EisnerAmper Ireland | IAF Masterclass | Financial Services | EisnerAmper Ireland Ireland

Individual Accountability Framework – Conduct Standards Masterclass

Please complete the form below to register your interest for the course and to receive a call back. 

Context

The Individual Accountability Framework (IAF), including the Senior Executive Accountability Regime (SEAR), is one of the most significant regulatory developments in recent years. IAF is intended to prioritise, strengthen and enhance individual accountability in the management and operation of firms regulated by the Central Bank of Ireland.   

The Framework is comprised of four parts:  

1. SEAR 
2. Conduct Standards 
3. Enhancements to the current Fitness & Probity Regime 
4. Amendments to the Administrative Sanctions Procedure 

Conduct Standards

Basic Conduct Standards such as acting with honesty and integrity, with due skill, care and diligence, and in the best interest of customers, will apply to individuals in all regulated firms. Senior executives will also have Additional Conduct Standards related to running the part of the business for which they are responsible.   

Certain elements of the IAF, particularly the Conduct Standards and the new Certification requirements under the Central Bank Fitness & Probity (F&P) regime, became applicable on 29 December 2023.  

 Under the IAF, all firms are required to:  

• notify employees of, and provide training on, the new Conduct Standards. Firms are required to notify those performing CF, PCF or significant influence functions of the Conduct Standards and how they apply to them; and 
• maintain up-to-date records regarding the notification of the standards to the relevant individuals.  

The purpose of the training is to ensure that in-scope individuals have appropriate knowledge of the Conduct Standards and how to apply to them. 

Chapter 4 of the IAF Guidance sets out how a firm should comply with the notification and training obligations. Although records in relation to notification and training obligations are not required to be submitted to the Central Bank of Ireland, the firm is required to retain records and make them available for review upon request.

Masterclass – Course content

The course curriculum covers:

• Introduction to IAF
  • Overview
  • Application
  • Lessons from UK SMCR
• Introduction to the Conduct Standards 
  • Overarching Guidance on the Conduct Standards 
  • Scope – Outsourcing  
  • Business Standards  
• Reasonable Steps
  • Definition  
  • Scope 
  • Considerations  
  • What changes? 
  • Additional Considerations  
  • Checklist  
  • Framework
• Common Conduct Standards
  • Definition 
  • Acting with honesty & integrity  
  • Acting with due skill, care and diligence  
  • Cooperating in good faith without delay  
  • Acting in the best interests of customers and treating them fairly and professionally  
  • Operating in Compliance with Standards of Market Conduct and Trading Venue Rules 
• Additional Conduct Standards 
  • Definition  
  • That the business of the regulated financial service provider is controlled effectively 
  • That the business of the regulated financial service provider is conducted in accordance with its obligations under financial services legislation 
  • That any delegated tasks are assigned to an appropriate person with effective oversight 
  • That any information of which the Central Bank of Ireland would reasonably expect notice in respect of the business of the regulated financial service provider is disclosed promptly and appropriately to the Bank

Benefits to attendees

• Attendance covers the Central Bank of Ireland requirement, effective from 29 December 2023, for employees of regulated firms to receive specific training on the new Conduct Standards. 
• Training delivered by Tom Brennan (Partner and Head of Risk & Regulatory at EisnerAmper Ireland) – an experienced facilitator and subject matter expert. 
• An interactive workshop style format (not lecture based). 
• Certificate of Attendance. 

Location, date and time

The course can be delivered in person or virtually over Microsoft Teams / Zoom – depending on your requirements. 

Tuition Costs

The cost for this 1 hour course is €1,250 and covers all materials – slides used in the delivery of the course will be issued to participants.

Register Your Interest Here

Please complete the form below to register your interest for the course and to receive a call back.

Or alternatively, please contact Tom Brennan, Partner and Head of Risk & Regulatory at tom.brennan@eisneramper.ie.