The Central Bank Acts: A Commentary

The Central Bank (Individual Accountability Framework) Act 2023 represents a significant development in financial services regulation. For the first time, there are universal, enforceable conduct standards which apply to all firms and individuals in financial services. There are also new structures and mechanisms to ensure that senior executives are responsible and accountable for how firms and market participants are run. Fragmented and complicated enforcement and fitness and probity processes have been streamlined. There are important changes to enforcement procedures within the Central Bank of Ireland and before the courts. This is part of a general overhaul of the Central Bank Acts in light of the decision of the Supreme Court in Zalewski v Adjudication Officer [2022] 1 IR 421.

Despite all this change, the long-promised consolidation of the Central Bank Acts has not yet happened and appears to have slipped off the legislative agenda. The essential legal framework, players and processes are still defined by the Central Bank Act 1942, Central Bank Reform Act 2010, Central Bank (Supervision & Enforcement) 2013 and now the 2023 Act. The Central Bank Acts: A Commentary offers a clear and accessible presentation of the consolidated text of these core Central Bank Acts together with a comprehensive commentary. Features include:

• A consolidation of the relevant legislation expressing commencements, repeals, substitutions and amendments
• Detailed annotations and commentary on a section by section basis including notes on relevant case law and discussion of the implications of Zalewski for decision-making under the Central Bank Acts
• Analysis of the statutory cause of action for damages for a contravention of financial services legislation
• Comparative consideration of UK financial services law which have not been considered by the courts in Ireland
• An overview of the core processes and procedures