RegSol Blog

The Central Bank Proposes New Pre-Approval Controlled Functions

April 2020

On 25th February the Central Bank of Ireland ("CBI") announced via a Notice of Intention that it will 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).

Comments from stakeholders on this proposal closed on the 26 March 2020.

You can read the full Notice of Intention HERE

By Judy de Castro - Regulatory Consultant