The Central Bank (Individual Accountability Framework) Act 2023, signed into law on 9 March 2023, has amended several pieces of legislation relating to the Central Bank of Ireland’s administrative sanctions procedure – a development that all legal professionals should take note of.
The Act, accessible here, includes several key amendments to the administrative sanctions procedure (ASP) that promise significant impact on the regulation of the financial sector in Ireland.
- The Act removes the so-called “participation link”.
- New and extended sanctioning powers are introduced.
- Certain elements of the ASP procedure have seen updates.
- The Act also brings updates to the terminology within the existing legislation.
The implications of these changes are far-reaching, especially for legal counsel involved in bank regulatory compliance. As such, a thorough understanding of which aspects of the ASP have been updated or changed is critical for anyone advising financial institutions operating in Ireland.
For more precise information regarding these amendments, individuals are advised to refer to the original article by Dechert LLP, which provides a comprehensive interpretation of the impact that these legislative changes may have on the Central Bank of Ireland’s ASP and the broader financial landscape of Ireland.