New Central Bank Pre-Approval Control Functions To Take Effect That Impact The Asset Management Industry

As readers will recall from our update earlier this year, the Central Bank of Ireland (the "CBI") announced its intention (the " Notice") to expand the Pre-Approval Controlled Functions ("PCFs") regime. The Notice proposed introducing three new PCF roles and splitting the current PCF-39 Designated Person role into six PCF roles aligned to the specific managerial functions.

The CBI has now published the Central Bank Reform Act 2010 (Sections 20 & 22) (Amendment) Regulations 2020 (the " Amending Regulations") which amends the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 (S.I. No. 437 of 2011) as amended by the Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2015 (S.I. No. 545 of 2015).