On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons responsible for the six key management functions of a UCITS management company or AIFM ("Designated Persons") to be separately classified Pre-Approved Controlled Functions ("PCFs") under its fitness and probity regime. Currently all Designated Persons are classed as PCF-39. It is proposed that there will be a separate designation for each of the six specific key management functions.

The Central Bank has indicated that this will not have any impact on persons holding existing Designated Person positions – with the exception of a requirement for relevant firms to make a confirmation that it is satisfied that all current Designated Person / PCF39 function holders meet the fitness and probity standards. This confirmation will need to be provided to the Central Bank within six weeks of the point in time that the regime is updated.

As this is a proposal only, firms may provide comments or feedback to the Central Bank up until 26 March 2020.

Delineating the key management functions in this way may assist the Central Bank in gathering data on Designated Persons relative to specific key management functions.

The Central Bank also proposes to introduce a new Chief Information Officer PCF designation (PCF-49) for the most senior individual at a firm with responsibility for IT matters.

If you have any questions or would like to discuss this further, please refer to your usual Maples Group contact or any of the team below:

 

CONTACTS

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Peter Stapleton

Partner

+353 1 619 2024

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Stephen Carty

Partner

+353 1 619 2023

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Ian Conlon

Partner

+353 1 619 2714

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Ronan Cremin

Partner

+353 1 619 2756

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John Gallagher

Partner

+353 1 619 2073

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Philip Keegan

Partner

+353 1 619 2122

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Deirdre McIlvenna

Partner

+353 1 619 2064

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Aaron Mulcahy

Partner

+353 1 619 2104

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Eimear O'Dwyer

Partner

+353 1 619 2065

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Niamh O'Shea

Partner

+353 1 619 2722

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Emma Conaty

Head of Global Registration Services

+353 1 619 2708

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Adam Donoghue

Partner

+44 20 7466 1711

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Pádraig Brosnan

Partner

+1 345 814 5441

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Michelle Lloyd

Partner

+852 3690 7504

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