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ARTICLE · 11 MARCH 2020

Ireland Update: Central Bank Proposes Introduction Of New Pre-Approval Controlled Functions

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The CBI is accepting comments from stakeholders on this proposal until 26 March 2020.

IrelandFinance and Banking
Nicholas Blake-Knox
Nicholas Blake-Knox
Niall Esler
Niall Esler
Eimear Keane
Eimear Keane
Shane Martin
Shane Martin
Conor Daly
Conor Daly
Bill Laffan
Bill Laffan
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The Central Bank of Ireland ("CBI") has announced that it proposes to introduce three new Pre-Approval Controlled Function ("PCF") roles for Irish regulated financial service providers ("RFSPs") and split an existing PCF role. The CBI proposes to:

  • Introduce a new Chief Information Officer (PCF-49) role, which is applicable to all RFSPs, other than Credit Unions;
  • Split the Designated Person (PCF-39) role, which applies to fund management companies, into six separate PCF authorisations reflecting the various constituent CP86 Managerial Function responsibilities of the existing PCF-39 role; and
  • Introduce two additional PCF authorisations for individuals performing certain roles within credit institutions: Head of Material Business Line (PCF-50) and Head of Market Risk (PCF-51).

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