Guidance In Situ Pre-Approval Controlled Functions (PCFs): Confirmation of Due Diligence undertaken

Transcription

1 2012 Guidance In Situ Pre-Approval Controlled Functions (PCFs): Confirmation of Due Diligence undertaken

2 Table of Contents Contents Table of Contents... 2 Section 1: Introduction... 3 Purpose of this Guidance... 3 Information to be Provided... 3 Submission Methods... 4 Section 2: Declaration and PCF Information File... 6 PCF Information File Template... 6 Completing the Template... 6 Submitting the Template... 8 Section 3: Online Reporting Submission... 9 About the Online Reporting System... 9 Completing the Submission... 9 Section 4: Website Submission Method About the Website Submission Method Completing the Submission Queries Appendix 1: Declaration Form template Appendix 2: PCF Information File Appendix 3: PCF Roles Page 2

3 Section 1: Introduction Purpose of this Guidance The new Fitness and Probity regime requires all Regulated Entities to confirm to the Central Bank of Ireland ( the Central Bank ) by 31 st March 2012 that they have undertaken due diligence in relation to all Pre-Approval Controlled Functions (PCF s) who were in-situ as at the 1 st December The Guidance sets out how a Regulated Entity may submit their confirmation that the required due diligence has been undertaken. The following documents in relation to Fitness and Probity can be found on our website ( and should be reviewed prior to completing the return. Fitness and Probity Regulations Fitness and Probity Standards Fitness and Probity Guidance specifically section 3.5 Minimum Competency Code 2011 Information to be Provided Regulated Entities are required to complete and submit a scanned Declaration Form and an Excel list of the PCF roles held:- Declaration Form This form provides confirmation that the Regulated Entity has completed the necessary due diligence in respect of persons performing PCFs and that the Regulated Entity is satisfied on reasonable grounds that these persons are compliant with the Fitness and Probity Standards (issued under section 50 of the Central Bank Reform Act 2010). Additionally, the Regulated Entity must confirm that each person listed as holding a PCF role has provided the Regulated Entity with written agreement to abide by the Fitness and Probity Standards. The form must be downloaded from the Central Bank website, and signed by the CEO (PCF8), partner (PCF9) or sole trader (PCF10) (or equivalent, as the case may be) of the Regulated Entity. The Declaration Form must be then scanned and submitted to the Central Bank via one of the available submission methods. Page 3

4 PCF Information File This file provides information relating to each PCF role for which the necessary due diligence has been carried out. For each holder of a PCF, the following information must be provided in the PCF Information File: o PCF Held o Title o Forename o Surname o Date of Birth o Residential Address o Town or City o Country o Address The PCF Information File is a preformatted MS Excel form that must be downloaded from the Central Bank website, completed and submitted via one of the available submission methods. For instructions on completing the PCF Information File, please see Section 2. Submission Methods In order for Regulated Entities to submit the necessary documentation, two methods for submission are available: Online Reporting (ONR) System Where the Regulated Entity has an account for the Online Reporting System, an In-Situ PCF Due Diligence return will be available. Here, an account holder will have the facility to upload the scanned Declaration Form and the PCF Information file. For detailed information on submitting via the Online Reporting System, please see Section 3. Central Bank Website (Non ONR) Where a Regulated Entity does not have an Online Reporting System account, a secure upload facility will be available through the Central Bank s website. Here, the member of the Regulated Entity carrying out the submission will have the facility to upload the scanned Declaration Form and the PCF Information File. The person completing the submission will be required to provide their details as part of completing the submission. Page 4

5 The following information will be required: o Forename (of person submitting the return) o Surname (of person submitting the return) o Central Bank Institution Code (for Regulated Entity submitting the return) o Institution Name (for Regulated Entity submitting the return) o Address (of person submitting the return) o Confirm Address (of person submitting the return) For detailed information on submitting via the Central Bank Website, please see Section 4. Where a Regulated Entity has an account granting them access to ONR, they should use this method rather than the Non-ONR method. Page 5

