RegSol Blog

Fitness & Probity Update

May 2020

The Central Bank of Ireland ("Central Bank") published a ‘Notice of Intention’ on 25 February 2020 which sets out its proposal to:
  1. Introduce three new Pre-Approval Controlled Functions (PCFs):
    1. Chief Information Officer (under the ‘General’ category);
    2. Head of Material Business Line (under the ‘Banking’ category);
    3. Head of Market Risk (under the ‘Banking’ category);
  2. Split PCF-39 Designated Person into six PCF roles aligned to the specific managerial functions.
While not limited to the following circumstances, the Central Bank expects that the Chief Information Officer role would likely apply where: 
  1. The RFSP has a PRISM impact rating of High or Medium High; 
  2. Information Technology is a key enabler or core element of the RFSP’s business model.
The Bank invited comments from stakeholders on this proposal no later than 14 April 2020. 

Read the proposal HERE

By Judy de Castro - Regulatory Consultant