2013 pcf resignation process guidance/instructions · page 3 purpose of this guidance regulated...

PCF Resignation Process

Guidance/Instructions

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Table of Contents

Table of Contents ................................................................................................................................ 2

Purpose of this Guidance .................................................................................................................... 3

Points on using the System ................................................................................................................. 3

1. Logging into the ONR System.......................................................................................................... 4

2. Navigate to the PCF Information Page ............................................................................................ 5

3. Enter Resignation Details ................................................................................................................ 7

3.1 Credit Institutions and Insurance/Reinsurance Undertakings ...................................................... 8

3.2 UCITS Management Companies and Self-Managed Investment Companies ............................... 8

3.3 All other funds ............................................................................................................................... 9

3.4 Credit Unions ................................................................................................................................ 9

3.5 All other regulated entities ........................................................................................................... 9

4. Uploading Documentation ............................................................................................................ 10

5. Submit Resignation Details ........................................................................................................... 12

Appendix 1 - System Security and Confidentiality ............................................................................ 14

Purpose of this Guidance

Regulated Financial Service Providers (RFSPs) are required to notify the Central Bank without delay

of the resignation of an individual who held a PCF.

This document provides instructions and guidance for RFSPs on how to notify the Central Bank of

Ireland of the resignation of an individual that is approved to hold a Pre-Approval Controlled

Function (PCF). Resignation notifications are submitted through the Central Bank of Ireland’s Online

Reporting System (ONR).

For further assistance on the PCF resignation process, please also refer to the ‘how-to’ guide

available within the dedicated Fitness and Probity section on our website, www.centralbank.ie.

Points on using the System

Inactivity

For security reasons, you will be logged out of ONR if the system is left idle for more than 20 minutes

and any unsaved data will be lost.

Navigation

Use the ribbon menu across the top of the page to navigate through ONR.

Drop-down List Boxes

Some fields require you to select an entry from a drop-down list box. If a suitable entry is not

available, please choose the entry ‘Other’.

Date Fields

Whenever a date field is being input, the required format of the field is set out in the question itself.

For example, the date 30th July 2013 should be input as

30/07/2013 where format is DD/MM/YYYY

07/2013 where format states MM/YYYY;

2013 where format is YYYY;

http://www.centralbank.ie/

Uploading Documentation

All documentation must be submitted in one of the following formats:

MS EXCEL .xls, .xlsx

MS WORD .doc, .docx

TIF .tif, .tiff

JPEG .jpg, .jpeg

PDF .pdf

Please note the system supports up to a maximum size of 8MB per file uploaded.

1. Logging into the ONR System

1. Open a web browser and enter the address www.centralbank.ie.

2. Click the Online Reporting System link on the bottom left of the page.

http://www.centralbank.ie/

3. The Login to Online Reporting page appears. Enter your login credentials and click Login.

2. Navigate to the PCF Information Page

1. After logging into ONR select View/Edit Data.

2. Select the PCF Information link.

And select View Roles

3. The PCF Information page lists all PCF holders for your regulated entity. This includes PCFs who

have been approved by the Central Bank of Ireland but who have not yet taken up the role. The

status of such PCFs will be ‘Approved Awaiting Effective Start Date’ or ‘Approved Pending

Election’ for CUPCF-1 Chair of the Board of Directors (for credit unions only).

4. For all PCFs listed with a status of ‘Approved’, there is the option to Resign from the position.

5. Select the Resign option for the PCF holder who has resigned.

Note: You will not see the ‘Resign’ option for a PCF holder who is in a status of ‘Approved Awaiting

Effective Start Date’ or ‘Approved Pending Election’. You must first enter that PCF holder’s

effective start date or election date, before you can resign the PCF.

You will also be unable to select ‘Resign’ if there are no contact details listed for this individual

under ‘Person Details’.

Guidance on how to complete these tasks is available, for further details please refer to ‘PCF

Information Guidance (with Instructions) on the Central Bank’s website, www.centralbank.ie.

3. Enter Resignation Details

You will see a screen similar to the screenshot below depending on your industry sector. All

mandatory sections must be completed before a submission can be finalised.

