Central Bank (Individual Accountability Framework) Bill 2022 (enacted 9 March 2023)

Version status: Amended

Version date: 1 March 2023 - onwards

Central Bank (Individual Accountability Framework) Bill 2022 (enacted 9 March 2023)

Enacted Bill, signed into law by the President on the 9th March 2023.

This format of the bill is taken from the text of stage 1 published on 28 July 2022 by Dáil Éireann

Introduction of this Bill

Bill entitled an Act 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, and 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.

Sponsor
Minister for Finance

Source
Government

Originating House
Dáil Éireann

History of this Bill

Date	Stage	House	Document	Link
1 March 2023	5	Seanad Éireann	Bills	As Passed by both Houses of the Oireachtas
1 March 2023	5	Dáil Éireann	Debates	From the Seanad
22 February 2023	4	Seanad Éireann	Bill amendments	Cream List [Seanad amendments to Dáil Bill]
22 February 2023	4	Seanad Éireann	Debates	Report and Final Stages
22 February 2023	4	Seanad Éireann	Bill amendments	Numbered List [Seanad]
16 February 2023	3	Seanad Éireann	Debates	Committee Stage
16 February 2023	3	Seanad Éireann	Bill amendments	Numbered List [Seanad]
8 February 2023	2	Seanad Éireann	Debates	Second Stage
1 February 2023	5	Dáil Éireann	Bills	As passed by Dáil Éireann
1 February 2023	4	Dáil Éireann	Debates	Report and Final Stages
1 February 2023	4	Dáil Éireann	Debates	Order for Report Stage
31 January 2023	4	Dáil Éireann	Bill amendments	Numbered List [Dáil]
28 December 2022	3	Dáil Éireann	Other Documents	Bill Digest
7 December 2022	3	Dáil Éireann	Debates	Committee Stage (Resumed)
7 December 2022	3	Dáil Éireann	Bills	As amended in Committee/Select Committee (Dáil Eireann)
30 November 2022	3	Dáil Éireann	Debates	Committee Stage
29 November 2022	3	Dáil Éireann	Bill amendments	Numbered List [Dáil]
19 October 2022	2	Dáil Éireann	Debates	Referral to Select Committee
19 October 2022	2	Dáil Éireann	Debates	Second Stage (Resumed)
19 October 2022	2	Dáil Éireann	Debates	Second Stage (Resumed)
18 October 2022	2	Dáil Éireann	Debates	Second Stage
28 July 2022	1	Dáil Éireann	Explanatory memoranda	Explanatory Memorandum
28 July 2022	1	Dáil Éireann	Bills	As initiated

This format of the bill is taken from the text of stage 1 published on 28 July 2022 by Dáil Éireann

