Additions to the list of Pre-Approval Controlled Functions (PCFs)

13 October 2020

Further to the Notice of Intention issued in February 2020, the Central Bank of Ireland is:

1. Introducing three new Pre-Approval Controlled Functions (PCFs):
 Chief Information Officer (under the ‘General’ category);
 Head of Material Business Line (under the ‘Banking’ category);
 Head of Market Risk (under the ‘Banking’ category).

2. Splitting PCF-39 Designated Person into six PCF roles aligned to the specific managerial functions.

1. New PCF roles
In accordance with Part 3 of the Central Bank Reform Act 2010, the Central Bank of Ireland (the Central Bank) is prescribing certain functions1 as PCFs. The new PCF roles2 are being introduced on
the basis of (i) the increasing importance of and reliance on information technology within regulated financial service providers (RFSPs), and (ii) the changing landscape of the banking sector in Ireland due to Brexit, including the entry/expansion of investment banks/broker-dealer firms with significant capital markets activity.

PCF-49 Chief Information Officer is applicable to all RFSPs other than credit unions.
PCF-50 Head of Material Business Line and
PCF-51 Head of Market Risk are applicable to Credit Institutions within the meaning of the European Union (Capital Requirements) Regulations 2014.

Read the full notice from the Central Bank of Ireland here.