The Minimum Competency Code 2017 (MCC 2017) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) Minimum Competency Regulations 2017 (MCR 2017) came into effect on 3 January 2018.
They set out minimum professional standards for persons providing certain financial services, in particular when dealing with consumers. The aim is to ensure that consumers obtain a minimum acceptable level of competence from individuals acting for or on behalf of regulated firms in the provision of advice and information and associated activities in connection with retail financial products.
With effect from 28 July 2026, the scope of the MCC 2017 and MCR 2017 will incorporate knowledge and competence requirements for staff in crypto-asset service providers (CASPs) to align with the European Securities & Markets Authority (ESMA) “Guidelines for the criteria on the assessment of knowledge and competence under the Markets in Crypto Assets Regulation (MiCA)”.
The MCC 2017 specifies certain minimum competencies that persons falling within its scope must comply with when performing certain controlled functions.
The MCR 2017 imposes certain obligations on regulated firms under Section 48 of the Central Bank (Supervision and Enforcement) Act 2013.
The MCC 2017 is closely linked to the Fitness and Probity regime.