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ARTICLE · 09 OCTOBER 2012

Fit And Proper Update – October 2012

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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As you will be well aware, the Central Bank’s Fitness and Probity Standards (the ‘Standards’) have applied to all persons performing Pre-Approval Controlled Functions (‘PCFs’) since December 1, 2011 and to all persons newly appointed to Controlled Functions (‘CFs’) from March 1, 2012.

IrelandCorporate/Commercial Law
Dillon Eustace
Dillon Eustace
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As you will be well aware, the Central Bank's Fitness and Probity Standards (the 'Standards') have applied to all persons performing Pre-Approval Controlled Functions ('PCFs') since December 1, 2011 and to all persons newly appointed to Controlled Functions ('CFs') from March 1, 2012.

The implementation of the final phase of the Standards is fast approaching in that as of December 1, 2012 they will apply to all persons performing CFs prior to March 1, 2012.

Consequently, regulated entities (other than Credit Unions) will need to take measures to ensure that all persons performing CFs within their organisation are in compliance with the Standards.

The Fitness and Probity Standards

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