Newsletter 02/2015
Regulatory Transactions Service Standards - Recent Statistics

The Central Bank's January Performance Report on Service Standards for July - December 2014 show that the Bank is meeting or exceeding its targets with respect to response and processing times for:
  • Fitness and Probity PCF Individual Questionnaire's; and
  • Authorisation Applications.
It also helpfully identifies common reasons for IQ's to be returned as incomplete. 

Target processing times for IQ's are as follows:
  • 'Standard' application - within 15 business days
  • Application for a person previously approved by the Bank or another EEA regulator - within 12 business days
  • Application for Qualifying Investor Fund or Qualifying Alternative Investment Fund - within 5 business days
Where an IQ is incomplete the target response time is within 5 business days. Reasons given for incompleteness include:
  • Incorrectly answering yes to questions 1.4 and 1.5 (or Questions 1.3 or 1.4 for credit unions IQs)   
  • Omitting ‘Other relevant experience’ from question 3.1
  • Incomplete documentation relating to compliance with the Minimum Competency Code, such as evidence of qualifications, grandfathering status, etc.
  • Not completing Reputation and Character Section 5 or a lack of supporting documentation in respect of a matter disclosed in same.
  • For Passporting persons: Lack of documentation to demonstrate that the person is entitled under the laws of an EEA / EU member state to perform the equivalent to the PCF function.
  • Incomplete list of directorships/senior positions provided by applicant in sections 6 and 9.
  • IQ completed by and / or submitted by a person whose name does not match the name of the applicant or the name of the proposer and / or The proposer is not an approved person within the entity with the authority to submit the IQ
Target processing times in authorisation applications for Credit Institutions, Insurers, Investment firms and Regulated Markets are to process complete applications within 6 months and where possible over 75% of completed applications within 3 months. Where an application is incomplete they will be returned within two weeks.  

Fitness and Probity FAQ's 2015

The Central Bank published an updated version of its FAQ document on 18th February 2015. While the last amendment was made to the FAQ's in March 2013 this update only serves to remove 1 question from the previous version:

Original question 7.13 on the requirement of Sole Traders to confirm they have received a Data Protection Disclosure form from Gardai has been removed.  

24 February 2015
In This Issue
Central Bank News
Central Bank publishes Consumer Protection Outlook Report
Regulatory Transactions Service Standards - Recent Statistics
Financial Crime
Central Bank Publishes Report on AML, CTF and Sanctions Compliance in Banks
Central Bank publishes its Enforcement Priorities for 2015
UK News
Payday loans: loan caps now in place in the UK and Wonga escapes criminal investigation...
CRD IV - COREP reporting changes again
CRD IV - Implementing Regulation published on reporting of Liquid Assets
Corporate Governance News
Weavering back again!
March - June Schedule
Useful Links
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