Appendix 1 – List of CF Functions
Table A: Controlled Functions applicable to Regulated Financial Service Providers (other than Credit Unions)
| CF | Controlled Function Definition |
|---|
| CF-1 | Ability to exercise a significant influence on the conduct of the affairs of a regulated financial service provider |
| CF-2 | Ensuring, controlling or monitoring compliance by a regulated financial service provider with its relevant obligations |
| CF-3 | Giving of advice to a customer of the regulated financial service provider |
| CF-4 | Arranging a financial service for a customer of the regulated financial service provider |
| CF-5 | Assisting a customer in the making of a claim under a contract of insurance or reinsurance |
| CF-6 | Determining the outcome of a claim arising under a contract of insurance or reinsurance |
| CF-7 | Management or supervision of those persons undertaking CF3 to CF6 roles |
| CF-8 | Adjudicating on any complaint communicated to a regulated financial service provider by a customer |
| CF-9 | Insurance and reinsurance intermediaries who direction and manage the undertaking or are directly involved in insurance or reinsurance mediation |
| CF-10 | Dealing in or having control over property of a customer of the regulated financial service provider |
| CF-11 | Dealing in or with property on behalf of the regulated financial service provider |
Table B: Controlled Functions applicable to Holding Companies
| HCCF | Controlled Function applicable to Holding Companies Definition |
|---|
| HCCF-1 | A function which is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of the Holding Company |
| HCCF-2 | A function which is related to ensuring, controlling or monitoring compliance by a Holding Company with its relevant obligations |
Table C: Controlled Functions applicable to Credit Unions
| CUCF | Controlled Function applicable to Credit Unions Definition |
|---|
| CUCF-1 | A function in relation to the provision of a financial service which is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a credit union |
| CUCF-2 | A function in relation to the provision of a financial service which is related to ensuring controlling or monitoring compliance by a credit union with its relevant obligations |
| CUCF-3 | Giving of advice to a member of a credit union, in the course of providing, or in relation to the provision of, the financial service |
| CUCF-4 | Arranging, or offering to arrange, a financial service for a member of a credit union |
| CUCF-5 | Assisting a member of a credit union in the making of a claim under a contract of insurance or reinsurance |
| CUCF-6 | Determining the outcome of a claim arising under a contract of insurance or reinsurance |
| CUCF-7 | Acting in the direct management or supervision of those persons who act for a credit union in providing the services referred to in subparagraphs CUCF-3 to CUCF-6 |
| CUCF-8 | Adjudicating on any complaint communicated to a credit union by a member in relation to the provision of a financial service |
Table D: Controlled Functions applicable to credit unions that are also authorised as retail intermediaries
| CURICF | Controlled Function applicable to Credit Unions/Retail Intermediaries Definition |
|---|
| CURICF-1 | A function in relation to the provision of a financial service which is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the affairs of a credit union that is also authorised as a retail intermediary |
| CURICF-2 | A function in relation to the provision of a financial service which is related to ensuring, controlling or monitoring compliance by a credit union that is also authorised as a retail intermediary with its relevant obligations |
| CURICF-3 | Giving of advice to a member, in the course of providing, or in relation to the provision of, the financial service |
| CURICF-4 | Arranging, or offering to arrange, a financial service for a member of the credit union that is also authorised as a retail intermediary |
| CURICF-5 | Assisting a member in the making of a claim under a contract of insurance or reinsurance |
| CURICF-6 | Determining the outcome of a claim arising under a contract of insurance or reinsurance |
| CURICF-7 | Acting in the direct management or supervision of those persons who act for a credit union that is also authorised as a retail intermediary in providing the services referred to in CURICF-3 to CURICF-6 |
