In March 2013, the Central Bank of Ireland (the “Central Bank”) issued two updated versions of its Frequently Asked Question document providing detailed responses to the commonly asked questions relating to the Fitness and Probity Regime (the “F&P Regime”) introduced in December 2011 (the “FAQ”).
The first updated FAQ published on 5 March 2013 included the introduction of 2 new questions (3.17 and 3.18) as follows:
- 3.17: Are individuals who were in-situ at the time of the introduction of the regime required to go through the pre-approval process and submit an Individual Questionnaire (“IQ”) whereby they are subject to re-election/re-appointment provisions?
- 3.18: Does this also apply to in-situ PCFs (pre-approval controlled functions) who are subject to employment contract renewals?
The Central Bank’s response to question 3.17 states that those individuals in-situ at the time the F&P Regime was introduced will be required to submit an IQ to the Central Bank and complete the approval process when they are subject to re-election or re-appointment.
In determining whether PCFs subject to employment contract renewals will be required to submit an IQ, the FAQ provides that this will be an issue for the regulated financial service providers (“RFSPs”) to determine based on the terms of the contracts in place.
On 28 March 2013, the Central Bank issued the second updated FAQ to include one additional question (3.19) as follows:
- 3.19: In light of the clarification provided in question 3.17, should RFSPs now submit IQs for individuals who were in-situ at the time the regime was introduced and who have been re-elected or re-appointed in the interim period prior to the publication of the clarification provided in the FAQs published 5 March 2013?
The Central Bank’s response to 3.19 confirms that the submission of IQs for those appointed in the interim period detailed above is not required. However, it can be noted that the submission of an IQ to the Central Bank will be required upon the re-election or re-appointment of such individuals in the future.