Central Bank Of Ireland

(i) New Fitness and Probity Regime

On 1 September 2011 the Central Bank published its Regulations and Standards of Fitness and Probity, pursuant to its powers under Part 3 of the Central Bank Reform Act 2010, together with Draft Guidance on Fitness and Probity Standards.

The new regime will commence on 1 December 2011 for all existing staff and new staff holding senior positions i.e. Pre-approval Controlled Functions ("PCFs"). In respect of new appointments to less senior positions, i.e. Control Functions ("CFs"), the new regime will commence on 1 March 2012 and from 1 December 2012 for existing staff in CF roles. This phased introduction is aimed at allowing regulated financial service providers ("regulated firms") time to implement the necessary internal controls and procedures to comply with the new regime.