6 Section 2: Declaration and PCF Information File Declaration The form must be downloaded, completed, a relevant confirmation signature added, scanned and saved in tiff (.tif or.tiff), jpeg (.jpg or.jpeg) or PDF (.pdf) format. The user must browse to the saved scan of the Declaration Form and select the file for upload. The file must be in tiff, jpeg or PDF format. If the selected file is not in this format, the file will not be accepted upon submission and the user will be prompted to take corrective action. A copy of the template letter is included in Appendix 1. PCF Information File Template Regulated Entities must submit a file (PCF Information File) containing information relating to each holder of a PCF, where due diligence is being confirmed. A template has been created for Regulated Entities to enter the PCF information. The template is in Microsoft Excel format and is available from the Central Bank s website to download. This template form must be used to submit the relevant information. A copy of the template file is included in Appendix 2. Both the Online Reporting System and the CBI Website upload mechanisms will not permit Regulated Entities to upload any file other than a completed and saved version of the PCF Information File. Completing the Template The PCF Information File must be downloaded from the Central Bank Website. The file is completed by the Regulated Entity as follows: PCF For each PCF role within the Regulated Entity for which the necessary due diligence has been carried out, the relevant PCF must be selected from the drop down menu. The PCF roles are taken from the Regulations and Standards of Fitness and Probity. The PCF roles are listed in Appendix 3 of this document. When a PCF has been selected for a row within the spread sheet, all other fields are mandatory with the exception of Residential Address Line 2 and 3. A * symbol will appear in Column A in rows that have not been fully completed. Page 6

7 Title For the PCF, the title of Doctor, Miss, Mr, Mrs, Ms must be selected from the drop down menu. Forename The forename of the person holding the PCF role must be provided in full. A maximum of 100 characters will be permitted. Surname The surname of the person holding the PCF role must be provided in full. A maximum of 100 characters will be permitted. Date of Birth The date of birth of the person holding the PCF role must be provided in the format of dd/mm/yyyy. Residential Address Line 1 The 1 st line of the primary residential address of the person holding the PCF role must be provided. A maximum of 100 characters will be permitted. Residential Address Line 2 The 2 nd line of the primary residential address of the person holding the PCF role can be provided if necessary. A maximum of 100 characters will be permitted. Residential Address Line 3 The 3 rd line of the primary residential address of the person holding the PCF role can be provided if necessary. A maximum of 100 characters will be permitted. Town or City The town or city of the primary residential address of the person holding the PCF role must be provided. A maximum of 100 characters will be permitted. Country The country of the primary residential address of the person holding the PCF role must be selected from the drop down menu. Address The address at which the person holding the PCF role may be contacted must be provided. A maximum of 100 characters will be permitted. Once the mandatory fields have been completed for each PCF role selected, the * symbol in Column A will disappear indicating that the row has been completed successfully. If a person holds two or more PCF roles, each PCF role must be selected on an individual row and the remaining personal information provided. Note: duplicate person information can be copied from one row and pasted into another, as illustrated in Figure 1. Page 7

8 Figure 1: Example of PCF Information file Residential Address Residential Address Residential Address PCF Title Forename Surname Date Of Birth (dd/mm/yyyy) Line 1 Line 2 Line 3 Town or City Country Address PCF05 - Chairman of the Risk Committee Mr. Joe Bloggs 01/01/ Sample Street Dublin Ireland joe.bloggs@sample.com PCF14 - Head of Risk Mr. Joe Bloggs 01/01/ Sample Street Dublin Ireland joe.bloggs@sample.com PCF08 - Chief Executive Mrs. Mary Bloggs 10/10/58 10 Sample Lane Sample Avenue Dundalk Ireland mary.bloggs@sample.com PCF13 - Head of Internal Audit Ms. Joan Person 07/06/43 4 Example Square Cork Road Limerick Ireland joan.person@sample.com Submitting the Template The PCF Information File must be saved and then uploaded via ONR or via the Central Bank of Ireland Website (Non- ONR). The file will not be accepted if the structure of the Microsoft Excel has been altered in any way. For example, additional worksheets may not be added or deleted, columns removed or added or the file protection removed. In addition, the file will not be accepted if all mandatory information for a selected PCF role has not been provided. Where a PCF role has been selected in a row, all mandatory fields must be completed on that row in order for a submission to be accepted. For further information on submitting via the Online Reporting System, see Section 3: Online Reporting Submission. For further information on submitting via the Central Bank of Ireland Website, see Section 4: Website Submission Method. Page 8

