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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
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Version date: 13 March 2023 - onwards

6.3 Additional Conduct Standard (b) (paras. 6.3.1.-6.3.5.)

Closed
13 June 2023

that the business of the regulated financial service provider is conducted in accordance with its obligations under financial services legislation.

6.3.1. An individual should ensure their firm's compliance with the relevant regulatory requirements by ensuring the operational effectiveness of related systems and controls. This does not mean that they themselves have to put in place the systems or controls for the business unless that is within their role and responsibilities. However, they are required to ensure that the area of the business for which they are responsible has appropriate and up to date operating policies and procedures with clear and well-defined steps for complying with the detail of all of the relevant regulatory requirements.

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