icon-grid
Better Regulation logo
Table of Contents

Table of Contents

Expand all headings Collapse all headings Expand side bar Collapse side bar
CP153 - Enhanced governance, performance and accountability in financial services - Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023Executive SummaryChapter 1: IntroductionBackground and objectivesCentral Bank ApproachChapter 2: Cost Benefit ConsiderationsLegal BasisChapter 3: The FrameworkOverview of key aspectsSenior Executive Accountability Regime (SEAR)Conduct StandardsEnforcementInteraction with the Fitness and Probity (F&P) RegimeChapter 4: ImplementationQuestionsAnnex 1 Draft RegulationsDraft Senior Executive Accountability Regime (SEAR) RegulationsIntroductory TextRegulation 1 Citation and CommencementRegulation 2 ScopeRegulation 3 DefinitionsRegulation 4 Inherent ResponsibilitiesRegulation 5 Prescribed Responsibilities to be allocated by the firmRegulation 6 Identification of Areas of Responsibility and Management Responsibilities Maps.Regulation 7 Other Responsibilities to be identified by the firm, and allocated to PCF holder in the firm.Regulation 8 AllocationRegulation 9 Statement of ResponsibilitiesRegulation 10 Submission of information to the BankRegulation 11 RecordsSchedule 1Schedule 2Schedule 2, Part 1Schedule 2, Part 2 Prescribed Responsibilities in the application of proportionality to low impact in-scope MiFID Investment FirmsSchedule 2, Part 3 Incoming third country branchesGiven underDraft Certification RegulationsIntroductory TextCitation (regs. 1-2)Regulation 1Regulation 2Regulation 3 ScopeInterpretation (regs. 4-5)Regulation 4Regulation 5Regulation 6 Circumstances triggering a requirement to certify that a person is compliant with standards of fitness and probity, and the period of validity of such certificationRegulation 7 Procedures, systems and controls to be adopted and checks to be performed by regulated financial service providers and holding companiesRegulation 8 Record keepingRegulation 9 Disciplinary ActionReporting of information by regulated financial service providers or holding companies to the Bank in relation to their obligations (regs. 10-11)Regulation 10Regulation 11Given underDraft Holding Companies RegulationsIntroductory TextRegulation 1Regulation 2Regulation 3Regulation 4Regulation 5Regulation 6Regulation 7Regulation 8Regulation 9 Regulation 10Regulation 11Regulation 12Schedule 1 Controlled Functions in respect of Holding CompanySchedule 2 Pre-Approval Controlled Functions in respect of holding companiesGiven underAnnex 2 Draft Guidance on the Individual Accountability FrameworkGlossary of TermsPart 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 CChapter 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 StandardsChapter 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 DChapter 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.)AppendicesAppendix 1Appendix 2Appendix 3Appendix 4Appendix 5
Document Overview
Tools
Set a date to view the document
Text comparison options
Full text - Date 1 vs Date 2
Amendments requiring commencement - Current text vs Text requiring commencement
Draft proposed changes - Current text vs Text proposed by drafting documents
Coming soon: Any documents - Any document vs Another document at any date
Print / Export options
Current page
Whole document
Selected pages
Consolidated PDF of the entire document as of 20th December 2024
Export
Export line by line
Export provision to provision
Report template
Create report template
Alert me to changes
Manage alerts
Bookmarks
This page
This document
Manage bookmarks
Search within this document
View previous searches
Share
Get page link
Share via email application
PreviousNext
Version date: 13 March 2023 - onwards

Schedule 2, Part 2 Prescribed Responsibilities in the application of proportionality to low impact in-scope MiFID Investment Firms

Closed
13 June 2023

                 General Prescribed Responsibilities

PR1

Responsibility for the firm's performance of its obligations under the Senior Executive Accountability Regime.

PR2

Responsibility for the firm's performance of its obligations under the Fitness & Probity regime (including certification).

PR3

Responsibility for embedding the conduct standards throughout the firm.

PR4

Responsibility for leading the development of the firm's culture, including conduct, by the Board as a whole including the implementation of effective conflicts of interest policies and procedures in relation to consumer protection risk.

PR10

Responsibility for safeguarding the independence of the compliance function and for oversight of the function and the Head of Compliance.

PR14

Responsibility for leading the development and monitoring implementation of effective policies and procedures for succession planning, induction, training and professional development of all members of the Board.

PR18

Responsibility for managing the calculation and maintenance of the firm's financial resources including accuracy of capital, funding and liquidity.

PreviousNext