The Law Society of Ireland and the Central Bank are to hold a joint event to outline the approach to implementing key aspects of the updated Administrative Sanctions Procedure (ASP).

The event, to be held at 9.30am on 5 July at the Presidents’ Hall in Blackhall Place, comes after the Central Bank last week launched a consultation process on the ASP.

The consultation will remain open until 14 September.

The event at Blackhall Place will include contributions from Law Society President Maura Derivan and Director General Mark Garrett.

Séana Cunningham (Central Bank director of enforcement and anti-money laundering) will speak about the consultation, and the key changes to the ASP.

There will also be a question-and-answer session with Central Bank representatives.

Guidance

The Central Bank (Individual Accountability Framework) Act 2023, which was signed into law on 9 March 2023, introduces a number of changes to the ASP, which underpins and supports the Individual Accountability Framework (IAF).

The regulator recently completed a consultation on other elements of the IAF – including the Senior Executive Accountability Regime.

The latest consultation is seeking views on the revised procedures in the ASP, with a view to providing clear guidance on how the Central Bank plans to operate them.

“The Central Bank is committed to being open and engaged, so that we can ensure the proposed enhanced ASP guidelines provide practical and clear guidance to firms and individuals on how the ASP will operate,” Cunningham stated.