On 29 January 2026, the Governor of the Central Bank of Ireland (Central Bank) signed the Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2026 (PCF Regulations) (see here), which came into operation on 10 February 2026.
The PCF Regulations have effectively added two new PCF roles (i.e. a Head of Safeguarding for payment institutions and electronic money institutions (PCF-56) and a Head of Safeguarding for crypto asset service providers (PCF-57) to the list of Pre-approval Controlled Functions (PCFs) from 10 February 2026.
In-Situ Process
From 10 February 2026, persons proposed for the PCF-56 and PCF-57 roles must submit a PCF application by submitting the individual questionnaire (IQ).
Where the firm has identified an individual who is deemed to be already performing the PCF-56 or PCF-57 role prior to 10 February 2026, an IQ is not required to be submitted. However, the firm must perform the required due diligence on these PCF role holders as set out in the Guidance on the Standards of Fitness and Probity (2025).
Once the due diligence is completed, the in-situ submission can be completed via the F&P Section of the Central Bank Portal.
Other changes
Two roles have also been removed from the PCF list (namely, Head of Traded Markets (PCF-24) and Head of International Primary Markets (PCF-25)).
All the changes described above had been flagged in Central Bank’s Feedback Statement on CP160 (fitness and probity consultation) last year. For further information on the CP160 Feedback Statement, please see our article here.
Further PCF changes planned
The Central Bank has indicated that it will undertake a substantive review of the PCF list and consult on its proposed changes in 2026, with the introduction of revisions being implemented mid-2027 to coincide with a review of the Senior Executive Accountability Regime (SEAR).
CP166 (Fitness and Probity) Prohibition Notices
For further information on the Central Bank’s recent consultation on draft guidance on fitness and probity prohibition notices, please see our article here.
Contact Us
For more information, please contact Shane Kelleher, Louise McNabola or any member of the Financial Regulation unit or your usual William Fry contact.
