Irish central bank asks for criminal offence for recklessness
Personal responsibility for senior individuals should be based on UK model, says regulator
The Central Bank of Ireland has called on Irish lawmakers to increase the severity of the rules affecting senior members of financial firms, including the creation of a new criminal offence for “reckless” behaviour.
The central bank’s demands are laid out in its formal response to the Irish Law Reform Commission’s Regulatory enforcement and corporate offences paper. In 2013, the Central Bank (Supervision and Enforcement) Act considerably enhanced the institution’s regulatory powers.
Lawmakers
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