In March 2013, the Central Bank updated its Fitness and Probity
– Frequently Asked Questions
("FAQs") publication to include two
additional questions in section three, ie, the section dealing with
pre-approval controlled functions.
The Central Bank's response to the new question 3.17 confirms
that individuals who were in-situ at the time the fitness and
probity regime was introduced and thus were not required to submit
an individual questionnaire ("IQ"), will
be required to receive approval from the Central Bank through the
submission of an IQ if they are subject to re-election or
re-appointment (eg, directors). The Central Bank states that
once an individual has been approved to a role that is subject to
re-election or re-appointment provisions, it is the Central
Bank's intention that he or she will not be required to undergo
the approval process again as long as he or she remains in that
role. However, upon re-election or re-appointment of such an
individual,
