On 25 February 2020, the Central Bank of Ireland (CBI) published a notice of intention to prescribe certain functions as Pre-Approval Controlled Functions (PCFs). The CBI proposes to introduce three new PCFs:
- Chief Information Officer (under the ‘General’ category);
- Head of Material Business Line (under the ‘Banking’ category); and
- Head of Market Risk (under the ‘Banking’ category)
The CBI also proposes that the current PCF-39 role for UCITS management company or AIF is split into 6 new PCF roles (PCF-39A – PCF 39-F), so that they are aligned to the specific managerial functions set out in the CBI’s UCITS Regulations, the CBI’s AIF Rulebook and the CBI’s Fund Management Companies – Guidance 2016.
Stakeholders are invited to provide comments or feedback to the CBI. The CBI has extended the original deadline of 26 March 2020 to 14 April 2020. For more detail, read Notice of Intention.
Comments should be submitted by email to [email protected]