Question 1

What does the Central Bank (Individual Accountability Framework) Bill 2022 do?

Accepted Answer

Introduces 'duty of responsibility' requiring senior executives to take reasonable steps preventing firm breaches in their areas; removes requirement to prove firm wrongdoing first. Establishes conduct standards for all controlled function staff and additional standards for senior roles; extends Fitness and Probity regime to financial holding companies. Requires firms to document senior executive responsibilities in statements and management maps; strengthens Central Bank enforcement powers and appeals processes.

Question 2

What stage is the Central Bank (Individual Accountability Framework) Bill 2022 at?

Accepted Answer

As of 11 Sep 2024, the Central Bank (Individual Accountability Framework) Bill 2022 is at Enacted. Once a bill passes every stage in both Houses of the Oireachtas and is signed by the President, it becomes law.

Question 3

Who introduced the Central Bank (Individual Accountability Framework) Bill 2022?

Accepted Answer

The Central Bank (Individual Accountability Framework) Bill 2022 was sponsored by Minister for Finance, and was introduced on 28 Jul 2022.

Central Bank (Individual Accountability Framework) Bill 2022

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