Guidance In Situ Pre-Approval Controlled Functions (PCFs): Confirmation of Due Diligence undertaken

Transcription

1 2015 Guidance In Situ Pre-Approval Controlled Functions (PCFs): Confirmation of Due Diligence undertaken

2 Table of Contents Contents Table of Contents... 2 Section 1: Introduction... 3 Purpose of this Guidance... 3 New PCFs... 3 Information to be Provided... 4 Submission Method... 4 Section 2: PCF Information File... 4 PCF Information File Template... 4 Completing the Template... 4 Saving the Template... 6 Section 3: Online Reporting Submission... 7 Completing the Submission... 7 Return Declaration and Sign Off 8 Queries.8 Page 2

3 Section 1: Introduction Purpose of this Guidance On 3 September 2014 the Central Bank published S.I. No 394 of 2014 ( the Amending Regulation ) prescribing six new PCFs pursuant to Section 20 and 22 of the Central Bank Reform Act 2010 respectively, which came into effect on 31 December Persons in situ in any of the six new PCFs on 31 December 2014, may continue in those positions and do not require the approval of the Central Bank to continue to perform that PCF 1. The Guidance sets out how a Regulated Entity may notify the Central Bank of the individuals who were in situ in these roles as at 31 December It also outlines how a Regulated Entity can confirm that the required due diligence has been undertaken. The following documents in relation to Fitness and Probity can be found on our website ( and should be reviewed prior to completing the return. Fitness and Probity Amending Regulations 2014 (S.I. No. 394 of 2014) Non Statutory Guidance on Fitness and Probity Amendments 2014 Fitness and Probity Standards Non Statutory Guidance on Fitness and Probity Standards Minimum Competency Code 2011 New PCFs The following are the new PCFs which came in to effect on 31 December 2014: The office of Chief Operating Officer (PCF-42) for all regulated financial service providers; Head of Claims (PCF-43) for Insurance Undertakings; Signing Actuary (PCF-44) for Non-Life Insurance Undertakings and Reinsurance Undertakings; Head of Client Asset Oversight (PCF-45) for Investment Firms; Head of Investor Money Oversight (PCF-46) for Fund Service Providers; Head of Credit (PCF-47) for Retail Credit Firms. 1 The regulated financial service provider is, however, required to comply with Section 21 of the Act in respect of persons in situ. See Section 21 in the 2011 Guidance for further information. Page 3

4 Information to be Provided Regulated Entities are required to complete an Excel list of the PCF roles held via the Online Reporting (ONR) System. This list must be in a preformatted MS Excel form that must be downloaded from the Central Bank website, completed and submitted via the Online Reporting (ONR) System. For instructions on completing the PCF Information File, please see Section 2. Submission Method Regulated Entities must submit the necessary documentation through the Online Reporting (ONR) System. The return that needs to be submitted is the RFSP InSitu Application return. Only individuals with Administrator access to the return type will have access to complete and sign off the return. For detailed information on submitting via the Online Reporting System, please see Section 3. Section 2: PCF Information File PCF Information File Template Regulated Entities must submit a file (PCF Information File) containing information relating to each holder of the aforementioned PCFs, where due diligence is being confirmed. A template has been created for Regulated Entities to enter the PCF information. The template is in Microsoft Excel format and is available from the Central Bank s website to download. This template form must be used to submit the relevant information. The Online Reporting System upload mechanism will not permit Regulated Entities to upload any file other than a completed and saved version of the PCF Information File. Regulated entities should read the guidance tab of the file before submitting. Completing the Template The PCF Information File which is available on the Central Bank s website must be completed by the Regulated Entity as follows: PCF For each PCF role within the Regulated Entity for which the necessary due diligence has been carried out, the relevant PCF must be selected from the drop down menu. The PCF Page 4

