In Issue 7 of the Central Bank’s ‘Regulatory Transactions Review’, the Central Bank has introduced an “Annual PCF Confirmation Return” as part of the continuing obligations in relation to fitness and probity of regulated financial service providers (“RFSPs”).

The PCF Confirmation Return is an annual confirmation from each RFSP in respect of all active holders of pre-approval controlled functions (“PCFs”) i.e. directors and specific senior executives, within the firm confirming that they are all compliant with the Central Bank’s Fitness and Probity Standards (the “Standards”) and continue to agree to abide by those Standards. The PCF Confirmation Return must be submitted through the Central Bank’s Online Reporting System.

Each RFSP will need to confirm that its PCF holders are compliant with the Standards and that each PCF’s written agreement to agree to abide by the Standards has been obtained by that firm. A template confirmation is set out in the Central Bank’s Guidance on the Annual PCF Confirmation Return.

The Central Bank has confirmed that:

• The relevant reporting date for the Annual PCF Confirmation Return for ‘Investment Firms/Funds/Fund Service Providers’ is 31 December 2013, with the return to be submitted by 28 February 2014.
• The “Annual PCF Confirmation” includes a section dealing with the requirement for a Board to confirm to the Central Bank on a re-election/re-appointment of a PCF holder that the relevant PCF holder’s circumstances have not changed since approval was granted.
• If any of the PCF holders listed on the Central Bank’s records have resigned before the relevant reporting date, the resignation notification process for those PCFs will need to be completed before submitting the Annual PCF Confirmation.

Contributed by Patricia Taylor