| CURICF-8 | Adjudicating on any complaint communicated to a credit union that is also authorised as a retail intermediary by a member in relation to the provision of a financial service |
| CURICF-9 | In respect of a person involved in insurance or reinsurance distribution as defined in the European Union (Insurance Distribution) Regulations 2018, the function of being involved in insurance or reinsurance distribution activities |
| CURICF-10 | Dealing in or having control over property of a member of the credit union that is also authorised as a retail intermediary to whom a financial service is provided or to be provided, whether that property is held in the name of the member or some other person |
| CURICF-11 | Dealing in or with property on behalf of the credit union that is also authorised as a retail intermediary, or providing instructions or directions in relation to such dealing |
Appendix 2 – Existing list of PCF Functions
Table E: Pre-Approval Controlled functions (PCFs) for Regulated Financial Service Providers other than Credit Unions
| PCFs | PCF Roles |
|---|
| General |
| PCF-1 | Executive director |
| PCF-2A | Non-executive director |
| PCF-2B | Independent non-executive director |
| PCF-3 | Chair of the board |
| PCF-4 | Chair of the audit committee |
| PCF-5 | Chair of the risk committee |
| PCF-6 | Chair of the remuneration committee |
| PCF-7 | Chair of the nomination committee |
| PCF-8 | Chief executive |
| PCF-9 | Member of partnership |
| PCF-10 | Sole Trader |
| PCF-11 | Head of Finance |
| PCF-12 | Head of Compliance |
| PCF-13 | Head of Internal Audit |
| PCF-14 | Chief Risk Officer |
| PCF-16 | Branch Manager of branches outside Ireland but only where the business arising from the branch amounts to 5% or more of, as applicable, the assets or revenues or gross written premiums of the regulated financial service provider |
| PCF-17 | Head of Retail Sales |
| PCF-42 | Chief Operating Officer |
| PCF-49 | Chief Information Officer |
| PCF-52 | Head of Anti-Money Laundering and Counter Terrorist Financing Compliance |
| Insurance |
| PCF-18 | Head of Underwriting |
| PCF-19 | Head of Investment |
| PCF-43 | Head of Claims |
| PCF-48 | Head of Actuarial Function |
| PCF-54 | Head of Material Business Line where such a material business line satisfies either of the following quantitative criteria:
- has gross total technical provisions (whether positive or negative) equal to or in excess of €10 billion; or
- 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
|
| Banking |
| PCF-21 | Head of Treasury |
| PCF-22 | Head of Credit |
| PCF-23 | Head of Asset and Liability Management |
| PCF-50 | Head of Material Business Line where such a material business line satisfies either of the following quantitative criteria:
- has gross total assets equal to or in excess of €10 billion; or
- accounts for 10 per cent or more of the firm’s gross revenue
|
| PCF-51 | Head of Market Risk in credit institutions which exceed either of the following metrics:- €500m of market risk (including Credit Valuation Adjustment ) Risk Weighted Assets; or
- €100bn of notional derivatives traded
|
| PCF-53 | Head of Client Asset Oversight |
| Stock Exchange |
| PCF-26 | Head of Regulation |
| PCF-27 | Head of Operations |
| Investment firms |
| PCF-28 | Branch Managers within the State |
| PCF-29 | Head of Trading |
| PCF-30 | Chief Investment Officer |
| PCF-45 | Head of Client Asset Oversight |
| PCF-55 | Head of Material Business Line where such a material business line satisfies either of the following quantitative criteria:- has gross total assets equal to or in excess of €5 billion; or
- accounts for 10 per cent or more of the investment firm’s gross revenue
|
| Investment Intermediaries / Collective Investment Schemes |
| PCF-32 | Branch Managers within the State |
| PCF-33 | Head of Transfer Agency |
| PCF-34 | Head of Accounting (Valuations) |
| PCF-35 | Head of Trustee Services |
| PCF-36 | Head of Custody Services |
| UCITS Self-Managed Investment Company / Management Company |
| PCF-37 | Head of Transfer Agency |
| PCF-38 | Head of Accounting Valuations |
| PCF-39A | Designated Person with responsibility for Capital and Financial Management |
| PCF-39B | Designated Person with responsibility for Operational Risk Management |
| PCF-39C | Designated Person with responsibility for Fund Risk Management |
| PCF-39D | Designated Person with responsibility for Investment Management |
