The Central Bank has issued a reminder of the requirement to
comply with due diligence provisions regarding certain positions in
regulated entities by 31 March 2012.
Regulated entities are required to confirm compliance in
relation to all persons carrying out Pre-Approval Controlled
Functions (PCFs) who were doing so as at 1 December 2011.
To assist the process, the Bank has published Guidance - In Situ
Pre-Approval Controlled Functions: Confirmation of Due Diligence
The Central Bank Reform Act 2010 provides the Central Bank with
a range of powers regarding fitness and probity for persons in
certain positions within the financial services sector. The Bank is
approve or veto the appointment of people to certain
investigate and where appropriate remove or prohibit certain
provisions holders; and
set statutory standards of fitness and probity across the
financial services sector.
Persons in "pre-approval controlled functions" (PCFs)
will require Central Bank approval before they can take these
senior positions. The Regulations also prescribe specific
categories of staff as "controlled functions" (CFs) which
are positions from which individuals can be temporarily or
permanently removed or prohibited.
The new requirements are being introduced on a phased basis.
From 1 December 2011 existing and new staff in PCFs will be subject
to the regulations and standards. Firms are required to notify the
Central Bank of each individual in the organisation in a PCF by 31
December 2011. From 1 March 2012 new appointments to less senior
positions (CFs) will be subject to the Regulations and standards.
From 1 December 2012 the Regulations and Standards will apply to
all staff and existing CFs.
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guide to the subject matter. Specialist advice should be sought
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