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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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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