Dáil Éireann Debate, Wednesday - 13 June 2012
63 Deputy John Lyons asked the Minister for Finance if he will give consideration to correspondence (details supplied) regarding fitness and probity standards as issued by the Central Bank of Ireland; and if he will make a statement on the matter. [28599/12]
Amharc ar fhreagraPart 3 of the Central Bank Reform Act 2010 created for the first time in Irish law a harmonised statutory system for the regulation by the Central Bank of Ireland of persons performing controlled functions or pre-approval controlled functions in regulated financial service providers. Section 21 of the Central Bank Reform Act 2010 provides that a regulated financial service provider shall not permit a person to perform a controlled function unless the regulated financial service provider is satisfied on reasonable grounds that the person complies with and abides by the fitness and probity standards.
The fitness and probity regime is currently being introduced on a phased basis by the Central Bank, following two extensive consultation processes with the industry. Under the 2010 Act, the fitness and probity regime, including the issue raised by the Deputy, is given effect via regulations and a statutory code made by the Central Bank. The scope of the fitness and probity regime is set out in the Central Bank Reform Act 2010 Regulations 2011, while the standards to be applied are set out in a Code issued by the Central Bank under section 50 of the Central Bank Act 2010.
