PCF amendments and SEAR timing
The Central Bank of Ireland intends to amend list of Pre-Approval Controlled Functions. A recent speech gives insight into the timing of SEAR’s implementation.
The Central Bank of Ireland (the Central Bank) published a notice of intention to amend the Pre-approval Controlled Functions (PCF) list by making the following changes:
SEAR Update
In a recent speech, Director General Derville Rowland provided an update on the process to adopt SEAR, saying that when the relevant bill is adopted (expected in the first half of 2022), the Central Bank will launch a public consultation on the implementation of the individual accountability framework. Ms Rowland also stated that the Central Bank’s initial focus will be embedding the framework into its processes and watching to ensure that regulated financial services providers embed it into their systems. During this initial period the Central Bank’s task will be a supervisory one, not an enforcement one.
SEAR toolkit
Thank you to everyone that has registered their interest in our SEAR toolkit, an online tool based on our very popular SMCR toolkit, which will help your firm comply with SEAR in Ireland. If you haven’t yet done so, please register your interest here.
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