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Industry Updates

Enhanced Fitness and Probity Regime - Clarification on Due Diligence Requirements for Existing Directors

20 Dec 2011

The enhanced fitness and probity regime for the financial services industry in Ireland came into effect on 1 December 2011. However, following industry consultation and revisions to the relevant papers implementing the regime, there was still a level of uncertainty in the final rules on the extent of due diligence that should be undertaken on persons already occupying roles caught within the regime. The Central Bank of Ireland (the "Central Bank") has now provided important clarification on this issue to Maples and Calder.

Please see attached for further information.