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ARTICLE · 04 MARCH 2020

New CBI PCF Designations For Each Designated Person Role

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On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons responsible for the six key management functions of a UCITS management company or AIFM to be separately classified ...

IrelandFinance and Banking
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On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons responsible for the six key management functions of a UCITS management company or AIFM ("Designated Persons") to be separately classified Pre-Approved Controlled Functions ("PCFs") under its fitness and probity regime. Currently all Designated Persons are classed as PCF-39. It is proposed that there will be a separate designation for each of the six specific key management functions.

Previously all Designated Persons were classed as PCF-39. Now there will be a separate designation for each of the six specific key management functions.

The Central Bank has indicated that this will not have any impact on persons holding existing Designated Person positions – with the exception of a requirement for relevant firms to make a confirmation that it is satisfied that all current Designated Person / PCF39 function holders meet the fitness and probity standards. This

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