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Central Bank of Ireland Consultation Paper seeking views on enhanced enforcement process

June 2023

On 22nd June, the Central Bank of Ireland (“CBI”) launched a 12 week consultation (“CP154”) on enhancements to the Administrative Sanctions Procedure (“ASP”). The purpose of CP154 is to seek views on the revised procedures in the ASP following the introduction of changes under the Individual Accountability Framework (“IAF”) and to provide guidance in an open and clear manner as to how the CBI proposes to operate these revised procedures.

The IAF was signed into law on 9th March 2023. The Act introduces several changes to the ASP under Part IIC of the Central Bank Act 1942. The strengthened ASP is designed to underpin and support the introduction of IAF and in particular, the Senior Executive Accountability Regime (“SEAR”) and conduct standards for firms and individuals.

This follows CP153 on the Enhanced governance, performance, and accountability in financial services, which closed on 13th June which included regulatory guidance and draft regulations supplementing the IAF. Read our blogpost on CP153 here.

The Consultation will remain open from 22nd June to 14th September. When submitting a response via email, the CBI asks that respondents include the following subject heading in their email “Consultation Paper 154 on the ASP Guidelines under the Individual Accountability Framework” and address their response to ASPconsultation2023@centralbank.ie. The CBI will then review all feedback received on the Consultation and prepare a Feedback statement for publication online. `View the full press release and consultation paper here.

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