Central Bank of Ireland Updates to Fitness and Probity Enforcement Procedures

1. Investigation of individuals who formerly performed CF roles: the central bank can now investigate a former controlled function (CF) role holder, provided that they performed the role within the shorter of the following periods: (a) the period since 19th April 22023 and (b) the 6 years before the date on which an investigation is commenced.
   
   
2. Commencement of investigation: a new statutory procedure has been introduced for giving notice of investigations.
   
   
3. Suspension: the limit for the initial duration of s suspension notice has increased from 3 months to 6 months. Suspension notices may now be appealed to the Irish Financial Services Appeals Tribunal. The period for which the High Court may extend a suspension notice has increased from 3 months to 6 months. The CBI may make subsequent applications to the High Court to further extend the suspension notice.
   
   
4. Investigation report: the statutory procedure for investigation reports has been changed to provide for the preparation and service of a draft report followed by a final report.
   
   
5. Discontinuing an investigation: the CBI may discontinue an investigation for reasons to be stated in a notice.
   
   
6. Prohibition Notices: will now only take effect when confirmed by the High Court or agreed in writing.
   
   
7. Varying/revoking prohibition: a new procedure allowing the CBI or the subject to apply to the High Court for an order varying or revoking a prohibition notice.
   
   
8. Regime extended to certain holding companies: the fitness and probity regime (upon CBI issuing regulations) apply to individuals performing certain CF roles in holding companies of certain regulated firms.
   
   
9. Enhanced independence requirements: certain requirements have been introduced to ensure the independence of an investigation and associated decision-making procedures.