Central Bank Amendments to the list of Pre-Approval Controlled Functions (PCFs)

Tue Oct 5 2021

The Central Bank published proposed amendments to the list of pre-approved controlled functions is available to download HERE.  It is proposed to make changes to PCF 2 Non-Executive Director role which will now be split into Non-Executive Director and Independent Non-Executive Directors.

It is also proposed that PCF 15 will be split into PCF 12 (Head of Compliance) and the newly created PCF 52 Head of Anti Money Laundering and Terrorist Financing.   It indicates that Individuals in situ in the existing PCFs on the date the amended regulations come into effect will not be required to seek the approval of the Central Bank to continue to perform one (or more, in the case of current PCF-15 holders) of the amended PCF roles.

Submissions will be accepted by the Central Bank on the proposed amendments until 20th of Oct,   could you please send me comments/concerns to compliance@brokersireland.ie by Friday the 15th of October.

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