The Central Bank (Individual Accountability Framework) Act 2023. Preparing for the new regime

Eversheds Sutherland LLP (Ireland)

In this episode of our Podcast series, our financial services regulatory experts, Ciaran Walker and Simon Collins, together with our employment law experts, Ben Conway and Sophie White discuss the Central Bank (Individual Accountability Framework) Act 2023.

The Central Bank of Ireland published, for public consultation, its detailed draft implementing Regulations and Guidance under the new Individual Accountability Framework. The CBI’s consultation document states that the conduct standards and Fitness & probity changes (including the new certification requirements) are expected to apply from 31 December 2023, and SEAR from 1 July 2024. Accordingly, firms need to prepare now for this major change to the regulation of financial services in Ireland.

This podcast outlines the key elements of the new regime and the issues in the CBI’s Consultation that firms and individuals need to be aware of now to prepare effectively for the new regime.