1.2. The Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act):
- Provides for a regulation making power for the Central Bank to give effect to the Senior Executive Accountability Regime (SEAR).
- Imposes a statutory duty (Duty of Responsibility) on individuals performing Pre-Approval Controlled Functions (PCFs) at in-scope firms. The Duty of Responsibility applies to all PCF role holders at in-scope firms to take any steps that it is reasonable in the circumstances for them to take to avoid a contravention by their firm of its obligations under financial services legislation in relation to an aspect of the firm's affairs for which the PCF role holder is responsible under SEAR. Avoiding a contravention includes avoiding the continuation of a contravention.
- Provides the Central Bank with a regulation making power to prescribe standards for the purpose of ensuring that in the conduct of its affairs a firm (a) acts in the best interests of customers and of the integr
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