Date Published 12/07/2022
Changes to Pre-Approval Control Functions
The Central Bank of Ireland (the “Central Bank”) has amended the list of pre-approval control functions (“PCFs”) with effect from 5th April 2022. Roles that constitute PCFs require the Central Bank’s prior approval before the appointment can proceed. The changes are as follows
PCF 16 is being amended to also apply to appointments of individuals to being appointed as branch managers in other jurisdictions (including outside the EEA). Individuals already approved will not require any further action but those now caught by the expanded scope of this PCF were required to submit confirmation of their assessment under section 21 of the Central Bank Reform Act 2010 prior to 3rd June 2022.
PCF-2 is being segregated to differentiate between independent and non-executive directors who are not independent. Accordingly in future directors need to specify whether they are being appointed under PCF 2A (non-executive director) or PCF-2B (independent non-executive directors). Existing directors currently occupying PCF-2 roles were automatically re-designated to PCF-2A and those who were independent had to notify the Central Bank to re-categorise them under PCF-2B by 3 June 2022.
PCF 15 is being segregated between compliance and responsibility for anti-money laundering and counter terrorist financing activities (“AML”). Accordingly a new PCF, PCF 52 has been created which specifically relates to the individual with responsibility for AML while PCF 15 now solely related to compliance and reference to AML in that PCF has been removed.
In view of the likely duplication of PCF 30 (Chief Investment Officer) and PCF (Head of Investment), PCF 31 is being removed from the list of PCFs and PCF 30 cover the related roles alone.
The use of the term “Chair” is being used in place of “Chairman” is all relevant PCF roles. These changes were introduced further to a notice of intention issued in September 2021, subject to some minor amendments reflecting feedback submissions received.