NOT SINCE the years of the financial crisis in 2007-8 has there been deep concern about the impact of the enforcement of financial services regulation on the Irish financial services industry, particularly its international trading activities, as a deadline looms in early January for the implementation of the first pillars of a potentially far reaching legal framework known as the ‘Individual Accountability Framework’ - an unique Irish code that would place all Irish regulated financial companies and funds with boards under the aegis of a regulatory regime operated by the Central Bank of Ireland. The chief executives of the five biggest financial services representative organisations, FSI, Insurance Ireland,
Banking & Payments Federation Ireland, Irish Funds, the Irish Association of Investment Managers, and two leading institutes for directors in the industry, the Institute of Directors (IOD), and the Irish Funds Directors Association, express their concerns while also referencing the potential benefits of the regime’s intentions - to enhance the jurisdiction’s reputation as a centre of financial services excellence. ALSO: This month’s GLOSSARY, on Page 21 has an IAF theme, providing a guide to key terms and acronyms used.