An Authorized Individual must not be considered fit and proper for any role other than the position that the Central Bank has authorised the Person to hold.
2.2
Where an Authorized Individual has undergone the Fit and Proper Process and been Authorised by the Central Bank to be appointed to a Designated Function, and is being considered to take on another or additional Designated Functions within a Licensee, where permitted, the Person must be reassessed and an application for Authorisation must be submitted to the Central Bank prior to the Person being assigned to any Designated Function, other than what has been authorised by the Central Bank.
2.3
In the event that a Designated Function becomes vacant unexpectedly or temporarily, with limited notice, a Licensee must immediately notify the Central Bank; and may submit an urgent request to the Central Bank to assign an Authorized Individual to the vacant function on an interim basis. The Central Bank, at its sole discretion and on a case by case basis, will determine the conditions and requirements for granting its Authorisation for an interim appointment, including timeframes and required assessments and reporting, where not specified in applicable Regulations.
2.4
The Central Bank will usually approve an interim appointment for a maximum period of six (6) months, following which an extension may be granted, if requested by the Licensee and supported by adequate justification.
2.5
Fitness and propriety and suitability, including Collective Suitability, must be monitored by Licensees on an ongoing basis, outside of the annual appraisal process, and particularly where material concerns emerge.
2.6
The Fit and Proper Process must consider the proportionality principle, in that, the competency and capability requirements for each function being assessed must be tailored to inter alia, the nature and scale of the activities, size, business model, complexity of the operations and risk profile of the Licensee. The proportionality principle must never be applied in the assessment of honesty, integrity and reputation or independence of mind.