9 Section 3: Online Reporting Submission About the Online Reporting System The Online Reporting System is a web-based application through which Regulated Entities with account logins can submit the In Situ PCF Due Diligence information. Where the user within a Regulated Entity holds a System Administrator or Business Administrator account for the Online Reporting System, a new In-Situ PCF Due Diligence return will be available for them to select and complete the submission. Completing the Submission Once the user has logged in and selected the In-Situ PCF Due Diligence return, they will be presented with an online screen from which they can select Add File in order to upload the required documents. Figure 2 refers. Figure 2: Uploading PCF information File In Situ PCF Due Diligence Upload Page PCF Information File Declaration Form File Path File Path Browse Browse Upload Cancel Page 9

10 The user will be presented with an In Situ PCF Due Diligence Upload Page with two file upload options: PCF Information File Declaration Form Declaration Form Please refer to Section 2 on how to complete PCF information file. Information File Please refer to Section 2 on how to complete PCF information file. Upload Both files must be selected in order to upload the necessary documentation to successfully complete the submission. When the user clicks Upload, if all the conditions relating to file format and file completeness outlined previously are satisfied, then the submission will be accepted and the user will receive a message on screen confirming the successful submission. If the conditions are not satisfied, appropriate error messages will be displayed prompting the user to take corrective action in order to complete a successful submission. Page 10

11 Section 4: Website Submission Method About the Website Submission Method Where a Regulated Entity does not have an Online Reporting System account, they can use a secure upload function available on the Central Bank Website. A link to the In Situ PCF Due Diligence Upload Page will be available in the fitness and probity section of The person completing the submission on behalf of the Regulated Entity will be required to provide contact details for themselves and the submitting Regulated Entity. Additionally, they will be required to attach the PCF Information File and scanned copy of the Declaration Form for submission. Completing the Submission Once the user has followed the link on the Central Bank of Ireland homepage to the In Situ PCF Due Diligence Upload Page, they will be required to provide mandatory details as part of the submission. o o o o o o Forename (of person submitting the return) Surname (of person submitting the return) Central Bank Institution Code (for Regulated Entity submitting the return) Institution Name (for Regulated Entity submitting the return) Address (of person submitting the return) Confirm Address (of person submitting the return) Page 11

12 Figure 3: How to upload PCF information file CBI Website In Situ PCF Due Diligence Upload Page Forename Surname Enter Text Enter Text Institution Code Enter Text Institution Name Enter Text Address Enter Text Confirm Address Enter Text PCF Information File Declaration Form File Path File Path Browse Browse... Upload Cancel The user will be required to enter the following mandatory details: Forename The forename of the person completing the submission must be provided in full. A maximum of 100 characters will be permitted. Surname The surname of the person completing the submission must be provided in full. A maximum of 100 characters will be permitted. Institution Code The identification code (in the format of C#####) provided to the Regulated Entity upon authorisation. If necessary, this number can be confirmed by checking the Registers section of the Central Bank website: here Institution Name The full legal name of the Regulated Entity making the submission must be provided.. A maximum of 100 characters will be permitted. Page 12