5 roles are taken from S.I. No 394 of 2014 ( the Amending Regulation ). The PCF roles are listed in Section 1 of this document. When a PCF has been selected for a row within the spread sheet, all other fields are mandatory with the exception of Residential Address Line 2, 3 and the End Date column. A * symbol will appear in Column A in rows that have not been fully completed. Title For the PCF, the title of Doctor, Miss, Mr, Mrs, Ms must be selected from the drop down menu. Forename The forename of the person holding the PCF role must be provided in full. A maximum of 100 characters will be permitted. Surname The surname of the person holding the PCF role must be provided in full. A maximum of 100 characters will be permitted. Date of Birth The date of birth of the person holding the PCF role must be provided in the format of dd/mm/yyyy. Residential Address Line 1 The 1 st line of the primary residential address of the person holding the PCF role must be provided. A maximum of 100 characters will be permitted. Residential Address Line 2 The 2 nd line of the primary residential address of the person holding the PCF role can be provided if necessary. A maximum of 100 characters will be permitted. Residential Address Line 3 The 3 rd line of the primary residential address of the person holding the PCF role can be provided if necessary. A maximum of 100 characters will be permitted. Town or City The town or city of the primary residential address of the person holding the PCF role must be provided. A maximum of 100 characters will be permitted. Country The country of the primary residential address of the person holding the PCF role must be selected from the drop down menu. Address The address at which the person holding the PCF role may be contacted must be provided. A maximum of 100 characters will be permitted. Start Date The start date must be set to 31/12/2014. End Date The end date must either be blank or post 31/12/2014. Once the mandatory fields have been completed for each PCF role selected, the * symbol in Column A will disappear indicating that the row has been completed successfully. Page 5

6 If a person holds two or more of the pertinent PCF roles, each PCF role must be selected on an individual row and the remaining personal information provided. Note: duplicate person information can be copied from one row and pasted into another row, as illustrated in Figure 1. Figure 1: Example of PCF Information file Saving the Template The PCF Information File must be saved in the format outlined on the file upload screen on ONR and then uploaded via the ONR (i.e. file must be named CCCCCCCC_ _RFS where CCCCCCC is the firm s Institution Code on ONR). The file will not be accepted if the structure of the Microsoft Excel file has been altered in any way. For example, additional worksheets may not be added or deleted, columns removed or added or the file protection removed. In addition, the file will not be accepted if all mandatory information for a selected PCF role has not been provided. Where a PCF role has been selected in a row, all mandatory fields must be completed on that row in order for a submission to be accepted. Page 6

7 Section 3: Online Reporting Submission Completing the Submission The user must log on to ONR and select the RFSP InSitu Application return. They will be presented with an online screen from which they can select Load a File in order to upload the required PCF Information file. They must then click Browse and locate the file. Figure 2 refers. Figure 2: Uploading PCF Information File Once the file is located, the user must click Load File. When the user clicks Load File, if all the conditions relating to file format and file completeness outlined previously are satisfied, then the submission will be accepted and the user will receive a message on screen confirming the successful submission. If the conditions are not satisfied, appropriate error messages will be displayed prompting the user to take corrective action in order to complete a successful submission. Once the file has been accepted, the user should select View/Edit Returns, click on the Reporting Date (31-Dec-2014) and then click the Finalise button. The return is now ready to be signed off. Return Declarations and Sign-Off The RFSP InSitu Application return for 31-Dec-2014 must be signed-off via the ONR to complete the process of submitting the Return to the Central Bank. Another user with Administrator access to the RFSP InSitu Application Return type will need to log in to sign off and submit the return. Part of the Sign Off will include a declaration that the information is correct. It also includes a declaration that a CEO (or equivalent) has confirmed that the firm have performed the necessary due diligence Page 7

8 on the individuals holding the PCF roles, that the firm are satisfied that the persons are compliant with the Fitness and Probity Standards and that each person s written agreement to abide by the Fitness and Probity Standards has been obtained (see Fig.3 below). Figure 3: Signing Off RFSP InSitu Application Return Queries All queries regarding the return will be managed by the Regulatory Transactions Division (RTD) within the Central Bank. The contact phone number for queries is Alternatively, please use the submit a request facility on the ONR or regulatorytransactions@centralbank.ie. Page 8

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