In this paper the Central Bank demonstrated its committed to strengthening corporate governance standards and practices across the financial services industry. Through its supervisory engagement with firms, the Central Bank has identified corporate governance deficiencies whereby poor corporate governance structures have resulted in firms being exposed to increased risks. These deficiencies have contributed towards undermining board effectiveness, prudent management, good culture, strong risk management and oversight, and the safety and soundness of these firms.
The Markets in Financial Instruments Bill has been referred to Committee Stage in the Seanad. Proposed amendments include provision for indictable offences for contraventions under the MiFID II Regulations, bringing greater maximum penalties. Other changes include a widening of credit institutions' credit reporting obligations under the Credit Reporting Act 2013 through an expanded definition of 'credit', as well as a broadened definition of 'long-term financial service' under the Financial Services and Pensions Ombudsman Act 2017.