform Act 2010 to extend the regulation and supervision of financial service providers and persons performing controlled functions and pre-approval controlled functions through the introduction of business standards, conduct standards and the duty of responsibility
• to provide for the independence of persons carrying out an investigation in the performance of their functions
• to provide for the independence of persons to whom a function of the Head of Financial Regulation, the Central Bank or the Governor is delegated in the performance of their functions
• to provide for a right of appeal to the Irish Financial Services Appeals Tribunal of a decision of the Head of Financial Regulation to confirm a suspension notice
• to increase the period for which the High Court may extend the duration of a suspension notice, and
• to provide for an application for confirmation by the High Court of a decision of the Central Bank or Governor to issue a prohibition notice
• to amend the Central Bank (Supervision and Enforcement) Act 2013 to extend the regulation making power of the Central Bank to provide for arrangements that financial service providers shall adopt in relation to the allocation of responsibilities and compliance with obligations under financial services legislation
• to amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011), and
  
• to provide for related matters

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. ​