The Delay of Ireland’s Senior Executive Accountability Regime (SEAR) for NEDs and INEDs: What Compliance Professionals Need To Know
28 Nov, 2023
After the Central Bank of Ireland’s Individual Accountability Framework (IAF) was signed into law in March 2023, a three-month consultation process took place to provide clarity and guidance to role-holders on responsibilities and accountability. The outcome highlighted industry concerns over the number and people in scope for its prescribed responsibilities, particularly for both non-executive directors (NEDs) and independent non-executive directors (INEDs) within the Senior Executive Accountability Regime (SEAR). As a result, the Central Bank deferred the application of SEAR for both NEDs and INEDs by 12 months until 1 July 2025. The regulator cited that this delay will give both the Central Bank and regulated firms time to learn more about its implications, and the impact the new individual accountability framework will have on executives – for example, the issues with the overlap of other laws and the reconciliation over certain decision-making responsibilities.
