CP166 - Consultation on Prohibition Notices Under the Fitness and Probity Regime

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Overview

Description

Under the Central Bank Reform Act 2010 (the 2010 Act), Central Bank of Ireland may investigate the fitness and probity of individuals who are performing, or who previously performed, controlled function (CF) roles (including pre-approval controlled function (PCF) roles) in regulated financial firms. At the end of a fitness and probity investigation, an independent decision maker acting as delegate of the Central Bank may impose a prohibition on the individual, forbidding them from performing such roles indefinitely or for a specified period. The Central Bank may publish the Prohibition Notice.

We are now providing additional guidance on our Prohibition Notice procedures (the Supplemental Guidance), and we are seeking our stakeholders’ views. The Supplemental Guidance will further clarify these procedures, and in particular our approach to:

• Determining the nature, scope and duration of a prohibition.
• The termination of a prohibition agreement.
• The cessation of a Prohibition Notice.
• The publication of a Prohibition Notice.

The Supplemental Guidance should be read together with our existing guidance on ‘Fitness and Probity Investigations, Suspensions and Prohibitions’, which was published in 2023 to take account of changes introduced by the Central Bank (Individual Accountability Framework) Act 2023.

The Central Bank seeks your views on the questions posed in Consultation Paper 166. 

Prohibition Notices under the Fitness and Probity Regime: Supplemental Guidance [Draft] 

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Consultation Paper Document

CP166 - Prohibition Notices under the Fitness and Probity Regime | pdf 442 KB