	Introductory Text
	Acts Referred to
	Part 1 Preliminary (ss. 1-2)
	1. Short title and commencement
	2. Definitions
	Part 2 Individual Accountability and Standards (ss. 3-6)
	Chapter 1 Responsibility of persons performing pre-approval controlled functions (ss. 3-4)
	3. Amendment of section 48 of Act of 2013
	4. Amendment of section 51 of Act of 2013
	Chapter 2 Power of Bank to prescribe business standards (s. 5)
	5. Insertion of Part 2A in Act of 2010
	Chapter 3 Duty of responsibility and standards for individuals (s. 6)
	6. Insertion of Part 3A in Act of 2010
	Part 3 Amendment of Part 3 of Act of 2010 (ss. 7-36)
	7. Amendment of section 18 of Act of 2010
	8. Definition (Chapter 2)
	9. Amendment of section 20 of Act of 2010
	10. Application of standards of fitness and probity
	11. Amendment of section 22 of Act of 2010
	12. Amendment of section 23 of Act of 2010
	13. Amendment of section 23A of Act of 2010
	14. Amendment of section 25 of Act of 2010
	15. Notice of investigation
	16. Amendment of section 26 of Act of 2010
	17. Amendment of section 27 of Act of 2010
	18. Amendment of section 28 of Act of 2010
	19. Amendment of section 29 of Act of 2010
	20. Amendment of section 30 of Act of 2010
	21. Amendment of section 31 of Act of 2010
	22. Amendment of section 32 of Act of 2010
	23. Amendment of section 39 of Act of 2010
	24. Amendment of section 40 of Act of 2010
	25. Head of Financial Regulation to prepare report
	26. Amendment of section 42 of Act of 2010
	27. Amendment of section 43 of Act of 2010
	28. Repeal of section 44 of Act of 2010
	29. Amendment of section 45 of Act of 2010
	30. Application to vary or revoke prohibition notice
	31. Agreement for prohibition notice to have effect without confirmation
	32. Amendment of section 48 of Act of 2010
	33. Service of notices and other documents
	34. Amendment of section 51 of Act of 2010
	35. Amendment of section 52 of Act of 2010
	36. Independence of decision-makers
	Part 4 Amendment of Act of 1942 (ss. 37-79)
	Chapter 1 Amendment of Part IIIC of Act of 1942 (ss. 37-68)
	37. Amendment of section 33AN of Act of 1942
	38. Amendment of section 33ANC of Act of 1942
	39. Amendment of section 33ANE of Act of 1942
	40. Amendment of section 33ANF of Act of 1942
	41. Amendment of section 33ANG of Act of 1942
	42. Application of Part to holding companies under Part 3 of Central Bank Reform Act 2010
	43. Amendment of Chapter 2 of Part IIIC of Act of 1942
	44. Bank may hold inquiry into suspected commission of or participation in prescribed contravention
	45. Notice of inquiry, submissions, attendance and adjournment
	46. Amendment of section 33AQ of Act of 1942
	47. Alternative procedure when commission of or participation in prescribed contravention is acknowledged
	48. Considerations relevant to imposition of sanctions
	49. Amendment of section 33AS of Act of 1942
	50. Amendment of section 33AT of Act of 1942
	51. Observance of directions imposing disqualification or conditions
	52. Amendment of section 33AV of Act of 1942
	53. Appeal, confirmation and taking effect of decisions under this Part
	54. Confirmation of sanctions imposed by consent
	55. Repeal of section 33AX of Act of 1942
	56. Interpretation (Chapter 3)
	57. Amendment of section 33AY of Act of 1942
	58. Amendment of section 33AZ of Act of 1942
	59. Power to order information about proceedings not to be disclosed
	60. Confidential information provided for purposes of inquiry not to be disclosed
	61. Amendment of section 33BA of Act of 1942
	62. Documentary evidence
	63. Amendment of section 33BB of Act of 1942
	64. Amendment of section 33BC of Act of 1942
	65. Amendment of section 33BD of Act of 1942
	66. Amendment of section 33BE of Act of 1942
	67. Limitation of judicial review
	68. New Chapter 4 inserted into Part IIIC of Act of 1942
	Chapter 2 Insertion of Part IIID in Act of 1942 (s. 69)
	69. Establishment of panel
	Chapter 3 Amendment of Part VIIA of Act of 1942 (ss. 70-73)
	70. Amendment of section 57R of Act of 1942
	71. Repeal of section 57S of Act of 1942
	72. Amendment of section 57Z of Act of 1942
	73. Amendment of section 57AC of Act of 1942
	Chapter 4 Miscellaneous amendments to Act of 1942 (ss. 74-79)
	74. Amendment of section 2 of Act of 1942
	75. Amendment of section 33AK of Act of 1942
	76. Amendment of section 34 of Act of 1942
	77. Amendment of section 57G of Act of 1942
	78. Amendment of section 61G of Act of 1942
	79. Amendment of Schedule 2 to Act of 1942
	Part 5 Privileged legal material (ss. 80-82)
	80. Repeal of section 33 of Act of 2013
	81. Amendment of section 34 of Act of 2013
	82. Insertion of Part 3A in Act of 2013
	Part 6 Miscellaneous Amendments (ss. 83-87)
	83. Amendment of section 3 of Act of 2010
	84. Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011
	85. Amendment of section 21 of Act of 2013
	86. Amendment of section 22 of Act of 2013
	87. Amendment of section 24 of Act of 2013
	Part 7 Savings and transitional provisions (ss. 88-98)
	88. Interpretation (Part 7)
	89. Investigations and suspension notices under Chapter 3 of Part 3 of Act of 2010
	90. Prohibition notices under section 43 of Act of 2010
	91. Continuing functions under section 52 of Act of 2010
	92. Application of Part IIIC of Act of 1942 to participation in prescribed contraventions before commencement of section 46
	93. Investigations under Part IIIC of Act of 1942
	94. Inquiries under Part IIIC of Act of 1942
	95. Disqualification under section 33AQ of Act of 1942 in case where contravention or participation occurred before commencement of section 46
	96. Continuing functions under section 33BE of Act of 1942
	97. Application of section 33BI of Act of 1942 to existing panel
	98. Section 33 of Act of 2013