Fitness and Probity Update - New Pre-Approval Controlled Functions Added to the List

The Central Bank has added three new functions to the list of pre-approval controlled functions (“PCFs”) and has split out PCF-39 Designated Person into six PCF roles aligned to specific managerial functions. The new PCFs comprise PCF-49 Chief Information Officer, which is applicable to all regulated financial service providers (“RFSPs”) except for credit unions, as well as PCF-50 Head of Material Business Line and PCF-51 Head of Market Risk, which apply to banks. RFSPs will need to provide certain confirmations or returns to the Central Bank regarding the additional PCF roles by 16 November 2020.

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