13 Address The address of the person completing the submission must be provided in full. A maximum of 100 characters will be permitted. Confirm Address The person completing the submission must confirm the address that they have provided. The address must match the address provided. The user will be presented with two file upload options: PCF Information File Declaration Form PCF Information File Please refer to Section 2 on how to complete PCF information file. Declaration Form Please refer to Section 2 on how to complete the Declaration Form. Upload All mandatory details must be provided and both files must be selected in order to upload the necessary documentation to successfully complete the submission. When the user clicks Upload, if all mandatory details are provided and the conditions relating to file format and file completeness outlined previously are satisfied, then the submission will be accepted and the user will receive notice on screen confirming the successful submission. If mandatory details are missing and/or the conditions relating to file format and completeness are not satisfied, appropriate error messages will be displayed prompting the user to take corrective action in order to complete a successful submission. Queries All in-situ PCF Due Diligence confirmations will be managed by the Regulatory Transactions Division (RTD) within the Central Bank. The contact phone number for queries T Page 13

14 Appendix 1: Declaration Form template Due Diligence Confirmation I confirm that [insert name of regulated institution and Central Bank institutional code] has performed the necessary due diligence in respect of persons performing PCFs as set out in the attached list, and am satisfied on reasonable grounds that these persons are compliant with the Fitness and Probity Standards (issued under section 50 of the Central Bank Reform Act 2010). I also confirm that each person s written agreement to abide by the Fitness and Probity Standards has been obtained. Signed by: Full name: Role Held: Confirmation must be provided by the CEO (PCF8), partner (PCF9) or sole trader (PCF10) (or equivalent, as the case may be) Page 14

15 Appendix 2: PCF Information File Page 15

16 Appendix 3: PCF Roles PCF1 PCF2 PCF3 PCF4 PCF5 PCF6 PCF7 PCF8 PCF9 PCF10 PCF11 PCF12 PCF13 PCF14 PCF15 PCF16 PCF17 PCF18 PCF19 PCF20 PCF21 PCF22 PCF23 PCF24 PCF25 PCF26 PCF27 PCF28 PCF29 PCF30 PCF31 PCF32 PCF33 PCF34 PCF35 PCF36 All Sectors Executive director Non-executive director Chairman of the board Chairman of the audit committee Chairman of the risk committee Chairman of the remuneration committee Chairman of the nomination committee Chief executive In the case of a regulated financial service provider that is a partnership established in the State, each member of the partnership except limited partners within the meaning of section 3 of the Investment Limited Partnerships Act 1994 (Each member of a partnership) In the case of a regulated financial service provider that is a natural person, that person (Sole Trader) Head of Finance Head of Compliance Head of Internal Audit Head of Risk Head of Compliance with responsibility for Anti-Money Laundering and Counter Terrorist Financing Legislation (Head of Compliance with responsibility for AML/CFT) Branch Manager of branches in other EEA countries Head of Retail Sales Insurance Head of Underwriting Head of Investment Chief Actuary Banking Head of Treasury Head of Credit Head of Asset and Liability Management Stock Exchange Head of Traded Markets Head of International Primary Markets Head of Markets Supervision Head of Operations Investment firms Branch Managers within the State Head of Trading Chief Investment Officer Head of Investment Investment Intermediaries / Collective Investment Schemes Branch Managers within the State Head of Transfer Agency Head of Accounting (Valuations) Head of Trustee Services Head of Custody Services Page 16

17 PCF37 PCF38 PCF39 PCF40 PCF41 Self-Managed Investment Company / Management Company / Investment Limited Partnership Head of Transfer Agency Head of Accounting Valuations Designated Person to whom a director of a UCITS Self-Managed Investment Company or Non UCITS Self-Managed Investment Company or Management Company may delegate the performance of the management functions (Designated Person) Payment Institutions Branch Managers within the State Financial Service Providers established outside Ireland Manager of a branch in Ireland of a regulated financial service provider established in a country that is not an EEA country Page 17

18 T Page 18