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Enacted Dáil
No. 75 of 2022

Central Bank (Individual Accountability Framework) Bill 2022

Public bill · Government · Presented

It would give the Central Bank stronger powers to hold both firms and individual managers in financial services to account. Banks and other regulated firms would have to set out who is responsible for what, follow clearer business and conduct rules, train staff on those rules, and answer for breaches; senior executives would also have a legal duty to take reasonable steps to prevent problems in the areas they oversee. It would also broaden fitness-and-probity checks, tighten suspension and ban procedures, make Central Bank hearings fairer and more independent, and allow certain legal privilege material to be shared with the Central Bank under controlled agreements. The main aim is to reduce the chance of future misconduct and make it easier to act against wrongdoing in the financial sector.

Formal long title

Bill entitled an Act to amend the Central Bank Act 1942 to extend the application of the administrative sanctions procedure to persons performing controlled functions and to certain holding companies, to provide for the appointment of a panel from which appointments may be made for the purposes of certain decisions, to provide for the admissibility of business records at an inquiry, to provide for disclosure agreements, and to provide for an application for confirmation by the High Court of a decision of an inquiry under Part IIIC and a decision of the Irish Financial Services Appeals Tribunal under Part VIIA of that Act; to amend the Central Bank Reform Act 2010 to extend the regulation and supervision of financial service providers and persons performing controlled functions and pre-approval controlled functions through the introduction of business standards, conduct standards and the duty of responsibility, to provide for the independence of persons carrying out an investigation in the performance of their functions, to provide for the independence of persons to whom a function of the Head of Financial Regulation, the Central Bank or the Governor is delegated in the performance of their functions, to provide for a right of appeal to the Irish Financial Services Appeals Tribunal of a decision of the Head of Financial Regulation to confirm a suspension notice, to increase the period for which the High Court may extend the duration of a suspension notice, and to provide for an application for confirmation by the High Court of a decision of the Central Bank or Governor to issue a prohibition notice; to amend the Central Bank (Supervision and Enforcement) Act 2013 to extend the regulation making power of the Central Bank to provide for arrangements that financial service providers shall adopt in relation to the allocation of responsibilities and compliance with obligations under financial services legislation; to amend the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011); and to provide for related matters.

Last updated 11 September 2024

Sponsor
  • Minister for Finance Primary
Progress
  • First Stage
    Dáil
  • Second Stage
    Dáil
  • Committee Stage
    Dáil
  • Report Stage
    Dáil
  • Fifth Stage
    Dáil
  • Second Stage
    Seanad
  • Committee Stage
    Seanad
  • Report Stage
    Seanad
  • Fifth Stage
    Seanad Enacted
  • Cream List
    Dáil Enacted
  • Enacted
    Enacted
Debates
  • Central Bank (Individual Accountability Framework) Bill 2022: From the Seanad
    Dáil
  • Central Bank (Individual Accountability Framework) Bill 2022: Report and Final Stages
    Seanad
  • Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage
    Seanad
  • Central Bank (Individual Accountability Framework) Bill 2022: Second Stage
    Seanad
  • Central Bank (Individual Accountability Framework) Bill 2022: Order for Report Stage
    Dáil
  • Central Bank (Individual Accountability Framework) Bill 2022: Report and Final Stages
    Dáil
  • Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage (Resumed)
    Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
  • Central Bank (Individual Accountability Framework) Bill 2022: Committee Stage
    Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
  • Central Bank (Individual Accountability Framework) Bill 2022: Second Stage (Resumed)
    Dáil
  • Central Bank (Individual Accountability Framework) Bill 2022: Second Stage (Resumed)
    Dáil
  • Central Bank (Individual Accountability Framework) Bill 2022: Referral to Select Committee
    Dáil
  • Central Bank (Individual Accountability Framework) Bill 2022: Second Stage
    Dáil

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