Introduction for Regulated Financial Service Providers

Notice I COVID-19 and Pre-approval Controlled Functions (PCF)

Find out how regulated firms should manage Pre-approval Controlled Functions (PCFs) vacancies at this time. Learn more in the COVID-19 Hub. (23 April 2020)

Note: The information on this page applies to some sectors only. Check the information for your sector.

The Fitness and Probity Regime applies to persons in senior positions, known as Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), within Regulated Financial Service Providers (RFSPs).

There are currently 11 prescribed CFs and 54 PCFs for RFSPs other than credit unions.

List of 11 Controlled Functions | pdf 46 KB List of 54 Pre-approval Controlled Functions | pdf 440 KB

Regulations designating CFs and PCFs:

Principal Regulations 2011 (S.I. No. 437 of 2011)

Amending Regulations 2011 (S.I. No. 615 of 2011)

Amending Regulations 2014 (S.I. No. 394 of 2014)

Amending Regulations 2015 (S.I. No. 545 of 2015)

Amending Regulations 2020 (S.I. No 410 of 2020)

Amending Regulations 2022 (S.I. No 169 of 2022)

Statutory Codes:

Minimum Competency Code 2011 (Note: the onus is on Regulated Financial Service Providers to determine if the Minimum Competency Code applies.)

Fitness and Probity Standards 2014 | pdf 762 KB Guidance on Fitness and Probity standards 2018 | pdf 988 KB Fitness and Probity - Frequently Asked Questions 2018 | pdf 1115 KB Additions to the List of Pre-approval Controlled Functions - October 2020 | pdf 891 KB