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IE - Central Bank of Ireland – Split of the Designated Person (PCF-39) Role

26/05/2020

On 25 February 2020 the Central Bank of Ireland issued a Notice of Intention proposing for the persons responsible for the six key management functions of a UCITS management company or AIFM ("Designated Persons") to be separately classified Pre-Approved Controlled Functions ("PCFs") under its fitness and probity regime.

Currently all Designated Persons are classed as PCF-39. It is proposed that there will be a separate designation for each of the six specific key management functions.

  • 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

Delineating the key management functions in this way may assist the Central Bank in gathering data on Designated Persons relative to specific key management functions. The Central Bank also proposes to introduce a new Chief Information Officer PCF designation (PCF-49) for the most senior individual at a firm with responsibility for IT matters.

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