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S.I. No. 410/2020 - Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2020

Type Statutory Instrument
Publication 2020-10-09
State In force
Text As published
Source Irish Statute Book
articles 4

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Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 9th October, 2020.

In exercise of the powers conferred on the Central Bank of Ireland (“the Bank”) by section 20 (1) and section 22 (2) of the Central Bank Reform Act 2010 the Bank hereby makes the following Regulations:

1.

1.

These Regulations may be cited as the Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2020.

2.

2.

In these Regulations, “Principal Regulations” means the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 [ S.I. No. 437 of 2011 ] as amended by the Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2015 [ S.I. No. 545 of 2015 ].

3.

3.

Schedule 2 to the Principal Regulations is amended by the substitution therefor of the Schedule to these Regulations.

4.

4.

These Regulations come into operation on 5 October 2020.

Signed for and on behalf of the CENTRAL BANK OF IRELAND

5 October 2020

ED SIBLEY,

Deputy Governor, Prudential Regulation

Schedule

“Schedule 2

Pre-Approval Controlled Functions

Part 1 Pre-Approval Controlled Functions

in relation to

All Regulated Financial Service Providers (other than a certified person within the meaning of section 55 of the Investment Intermediaries Act 1995 )

1.

In the case of a regulated financial service provider that is a body corporate incorporated in the State, a person who holds or performs the duties of any of the following positions or offices in the regulated financial service provider:

2.

In the case of a regulated financial service provider that is a partnership established in the State, each member of the partnership except limited partners within the meaning of section 3 of the Investment Limited Partnerships Act 1994 (PCF-9).

3.

In the case of a regulated financial service provider that is a natural person and where that provider has its principal place of business in the State, that person (PCF-10).

4.

In the case of each regulated financial service provider established in the State:

Part 2 Pre-Approval Controlled Functions

in relation to

Specified Regulated Financial Service Providers

A person who performs one or more of the following functions in respect of a regulated financial service provider established in the State:

1.

In respect of:

2.

In respect of a Credit Institution within the meaning of the European Union (Capital Requirements) Regulations 2014:

3.

In respect of a Market Operator of a Regulated Market within the meaning of the European Communities (Markets in Financial Instruments) Regulations 2017:

4.

In respect of :

5.

In respect of:

6.

In respect of:

I. Designated Person with responsibility for Capital and Financial Management (PCF-39A);

II. Designated Person with responsibility for Operational Risk Management (PCF-39B);

III. Designated Person with responsibility for Fund Risk Management (PCF-39C);

IV. Designated Person with responsibility for Investment Management (PCF-39D);

V. Designated Person with responsibility for Distribution (PCF-39E);

VI. Designated Person with responsibility for Regulatory Compliance (PCF-39F).

7.

In respect of a Payment Institution authorised or required to be authorised under the European Union (Payment Services) Regulations 2018 or an E-Money Institution within the meaning of the European Communities (Electronic Money) Regulations 2011:

8.

In respect of a Retail Credit Firm within the meaning of the Central Bank Act 1997 :

9.

In this Part, a reference to UCITS Self Managed Investment Company shall be taken to mean an investment company within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 which has not designated a management company.

Part 3 Pre-Approval Controlled Functions

in relation to All

Regulated Financial Service Providers established outside the State

1.

The manager of a branch in the State of a regulated financial service provider established in a country that is not an EEA country (PCF-41).”

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations amend the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 ( S.I. No. 437 of 2011 ).

Footnotes

1

As reported in quarterly COREP and FINREP regulatory reporting.

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