As detailed in the March Front Page, the Central Bank published an updated Frequently Asked Questions (FAQ) document on 5 March in relation to the Fitness and Probity (F&P) Regime. The Central Bank published a further updated FAQ on 28 March.

The Central Bank Fitness and Probity web pages were also updated on 25 April, 2013. Individuals occupying pre-approval controlled functions (PCFs) who were “in-situ” at the time of the introduction of the F&P Regime on 1 December 2011 were required to undergo a due diligence process by 31 March 2012 so as to establish that they complied with the requirements. Section 3.17 of the updated FAQs requires that those PCFs who availed of these grandfathering provisions and who are then subject to re-election/re-appointment (such as a director who is required to retire by rotation and puts himself forward for immediate re-election) must submit an individual questionnaire (IQ) to the Central Bank. This is because the retirement is regarded by the Central Bank as a “break in service” for the purposes of the F&P Regime. When the PCF has been approved by the Central Bank once in respect of that role within that firm under the F&P regime, he/she will not be required to be approved again as long as he/she remains in that role. The Board of the firm will be required to confirm to the Central Bank upon further re-election/re-appointment that his/her circumstances have not changed since pre-approval was granted. The Central Bank will not require IQs to be submitted for PCFs who were “in situ” as at 1 December 2011 and who subsequently retired and were re-elected during the period 1 December 2011 to the date of issue of the revised FAQs (i.e. 5 March 2013) until they are next due for re-election (Section 3.19). Section 3.18 of the FAQs also provides that PCFs in situ as at 1 December 2011 who are subject to employment contract renewals must also submit a duly completed IQ to the Central Bank but it is not usual for fund companies to have employees.