New CBI PCF Designations For Each Designated Person Role – Finance and Banking



Ireland:

New CBI PCF Designations For Each Designated Person Role


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On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons
responsible for the six key management functions of a UCITS
management company or AIFM (“Designated Persons”) to be
separately classified Pre-Approved Controlled Functions
(“PCFs”) under its fitness and probity regime. Currently
all Designated Persons are classed as PCF-39. It is proposed that
there will be a separate designation for each of the six specific
key management functions.

Previously all Designated Persons were classed as PCF-39. Now
there will be a separate designation for each of the six specific
key management functions.

The Central Bank has indicated that this will not have any
impact on persons holding existing Designated Person positions
– with the exception of a requirement for relevant firms to
make a confirmation that it is satisfied that all current
Designated Person / PCF39 function holders meet the fitness and
probity standards. This confirmation will need to be provided to
the Central Bank within six weeks of the point in time that the
regime is updated.

As this is a proposal only, firms may provide comments or
feedback to the Central Bank up until 26 March 2020.

Delineating the key management functions in this way may assist
the Central Bank in gathering data on Designated Persons relative
to specific key management functions.

The Central Bank also proposes to introduce a new Chief
Information Officer PCF designation (PCF-49) for the most senior
individual at a firm with responsibility for IT matters.

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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