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Central Bank (Individual Accountability Framework) Act 2023 (No. 5)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-2)1. Short title and commencement2. DefinitionsPart 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 20134. Amendment of section 51 of Act of 2013Chapter 2 Power of Bank to prescribe business standards (s. 5)5. Insertion of Part 2A in Act of 2010Chapter 3 Duty of responsibility and standards for individuals (s. 6)6. Insertion of Part 3A in Act of 2010Part 3 Amendment of Part 3 of Act of 2010 (ss. 7-36)7. Amendment of section 18 of Act of 20108. Definition (Chapter 2)9. Amendment of section 20 of Act of 201010. Application of standards of fitness and probity11. Amendment of section 22 of Act of 201012. Amendment of section 23 of Act of 201013. Amendment of section 23A of Act of 201014. Amendment of section 25 of Act of 201015. Notice of investigation16. Amendment of section 26 of Act of 201017. Amendment of section 27 of Act of 201018. Amendment of section 28 of Act of 201019. Amendment of section 29 of Act of 201020. Amendment of section 30 of Act of 201021. Amendment of section 31 of Act of 201022. Amendment of section 32 of Act of 201023. Amendment of section 39 of Act of 201024. Amendment of section 40 of Act of 201025. Head of Financial Regulation to prepare report26. Amendment of section 42 of Act of 201027. Amendment of section 43 of Act of 201028. Repeal of section 44 of Act of 201029. Amendment of section 45 of Act of 201030. Application to vary or revoke prohibition notice31. Agreement for prohibition notice to have effect without confirmation32. Amendment of section 48 of Act of 201033. Service of notices and other documents34. Amendment of section 51 of Act of 201035. Amendment of section 52 of Act of 201036. Independence of decision-makersPart 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 194238. Amendment of section 33ANC of Act of 194239. Amendment of section 33ANE of Act of 194240. Amendment of section 33ANF of Act of 194241. Amendment of section 33ANG of Act of 194242. Application of Part to holding companies under Part 3 of Central Bank Reform Act 201043. Amendment of Chapter 2 of Part IIIC of Act of 194244. Bank may hold inquiry into suspected commission of or participation in prescribed contravention45. Notice of inquiry, submissions, attendance and adjournment46. Amendment of section 33AQ of Act of 194247. Alternative procedure when commission of or participation in prescribed contravention is acknowledged48. Considerations relevant to imposition of sanctions49. Amendment of section 33AS of Act of 194250. Amendment of section 33AT of Act of 194251. Observance of directions imposing disqualification or conditions52. Amendment of section 33AV of Act of 194253. Appeal, confirmation and taking effect of decisions under this Part54. Confirmation of sanctions imposed by consent55. Repeal of section 33AX of Act of 194256. Interpretation (Chapter 3)57. Amendment of section 33AY of Act of 194258. Amendment of section 33AZ of Act of 194259. Power to order information about proceedings not to be disclosed60. Confidential information provided for purposes of inquiry not to be disclosed61. Amendment of section 33BA of Act of 194262. Documentary evidence63. Amendment of section 33BB of Act of 194264. Amendment of section 33BC of Act of 194265. Amendment of section 33BD of Act of 194266. Amendment of section 33BE of Act of 194267. Limitation of judicial review68. New Chapter 4 inserted into Part IIIC of Act of 1942Chapter 2 Insertion of Part IIID in Act of 1942 (s. 69)69. Establishment of panelChapter 3 Amendment of Part VIIA of Act of 1942 (ss. 70-73)70. Amendment of section 57R of Act of 194271. Repeal of section 57S of Act of 194272. Amendment of section 57Z of Act of 194273. Amendment of section 57AC of Act of 1942Chapter 4 Miscellaneous amendments to Act of 1942 (ss. 74-79)74. Amendment of section 2 of Act of 194275. Amendment of section 33AK of Act of 194276. Amendment of section 34 of Act of 194277. Amendment of section 57G of Act of 194278. Amendment of section 61G of Act of 194279. Amendment of Schedule 2 to Act of 1942Part 5 Privileged legal material (ss. 80-82)80. Repeal of section 33 of Act of 201381. Amendment of section 34 of Act of 201382. Insertion of Part 3A in Act of 2013Part 6 Miscellaneous Amendments (ss. 83-87)83. Amendment of section 3 of Act of 201084. Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 201185. Amendment of section 21 of Act of 201386. Amendment of section 22 of Act of 201387. Amendment of section 24 of Act of 2013Part 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 201090. Prohibition notices under section 43 of Act of 201091. Continuing functions under section 52 of Act of 201092. Application of Part IIIC of Act of 1942 to participation in prescribed contraventions before commencement of section 4693. Investigations under Part IIIC of Act of 194294. Inquiries under Part IIIC of Act of 194295. Disqualification under section 33AQ of Act of 1942 in case where contravention or participation occurred before commencement of section 4696. Continuing functions under section 33BE of Act of 194297. Application of section 33BI of Act of 1942 to existing panel98. Section 33 of Act of 2013
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Version status: In force | Document consolidation status: No known changes
Version date: 19 April 2023 - onwards
Version 2 of 2

36. Independence of decision-makers

The Act of 2010 is amended by the insertion of the following section after section 52:

"52A.

(1) This section applies to the following functions:

(a) deciding whether to issue a suspension notice;

(b) deciding whether to confirm a suspension notice;

(c) deciding whether to impose a prohibition under section 43.

(2) The Bank shall not rely on any contract of service or contract for services with a person exercising a function to which this section applies in any way that may affect the person's independence in the exercise of that function.".

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