Persons being proposed to hold or who hold certain specified positions in Licensees must be authorised by the Central Bank to hold those positions and must demonstrate that they are fit and proper. The list of positions subject to the Central Bank’s Authorisation regime varies according to the Licence/s held by the Licensee, but generally cover members of the Board and Senior Management, including the heads of Control Functions. The current, non-exhaustive list of positions subject to Central Bank Authorisation is presented in Attachment 1to the accompanying Standards.
2.2
Licensees must ensure that Authorized Individuals and Material Risk Takers meet fit and proper criteria established in this Regulation and the accompanying Standards and continue to do so for the duration of their tenure in a Designated Function or as a Material Risk Taker in a Licensee.
2.3
Authorised Individuals and Material Risk Takers must undergo the Fit and Proper Process. In the case of Authorized Individuals, Licensees must obtain Authorisation from the Central Bank prior to their appointment or reappointment to Designated Functions.
2.4
The Fit and Proper Process must take into account the role that the Person is expected to undertake within the Licensee. Therefore, a Person assessed as suitable for a particular position within a Licensee may not automatically and solely on that basis, be considered suitable for another position with different responsibilities, or for a similar role within a different Licensee.
2.5
Applicants must not participate in any decision-making or policy-making activities related to the proposed Designated Function prior to receiving the Authorisation of the Central Bank for their appointment.
2.6
There must be full and accurate disclosure by Authorized Individuals and Licensees when communicating information to the Central Bank in relation to the Fit and Proper Process