Central Bank Of Ireland’s Fit And Proper Regime And New Minimum Competency Code

On 1 September 2011 the Central Bank of Ireland (the "Central Bank") published the Fitness and Probity Standards (the "Standards") which were issued under S.I. 437 of 2011, the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 (the "Regulations"), which come into effect on 1 December 2011. The publication of the Standards was accompanied by the Draft Guidance on Fitness and Probity Standards (the "Guidance"). The consultation period for the Guidance will end on 30 September 2011.On 1 September 2011 the Central Bank also published enhanced minimum competency requirements. Application The Regulations specify t wo categories of staff working in regulated financial service providers who will be subject to the Standards: