The Central Bank of Ireland has published an Amending Regulation (S.I. 394 of 2014) which introduces a number of changes to the Fitness and Probity Regime. The Amending Regulation is accompanied by Non Statutory Guidance on the Fitness and Probity Amendments 2014 which aims to assist regulated financial service providers in complying with their obligation under the Amending Regulation.
The Amending Regulation, which prescribes six new PCFs pursuant to Section 20 and 22 of the Central Bank Reform Act 2010, will come into effect on 31 December 2014. Persons in situ in any of the six new PCFs on 31 December 2014, may continue in those positions and do not require the approval of the Central Bank to continue to perform that PCF.