| PCF-39E | Designated Person with responsibility for Distribution |
| PCF-39F | Designated Person with responsibility for Regulatory Compliance |
| PCF-46 | Head of Investor Money Oversight |
| Payment Institutions / Electronic Money Institutions / Account Information Service Providers / Small Electronic Money Institutions |
| PCF-40 | Branch Managers within the State |
| PCF-47 | Head of Credit |
| PCF-56 | Head of Safeguarding |
| Crypto-Asset Service Providers |
| PCF-57 | Head of Safeguarding |
| Financial Service Providers established outside Ireland |
| PCF-41 | Manager of a branch in Ireland of a regulated financial service provider established in a country that is not an EEA country |
Table F: Pre-Approval Controlled Functions for Holding Companies
| HCPCFs | HCPCF Roles |
|---|
| HCPCF-1 | Chair of the board |
| HCPCF-2 | Director |
Table G: Pre-Approval Controlled Functions for all Credit Unions
| CUPCF | CUPCF Roles |
|---|
| CUPCF-1 | Chair of the board |
| CUPCF-2 | Manager |
Table H: Pre-Approval Controlled Functions for Credit Unions also authorised as Retail Intermediaries
| CURIPCF | CURICPF Roles |
|---|
| CURIPCF-1 | Chair of the board |
| CURIPCF-2 | Manager |
Table I: Pre-Approval Controlled Functions for Credit Unions with total assets of at least €100 million
| CUPCF | CUPCF Roles |
|---|
| CUPCF-3 | Risk Management Officer |
| CUPCF-4 | Head of Internal Audit |
| CUPCF-5 | Head of Finance |
Appendix 3
Agreement of employee pursuant to section 21 of the Central Bank Reform Act 2010 (the 2010 Act)
Section 21 of the 2010 Act provides as follows:
- A regulated financial service provider shall not permit a person to perform a controlled function in relation to it unless a certificate of compliance with standards of fitness and probity, given by the regulated financial service provider in accordance with this section, is in force in relation to the person.
- A holding company shall not permit a person to perform a controlled function in relation to it unless a certificate of compliance with standards of fitness and probity, given by the holding company in accordance with this section, is in force in relation to the person.
- A certificate may be given for the purposes of subsection (1) or (2) only if—
- the regulated financial service provider or holding company giving the certificate is satisfied on reasonable grounds that the person concerned complies with any standard of fitness and probity in a code issued under section 50, and
- the person has agreed in writing to comply with any such standard.”
I confirm that I have read the code setting out standards of fitness and probity and the guidance issued by the Central Bank of Ireland pursuant to Section 50 of the 2010 Act (the “Standards”) and I confirm that I comply with those Standards.
I agree to comply with the Standards.
I agree to notify the regulated financial service provider / holding company, as applicable, without delay if for any reason I no longer comply with the Standards.
________________________
Employee Signature
_______________________
Date
Appendix 4
Examples of due diligence to be undertaken by firms for assessing an individual’s compliance with the standards of fitness and probity (note: this table is not exhaustive and firms should refer to the relevant section of the Guidance in this regard for further details):
| Standard | Supporting documents obtained from a third party | Frequency | PCF | CF1-CF2
CUCF1 - CUCF2 and CURICF1- CURICF2
| CF3-CF11
CUCF3- CUCF8
and CURICF3- CURICF11
|
|---|
| Competent and Capable | Provision of a copy of the relevant transcripts | Initial (and ongoing if applicable) | Y | Y | Y |
| Competent and Capable | Professional Body Check | Initial (and ongoing if subject to renewal) | Y | Y | Y |
| Competent and Capable | Employer’s References | Initial | Y | Y | Y |
| Competent and Capable | Minimum Competency Code and Minimum Competency Regulations 2017 | Initial and ongoing | I/A | I/A | SC/Y |
| Competent and Capable | Conflicts | Initial and ongoing | SC | SC | SC |
| Honest, ethical and with Integrity | Garda Check/Convictions | Initial and ongoing | SC | SC | SC |
| Honest, ethical and with Integrity | Regulator Check | Initial and ongoing | Y | Y | SC |
| Financial Soundness | Judgements Search | Initial and ongoing | Y | Y | SC |
Y = Checks undertaken by the regulated financial service provider / holding company
SC = Self Certify
I/A = If Applicable