Regulatory Alerts2024-04-15
Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Senior Executive Accountability Regime) Regulations 2024
The Central Bank of Ireland issued these regulations to implement the Senior Executive Accountability Regime for relevant credit institutions, insurance undertakings, and investment firms. The rules mandate that firms assign inherent and prescribed responsibilities to Pre-Approval Controlled Function holders, maintain detailed management responsibilities maps, and prepare individual statements of responsibilities. These requirements are phased in, with most provisions taking effect on 1 July 2024 and specific allocations for non-executive directors and certain prescribed responsibilities commencing on 1 July 2025.
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