RegSol Blog

Central Bank of Ireland: Administrative Sanctions Procedures Guidelines

December 2023

The Central Bank of Ireland (“CBI”) has published updated administrative Sanctions Procedure (“ASP”) Guidelines together with a feedback statement on its Consultation on the draft ASP Guidelines initially issued in June this year.

The enhanced ASP is designed to underpin and support the introduction of the Individual Accountability Framework (“IAF”).

The following key changes have been made to the ASP Guidelines:

  • Roles of the Responsible Authorised Officer (“RAO”) – A new section has been included in the ASP Guidelines to describe the role and responsibilities of the RAO.
  • Confidentiality – the Guidelines provide that the CBI will consider requests to authorise disclosure of confidential information relation to an ongoing ASP investigation on a case by case basis where it is considered reasonably necessary to do so.
  • Legal professional privilege – the guidelines clarify that entry into a disclosure agreement by the subject of an investigation will be on a voluntary basis and cannot be required by the CBI.
  • Use of Information – the guidelines set out a non-exhaustive list of examples in which information gathered by the CBI in the course of an investigation can be used by the CBI in performance of its statutory functions, including:
    • to progress investigations such as the interviewing of witnesses
    • for the preparation of a Draft and Final Investigation Report
    • for the purpose of an inquiry
    • the CBI’s authorisation, supervision, and fitness and probity functions more generally
  • Management of Conflicts of Interest – the guidelines provide additional detail on how conflicts are managed throughout the inquiry process
  • Determination of monetary penalties for individuals – the guidelines clarify that firms and individuals will be provided with information on how any proposed monetary penalty has been calculated and that the subject of an investigation will have an opportunity to engage with the CBI on sanctions as part of the settlement or inquiry process.
Read the full Feedback statement and ASP Guidelines here.