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Regulatory times

Posted. 24.01.2012

Overview

The latest edition of our quarterly PwC Ireland asset management newsletter. It covers both local and international regulatory topics affecting the Irish funds industry.

On 1 September 2011, the Central Bank of Ireland published its Regulations and Standards of Fitness and Probity. The new regime will be introduced on a phased basis to allow institutions adequate time to introduce the necessary internal controls and procedures to comply with the Regulations and Standards.

From 1 December 1 2011 existing and new staff in Pre-Approval Controlled Functions (PCFs) will be subject to the Regulations and Standards. Firms are required to notify the Central Bank of each individual in the organisation in a PCF by 31 December 2011.

From March 1, 2012 new appointments to less senior positions Controlled Functions (CFs) will be subject to the Regulations and Standards. From 1 December 2012 the Regulations and Standards will apply to all staff in existing CFs.

The Central Bank also published Draft Guidance for industry which, among other things, indicates the type of due diligence that regulated financial service providers should carry out in relation to persons proposed for or holding PCFs or CFs. Interested parties have until September 30, 2011 to respond to the Draft Guidance.

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