S.I. No. 437/2011 - Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011.

1. The manager of a branch in the State of a regulated financial service provider established in a country that is not an EEA country (PCF-42).

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations give effect to

section 20

(1) and

22

(2) of the

Central Bank Reform Act 2010

for the purposes of prescribing controlled functions and pre-approval controlled functions.

2. In respect of a Credit Institution within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992

i. Head of Treasury (PCF-22),

ii. Head of Credit (PCF-23),

iii. Head of Asset and Liability Management (PCF-24).

3. In respect of the Irish Stock Exchange Limited

i. Head of Traded Markets (PCF-25),

ii. Head of International Primary Markets (PCF-26),

iii. Head of Markets Supervision (PCF-27),

iv. Head of Operations (PCF- 28).

4. In respect of an Investment Firm within the meaning of the European Communities (Markets in Financial Instruments) Regulations 2007 or an Investment Business Firm authorised or required to be authorised under

section 10

of the

Investment Intermediaries Act 1995

other than

(

a

) an investment business firm which solely carries on the business of an investment product intermediary (within the meaning of

section 25

of the

Investment Intermediaries Act 1995

); or

(

b

) an entity authorised or required to be authorised under

section 10

of the

Investment Intermediaries Act 1995

which solely carries out

(i) the administration of collective investment schemes, including the performance of valuation services or fund accounting services or acting as a transfer agent or a registration agent for such schemes; or

(ii) custodial operations involving the safekeeping and administration of investment instruments

i. Branch Managers within the State (PCF-29),

ii. Head of Trading (PCF-30),

iii. Chief Investment Officer (PCF-31)

iv. Head of Investment (PCF-32).

5. In respect of

(

a

) an entity authorised or required to be authorised under

section 10

of the

Investment Intermediaries Act 1995

which carries out

(i) the administration of collective investment schemes, including the performance of valuation services or fund accounting services or acting as a transfer agent or a registration agent for such schemes; or

(ii) custodial operations involving the safekeeping and administration of investment instruments; or

(

b

) Trustees within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 or the

Unit Trusts Act 1990

or Part XIII of the

Companies Act 1990

or Custodians within the meaning of the

Investment Limited Partnerships Act 1994

or the

Investment Funds, Companies and Miscellaneous Provisions Act 2005

i. Branch Managers within the State (PCF-33),

ii. Head of Transfer Agency (PCF-34),

iii. Head of Accounting (Valuations) (PCF-35),

iv. Head of Trustee Services (PCF-36),

v. Head of Custody Services (PCF-37).

6. In respect of

(

a

) a UCITS Self Managed Investment Company or Management Company within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011; or

(

b

) Management Company within the meaning of the

Unit Trusts Act 1990

or Part XIII of the

Companies Act 1990

or Investment Funds, Companies and Miscellaneous Provisions Act 2005; or

(

c

) General Partner within the meaning of the

Investment Limited Partnerships Act 1994

i. Head of Transfer Agency (PCF-38),

ii. Head of Accounting Valuations (PCF-39),

iii. Designated Person to whom a director of a UCITS self managed investment company or management company may delegate the performance of the management functions (PCF-40).

7. In respect of a Payment Institution authorised or required to be authorised under the European Communities (Payment Services) Regulations 2009 or an E-Money Institution within the meaning of the European Communities (Electronic Money) Regulations 2011

i. Branch Managers within the State (PCF-41).

Part 3

Pre-Approval Controlled Functions in relation to All Regulated Financial Service Providers established outside the State

8. A person who performs a function of the holder of an office or position shall be taken to be responsible for the performance of such function notwithstanding that the person in question is not the holder of such office or position.

9. (1) A person shall be taken to perform a function where the regulated financial service provider or a person or persons in the regulated service provider are, with respect to that function, accustomed to act in accordance with the directions or instruction of the person in question.

(2) Paragraph (1) shall not be taken to include a person in accordance with whose instruction a person is accustomed to act by reason only that such person does so on advice given by the person in question in a professional capacity.

10. Without prejudice to the generality of Regulations 4 to 9, references to a director shall include

(

a

) a shadow director within the meaning of

section 27

(1) of the

Companies Act 1990

; and

(

b

) an alternate or substitute director.

11. A person (the “temporary officer”) shall not be taken to be responsible for the performance of a pre-approval controlled function solely as a result of the temporary officer being responsible for the performance of such function on a temporary basis pending the regulated financial service provider appointing a person to perform such pre-approval controlled function, provided such temporary officer performs such function under an arrangement agreed in writing with the Bank in advance of the person in question assuming such responsibility as a temporary officer.

12. Where the Bank approves the appointment of a person to perform a pre-approval controlled function then, unless expressly stated otherwise in the approval in writing, the person shall be so approved to perform the function in or on behalf of the regulated financial service provider or regulated financial service providers named in the application for approval and not in or on behalf of any other regulated financial service provider.

13. These Regulations come into operation on 1 December 2011.

Signed for and on behalf of the

CENTRAL BANK OF IRELAND

on this the 1 day of September 2011

_________________

MATTHEW ELDERFIELD,

Deputy Governor.

Schedule 1

Controlled Functions

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

2

nd September

, 2011.

In exercise of the powers conferred on the Central Bank of Ireland (“the Bank”) by

section 20

(1) and

section 22

(2) of the

Central Bank Reform Act 2010

, the Bank hereby makes the following Regulations