The Central Bank has adopted the Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2015 which amends Schedule 2 to the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011; effective from 1 January 2016. The new Schedule 2:

  • removes "secretary" from the general list of pre-approval controlled functions (PCFs) and replaces it with "chief operating officer";
  • exempts from the general list of PCFs - limited partners (within the meaning of Section 3 of the Investment Limited Partnerships Act 1994;
  • clarifies that not all regulated financial service providers who are natural persons are in the general list of PCFs, but that they must also have their principal place of business in the State;
  • changes the designation of "Head of Risk" to "Chief Risk Officer" in the general list of PCFs;
  • amends the reference to insurance and re-insurance undertakings to refer to the meaning in the 2015 Regulations or the Finance (Miscellaneous Provisions) Act 2015, as opposed to the 2006 Regulations  and prescribes the Head of Actuarial Function as a new PCF for all (re)insurers subject to Solvency II and removes the prior PCF roles of Chief Actuary and Signing Actuary for all (re)insurers other than special purpose reinsurance vehicles;
  • amends the designation of "Chief Actuary" to "Head of Actuarial Function" and adds the designation "Head of Claims" in respect of specified PCFs;
  • amends the reference to "Irish Stock Exchange Limited" and refers instead to "a Market Operator of a Regulated Market within the meaning of the European Communities (Markets in Financial Instruments) Regulations" and changes the designation of "Head of Markets Supervision" to "Head of Regulation";
  • adds, in respect of an alternative investment fund manager: the following two categories (a) Head of Client Asset Oversight, and (b) Head of Investor Money Oversight;
  • provides a list of PCFs in respect of Internally managed AIFs or alternative investment fund manager and adds to the list designated persons to whom an Alternative Investment Fund Manager or UCITS Management Company or Management Company of an AIF may delegate the performance of management functions and Head of Investor Money Oversight;
  • adds "Head of Credit" to the list of PCFs, in respect of a Retail Credit Firm.