CBI has updated its frequently asked questions document (Updated FAQs) providing guidance in respect of the fitness & probity regime applicable to Irish regulated entities. There are a number of additional questions and responses in the updated document dealing with various issues including (i) the requirement to obtain pre-approval from the CBI where a candidate carried on the pre-approval control function in another regulated financial services provider and had been approved by the CBI (ii) whether branch managers in non-EEA country branches fall within the scope of the fitness & probity regime (iii) whether a regulated financial services provider can rely on another regulated financial services provider’s due diligence and assessment that a person complies with fitness & probity standards and (iv) at what stage of an investigation a regulated financial services provider is required to advise the CBI that a controlled function holder may no be fit and proper. In addition, a number of questions and responses have been added to the Updated FAQs regarding the Individual Questionnaire and access to and submission of the Individual Questionnaire.
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Central Bank publishes amended FAQ document regarding fitness and probity requirements
- A&L Goodbody
- Kevin Allen, Brian McDermott and James Grennan
- Ireland
- July 31 2012
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Dr Jürgen Fegbeutel
Legal Services Director
BMW (South Africa) (Pty) Ltd