December 2023
Following a twelve-week public consultation, the Central Bank has published a Feedback Statement and consolidated Guidelines relating to the enhanced Administrative Sanctions Procedure (ASP).The ASP is the Central Bank’s primary tool for carrying out investigations and inquiries, and imposing administrative sanctions if it determines that firms or individuals that it supervises have breached financial services legislation.
The ASP Consultation set out the Central Bank’s proposed approach to important changes introduced directly by the Central Bank (Individual Accountability Framework) Act 2023 (the IAF Act), and additional changes to reflect the Central Bank’s experience of using the ASP for over a decade.
While much of the ASP remains the same, the IAF Act changed the ASP in several ways.In some circumstances, the Central Bank can now take direct enforcement actions against individuals, and where a settlement is agreed and is based on admissions, a High Court order is required to confirm the sanctions imposed.Other practical changes include allowing for earlier disclosure of documents to subjects of investigations; and the Central Bank has now published the methodologies for determining monetary penalties.
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Source: www.centralbank.ie