CP154 - Consolidated Guidelines in respect of the Central Bank’s Administrative Sanctions Procedure

Overview

Description

The Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act) was signed into law on 9 March 2023 and partially commenced on 19 April 2023.

The IAF Act introduces a number of important changes to enhance the Central Bank’s Administrative Sanctions Procedure under Part IIIC of the 1942 Act (the ASP). These changes will apply, subject to the transitional arrangements, to the enforcement of any obligations under the ASP whether those matters are related to existing obligations under financial services legislation, new obligations introduced as part of the Individual Accountability Framework or otherwise become subject to the ASP.

The enhanced ASP is designed to underpin and support the introduction of the IAF and in particular the Senior Executive Accountability Regime and the conduct standards for firms and individuals, which are more particularly detailed in Consultation Paper 153, issued on 13 March 2023 and titled ‘Enhanced governance, performance and accountability in financial services- Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023’.

While the overall structure of the process remains the same, various procedural amendments to the ASP have been made to incorporate additional safeguards to further fortify our existing process and in recognition of the expanded population of individuals coming within the scope of the ASP under the IAF Act.

The Central Bank has reviewed the ASP with a view to updating its associated processes and procedures to reflect these changes and clarify our approach to them in addition to certain policy changes based on our experience of utilising the ASP.  Accordingly, we have prepared draft composite guidelines which consolidate the existing published ASP Outline 2018, Inquiry Guidelines 2014 and ASP Sanctions Guidance 2019.

Stakeholders views are sought on our proposed approach with respect to the ASP as set out in this consultation paper and the draft consolidated ASP Guidelines, which are appended. 

Appendix 1 to the Consultation Paper 154 – draft ASP Guidelines

CP Number : CP154
Date : 22 June 2023
Closing Date : 14 September 2023

Consultation Paper Document

Consultation Paper 154 – Consolidated Guidelines in respect of the Central Bank Administrative Sanctions Procedure | pdf 463 KB

Feedback Statement

Feedback Statement to CP154 | pdf 641 KB

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