On 13 March 2023 the Central Bank of Ireland (Central Bank) published Consultation Paper 153 — Enhanced Governance, Performance and Accountability in Financial Services (CP153), which consults on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft Regulations and Guidance.
In addition to the IAF, the draft Regulations and Guidance seek to provide clarity in terms of the Central Bank’s expectations for the implementation of three aspects of the IAF: the Senior Executive Accountability Regime (SEAR), the Conduct Standards and certain aspects of the enhancements to the Fitness & Probity Regime.
CP153 follows on from the enactment of the Central Bank’s IAF Bill 20224, which was signed into law on 9 March 2023 by the President of Ireland and became the Central Bank IAF Act 2023.