It also clarifies the standards to be met by individuals holding these responsibilities, with a particular focus on senior executives.
As you are no doubt aware, the four key areas covered by the legislation are: A Senior Executive Accountability Regime (SEAR) which ensures clearer accountability by imposing obligations on inscope firms and senior individuals within them to set out clearly where responsibility and decision-making lies for their business; Conduct Standards, which set out the standards of behaviour the Central Bank expects of firms and the individuals working within them; Enhancements to the current Fitness & Probity (F&P) Regime to address some current limitations of that regime; and Enhancements to our Administrative Sanctions Procedure (ASP), including a key change regarding our ability to take enforcement directly against individuals for breaches of their obligations rather than only for their participation in breaches committed by a firm.