The Central Bank introduced an Annual PCF (Pre-Approval Controlled Functions) Confirmation Return (detailed in the October Front Page).The PCF Confirmation Return is an annual confirmation required from each regulated financial service provider (RFSP) in respect of all active PCF holders within the firm confirming they are compliant with the Fitness and Probity Standards and continue to agree to abide by those Standards. For Investment Firms/Funds/Fund Service Providers, the reporting date for this return is 31 December 2013 and the submission date is 28 February 2013. The PCF Confirmation Return must be submitted through the Central Bank of Ireland’s Online Reporting System (ONR).

Each Regulated Financial Service Provider must confirm that the PCF holders listed are compliant with the Fitness and Probity Standards and that each FCF holder’s written agreement to agree to abide by the Standards has been obtained. The confirmation must be provided in the format of the template Annual PCF Confirmation Letter which must be downloaded, completed and uploaded to Return via ONR.

The resignation notification process would need to be completed for any of PCF holders who have resigned before the reporting date, before submitting the Annual PCF Confirmation.

Further guidance in relation to this return is available on the Central bank website.