Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I can indeed. I thank Deputy Doherty. Section 3 extends the Central Bank's existing power to make regulations under section 48 of the Central Bank Act 2013 in order to provide for the senior executive accountability regime. It provides power to the bank to make regulations for the proper and effective regulation of regulated financial service providers. By so doing it aims to introduce a regime that will place obligations on firms and senior individuals within them to set out clearly where responsibility and decision making lies. It will prescribe mandatory responsibility for firms which must be allocated to individuals carrying out a pre-approval controlled function, PCF, to ensure that there is a senior individual accountable for all key conduct and prudential risks. It provides for the allocation of inherent responsibilities to individuals and imposes a duty of responsibility on persons carrying out a PCF to take reasonable steps to avoid the firm committing or continuing to commit a proscribed contravention in regard to the areas of the business for which they are individually responsible.