1. Irish Financial Services Law
  2. Central Bank of Ireland
  3. Consultations
  4. 2023
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  1. CP153 - Enhanced governance, performance and accountability in financial services - Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023
  2. Annex 2 Draft Guidance on the Individual Accountability Framework
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Version date: 13 March 2023 - onwards
    Version 1 of 1    

Annex 2 Draft Guidance on the Individual Accountability Framework

Closed
13 June 2023
Comparing proposed amendment...
Glossary of Terms
Part A (paras. 1.1-1.15)
Chapter 1 The Individual Accountability Framework (paras. 1.1-1.15)
1. The Individual Accountability Framework (paras. 1.1-1.15)
The Central Bank (Individual Accountability Framework) Act 2023 (paras. 1.1-1.4)
The Central Bank Regulations (paras. 1.5-1.10)
IAF Guidance (paras. 1.11-1.15)
Part B (paras. 2.1.1.-2.9.16.)
Chapter 2 Guidance on the Senior Executive Accountability Regime (paras. 2.1.1.-2.9.16.)
2. The Senior Executive Accountability Regime (paras. 2.1.1.-2.9.16.)
2.1 Introduction (paras. 2.1.1.-2.1.5.)
2.2 Scope (paras. 2.2.1.-2.2.3.)
2.3 Sharing/Splitting of Roles (paras. 2.3.1.-2.3.3.)
2.4 Responsibilities under the SEAR (paras. 2.4.1.-2.4.20.)
Inherent Responsibilities (paras. 2.4.1.-2.4.2.)
Prescribed Responsibilities (paras. 2.4.3.-2.4.10.)
Responsibilities in respect of NEDs and INEDs (paras. 2.4.11.-2.4.16.)
Other Responsibilities (paras. 2.4.17.-2.4.20)
2.5 Statements of Responsibilities (paras. 2.5.1.-2.5.13.)
Submission of Statements of Responsibilities to the Central Bank (paras. 2.5.3.-2.5.8.)
Information to be included within a Statement of Responsibilities (paras. 2.5.9.-2.5.11.)
Updates to and retention of the Statement of Responsibilities (paras. 2.5.12.-2.5.13)
2.6 Management Responsibilities Map (paras. 2.6.1.-2.6.17)
Submission of the Management Responsibilities Map to the Central Bank (paras. 2.6.4.-2.6.7.)
Preparation of the Management Responsibilities Map (paras. 2.6.8.-2.6.17)
2.7 The interaction between the Statements of Responsibilities and the Management Responsibilities Map (paras. 2.7.1.-2.7.6.)
2.8 Duty of Responsibility (paras. 2.8.1.-2.8.14.)
Introduction (paras. 2.8.1.-2.8.4.)
Compliance with the Duty (paras. 2.8.5.-2.8.7.)
Contravention of the Duty (paras. 2.8.8.-2.8.10.)
Reasonable Steps (para. 2.8.11.)
Enforcement - Administrative Sanctions (paras. 2.8.12.-2.8.14.)
2.9 Interaction between the Fitness and Probity Regime and SEAR (paras. 2.9.1.-2.9.16.)
Collective Decision Making (para. 2.9.1.)
Fitness and Probity Regime (paras. 2.9.2.-2.9.6.)
PCF Approval Process (paras. 2.9.7.-2.9.12.)
F&P Outsourcing Exemption (paras. 2.9.13.-2.9.16.)
Part C
Chapter 3 Reasonable Steps (paras. 3.1.-3.17.)
3. Reasonable Steps (paras. 3.1.-3.8.)
Considerations in determining whether reasonable steps were taken (paras. 3.9.-3.17.)
Guidance on the Conduct Standards
Chapter 4 Overarching Guidance on the Conduct Standards (paras. 4.1.-4.42.)
4. Overarching Guidance on the Conduct Standards (paras. 4.1.-4.42.)
Interaction with the Fitness and Probity Regime (paras. 4.8.-4.21.)
Guidance in relation to obligations on the firm in respect of Conduct Standards (paras. 4.22.-4.34.)
Reporting of disciplinary actions to the Central Bank (paras. 4.35.-4.42.)
Chapter 5 Common Conduct Standards (paras. 5.1.1.-5.6.6.)
5. Common Conduct Standards (paras. 5.1.1.-5.6.6.)
5.1 Introduction (paras. 5.1.1.-5.1.4.)
5.2 Acting with Honesty and Integrity (paras. 5.2.1.-5.2.6.)
5.3 Acting with Due Skill, Care and Diligence (paras. 5.3.1.-5.3.12.)
5.4 Cooperating in Good Faith and Without Delay (paras. 5.4.1.-5.4.5.)
5.5 Acting in the Best Interests of Customers and Treating Them Fairly and Professionally (paras. 5.5.1.-5.5.6.)
5.6 Operating in Compliance with Standards of Market Conduct and Trading Venue Rules (paras. 5.6.1.-5.6.6.)
Chapter 6 Additional Conduct Standards (paras. 6.1.1.-6.5.4.)
6. Additional Conduct Standards (paras. 6.1.1.-6.5.4.)
6.1 Introduction (paras. 6.1.1.-6.1.3.)
6.2 Additional Conduct Standard (a) (paras. 6.2.1.-6.2.7.)
6.3 Additional Conduct Standard (b) (paras. 6.3.1.-6.3.5.)
6.4 Additional Conduct Standard (c) (paras. 6.4.1.-6.4.4.)
6.5 Additional Conduct Standard (d) (paras. 6.5.1.-6.5.4.)
Part D
Chapter 7 Fitness & Probity Regime: Certification and Holding Companies (paras. 7.1.1.-7.3.2.)
7. F&P Regime: Certification and Holding Companies (paras. 7.1.1.-7.3.2.)
7.1 Introduction (para. 7.1.1.)
7.2 Certification (paras. 7.2.1.-7.2.32.)
Background - Existing obligations under the F&P Regime (paras. 7.2.1.-7.2.3.)
The certification requirement(s) (paras. 7.2.4.-7.2.7.)
Identification of CFs to which the certification requirement(s) will apply (paras. 7.2.8.-7.2.12.)
Forming the view that the individual meets the standards (paras. 7.2.13.-7.2.15.)
Frequency/conduct of the certification process (paras. 7.2.16.-7.2.17.)
Submission of data in relation to certification to the Central Bank (paras. 7.2.18.-7.2.19.)
Retention of data in relation to certification (paras. 7.2.20.-7.2.23.)
Responsibility for and compliance with the certification process (paras. 7.2.24.-7.2.27)
Material changes or concerns regarding fitness and/or probity (paras. 7.2.28.-7.2.30.)
Breach of Section 21 of the 2010 Act (paras. 7.2.31.-7.2.32.)
7.3 Holding Companies (paras. 7.3.1.-7.3.2.)
Appendices
Appendix 1
Appendix 2
Appendix 3
Appendix 4
Appendix 5
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