On 22 September 2021, the Central Bank published a notice of intention to amend the Pre-Approval
Controlled Functions (PCF) list by bringing
managers of branches Irish regulated financial services providers
(RFSPs) in non-EEA countries into scope, creating
a stand-alone PCF for independent non-executive directors,
introducing a PCF for a dedicated Head of Anti-Money Laundering and
Counter-Terrorist Financing role, and removing the Head of
Investment PCF.
The Central Bank's proposals will:
- Expand PCF-16 (Branch Manager of branches in other EEA
countries) to include branch managers in non-EEA
countries;
- Introduce stand-alone PCFs in respect of:
- Independent Non-Executive Directors ("INEDs") (which
will now be a separate PCF to the general Non-Executive Director
PCF);
