Fitness And Probity - Practical Implications For Funds

The Central Bank of Ireland (the "Central Bank") published its final Guidance on Fitness and Probity Standards on 23 November 2011. The Guidance clarifies some important aspects of the regime as it applies to the Investment Funds sector. The new regime came into effect on 1 December 2011.

1. KEY DEVELOPMENTS

(i) Extension of Deadline to Complete Due Diligence on In Situ PCFs

The deadline by which regulated financial service providers ("RFSPs"), including investment funds, must provide a written confirmation to the Central Bank that they are satisfied that the persons in Pre-Approval Controlled Function ("PCFs") roles are compliant with the Fitness and Probity Standards (the "Standards") and that the firm has obtained each person's written agreement to abide by the Standards, has been extended from 31 December 2011 to 31 March 2012.