1.11. The IAF Guidance sets out the Central Bank's expectations on how firms should comply with the requirements of the SEAR, the Conduct Standards, Certification and the extension of the F&P Regime to holding companies [The IAF Guidance does not address amendments the F&P Investigative process, requiring changes to the Central Bank's F&P Investigations Regulations and Guidance.]. This IAF Guidance will be updated following consultation and periodically as considered appropriate by the Central Bank.

1.12. The purpose of the IAF Guidance is to:

- Provide increased clarity about the steps that firms and individuals can take to comply with the key elements of the IAF - SEAR, Conduct Standards, Certification and the extension of the F&P Regime to holding companies;

- Provide support to firms and senior management in implementing an effective governance framework by identifying how the business and its risks are being managed, who is responsible for what and any gaps which may arise;

- Outline our proposed approach to the implementation of the IAF which is founded in proportionality, predictability and reasonable expectations;

- Explain the interaction of SEAR, the Conduct Standards, and Certification with the F&P Regime.

1.13. While compliance with guidance is not mandatory, the IAF Guidance represents the Central Bank's expectations. It does not purport to address every aspect of, or potential issue that may arise in connection with these.