Ireland:
Ireland Update: Central Bank Proposes Introduction Of New Pre-Approval Controlled Functions
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The Central Bank of Ireland ("CBI") has announced that
it proposes to introduce three new Pre-Approval Controlled Function
("PCF") roles for Irish regulated financial service
providers ("RFSPs") and split an existing PCF role. The
CBI proposes to:
- Introduce a new Chief Information
Officer (PCF-49) role, which is applicable to all RFSPs, other than
Credit Unions;
- Split the Designated Person (PCF-39)
role, which applies to fund management companies, into six separate
PCF authorisations reflecting the various constituent CP86
Managerial Function responsibilities of the existing PCF-39 role;
and
- Introduce two additional PCF
authorisations for individuals performing certain roles within
credit institutions: Head of Material Business Line (PCF-50) and
Head of Market Risk (PCF-51).
The CBI is accepting comments from stakeholders on this proposal
until 26 March 2020.
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To The Point: Financial Regulation | 03/2024
Schoenherr Attorneys at Law
Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.