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S.I. No. 20/2026 - Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2026

Type Statutory Instrument
Publication 2026-01-30
State In force
Text As published
Source Irish Statute Book
articles 4

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

Reform history JSON API

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 30th January, 2026.

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 2026.

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.

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 10 February 2026.

Signed for and on behalf of the

CENTRAL BANK OF IRELAND

on this the 28th day of January 2026

GABRIEL MAKHLOUF

Governor

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:

a)

an Insurance Undertaking or a Reinsurance Undertaking within the meaning of the European Union (Insurance and Reinsurance) Regulations 2015 or the Finance (Miscellaneous Provisions) Act 2015 , other than a Captive Insurance Undertaking, a Captive Reinsurance Undertaking or a Special Purpose Reinsurance Vehicle:

i. Head of Underwriting (PCF-18),

ii. Head of Investment (PCF-19),

iii. Head of Claims (PCF-43),

iv. Head of Material Business Line (PCF-54) where such a material business line satisfies either of the following quantitative criteria:

i. has gross total technical provisions (whether positive or negative) equal to or in excess of €10 billion; or

ii. accounts for 25 per cent or more of the insurance undertaking’s gross earned premium, if that gross earned premium is above €1 billion per annum.

b)

an Insurance Undertaking or a Reinsurance Undertaking within the meaning of the European Union (Insurance and Reinsurance) Regulations 2015, other than a Special Purpose Reinsurance Vehicle:

i. Head of Actuarial Function (PCF-48).

2.

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

a)

Head of Treasury (PCF-21),

b)

Head of Credit (PCF-22),

c)

Head of Asset & Liability Management (PCF-23)

d)

Head of Material Business Line (PCF-50) where such a material business line satisfies either of the following quantitative criteria:

i. has gross total assets equal to or in excess of €10 billion; or

ii. accounts for 10 per cent or more of the firm’s gross revenue.

e)

Head of Market Risk (PCF-51) in credit institutions which exceed either of the following metrics1 :

i. €500m of market risk (including Credit Valuation Adjustment ) Risk Weighted Assets; or

ii. €100bn of notional derivatives traded.

f)

Head of Client Asset Oversight (PCF-53)

3.

In respect of a Market Operator of a Regulated Market within the meaning of the European Communities (Markets in Financial Instruments) Regulations 2007:

a)

Head of Regulation (PCF-26),

b)

Head of Operations (PCF- 27).

4.

In respect of :

i. Branch Managers within the State (PCF-28),

ii. Head of Trading (PCF-29),

iii. Chief Investment Officer (PCF-30)

iv. Head of Client Asset Oversight (PCF-45),

v. Head of Investor Money Oversight (PCF-46).

vi. Head of Material Business Line (PCF- 55)2 where such a material business line satisfies either of the following quantitative criteria:

a. has gross total assets equal to or in excess of €5 billion; or

b. accounts for 10 per cent or more of the investment firm’s gross revenue

5.

In respect of:

i. Branch Managers within the State (PCF-32),

ii. Head of Transfer Agency (PCF-33),

iii. Head of Accounting (Valuations) (PCF-34),

iv. Head of Trustee Services (PCF-35),

v. Head of Custody Services (PCF-36);

vi. Head of Investor Money Oversight (PCF-46).

6.

In respect of:

i. Head of Transfer Agency (PCF-37),

ii. Head of Accounting Valuations (PCF-38),

iii. Designated Person to whom the board of a UCITS Self Managed Investment Company or Alternative Investment Fund Manager or UCITS Management Company or a Management Company of an AIF delegates the performance of any of the following managerial functions:

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).

iv. Head of Investor Money Oversight (PCF-46).

7.

In respect of a Payment Institution authorised or required to be authorised under the European Communities (Payment Services) Regulations 2009 or an E-Money Institution within the meaning of the European Communities (Electronic Money) Regulations 2011:

a)

Branch Managers within the State (PCF-40).

b)

Head of Safeguarding (PCF-56)

8.

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

a)

Head of Credit (PCF-47).

9.

In respect of a crypto-asset service provider within the meaning of Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation (MiCAR)):

a)

Head of Safeguarding (PCF-57)

10.

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.

2

This pre-approval controlled function is not prescribed for an alternative investment fund manager within the meaning of the European Union (Alternative Investment Fund Managers) Regulations 2013.

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