The ‘Resignation Details’ section is mandatory for all resignations. Select Resignation Details, and

then Edit Data. The fields below will be present and available to edit:

Enter the effective resignation date (this cannot be prior to the individual’s effective start

date/election date, and must be earlier than today’s date)

Please select the resignation reason from the drop down list of options - selected from a

drop-down menu with the following options:

Terms of Appointment Expired

Career Change

Corporate Responsibility

Deceased

Maximum term limit reached

Other

Performance Issues

Personal Reasons

Retirement

Please provide additional details if required - this field is mandatory where the reason for

resignation is ‘Performance Issues’ or ‘Other’, or where there are outstanding issues

between the PCF holder and company or board.

Are there any outstanding issues between the PCF holder and the Company or Board? -

this is a mandatory question asking if there are any outstanding issues between the resignee

and the regulated entity or its board of directors. Yes and No options are provided.

There are additional requirements for specific industry sectors, these are outlined below.

3.1 Credit Institutions and Insurance/Reinsurance Undertakings

Documentation to be uploaded

A mandatory upload of a letter of confirmation signed by an appropriate PCF holder in the

proposing entity, confirming that at the time of resignation there were no outstanding issues

between the resignee and the regulated entity or its board of directors.

An optional upload for the resignee’s letter of resignation.

3.2 UCITS Management Companies and Self-Managed Investment Companies


A mandatory upload of the resignee’s letter of resignation confirming that the resignation is

not connected to any issues with the management company/fund or its board of directors.

A mandatory upload of the marked up Business Plan.

A mandatory upload of the revised Statement of Responsibility.

3.3 All other funds


A mandatory upload of the resignee’s letter of resignation confirming that the resignation is

not connected to any issues with the management company/fund or its board of directors.

3.4 Credit Unions


A mandatory upload of a letter of confirmation signed by the CUPCF-1, CUPCF-2 or Chair of

the Nomination Committee, confirming that at the time of resignation there were no

outstanding issues between the resignee and the credit union or its board of directors.


3.5 All other regulated entities


A mandatory upload of a letter of confirmation signed by an appropriate PCF holder in the

proposing entity, confirming that at the time of resignation there were no outstanding issues

between the resignee and the regulated entity or its board of directors.


4. Uploading Documentation

To upload a file, select Upload.

Select Browse, locate the file on your computer and Select Open. Then select Upload.

When your file is uploaded Select Back.

The status of the uploaded file will have updated to Valid.

5. Submit Resignation Details

Note: You will not be able to submit the resignation notification until all mandatory questions

have been answered and all mandatory documents have been uploaded.

1. Select the option to Submit. This will bring you to the Sign-Off Return screen.

2. The Sign-Off Return screen contains a mandatory declaration which must be ticked to confirm

that the resignee has been made aware of the possibility for them to contact the Central Bank of

Ireland concerning the reasons for their departure.

The Sign-Off page will look similar to the one below, but will be specific to the sector from which

the PCF holder is resigning.

3. For credit institutions and insurance/reinsurance undertakings there is an additional mandatory

declaration which must be ticked to confirm that the regulated entity has taken the necessary

steps arising from the resignation of the PCF holder to ensure that compliance with the relevant

Corporate Governance Code(s) is maintained.

4. If you select Cancel you will be returned to the previous page where you can amend any of the

details previously entered.

5. If you select Sign-off Return you will be brought to a new confirmation screen confirming the

successful submission of the PCF resignation details. This screen also contains a unique

reference number for the submission.

6. You will also receive an email confirming the successful submission of the resignation details,

including the unique reference number for the submission.

7. The ONR status for the PCF holder will now display ‘Resignation in Process’.

8. You will no longer have the option to edit the PCF holder’s contact details or select the ‘Resign’

option for the PCF holder.

9. The resignation notification will be processed by the Central Bank of Ireland and you will receive

an email confirmation once this process has been completed.

Appendix 1 - System Security and Confidentiality

Restriction on Use

ONR is intended solely for use by financial institutions operating in the Republic of Ireland which are

regulated by, or otherwise obliged to report to, the Central Bank of Ireland.

Only those institutions which have been set up on the system by the Central Bank of Ireland are

permitted to use the system, and only employees of these institutions or responsible agents in good

standing are allowed to log in to the system to view or enter data.

Any unauthorised use of this system is strictly prohibited – it may only be used by the institutions

and individuals authorised to do so, and only for its intended purpose.

Account Passwords

The following should be noted in relation to account passwords:

It is the System Administrator’s responsibility to store their login name and password

securely.

Should a System Administrator require a password reset they should contact the

Regulatory Transactions Division by sending an email to

[email protected]

The Central Bank will not reset User account passwords – these should only be reset by

the firm’s Business/System Administrator.

Business Administrator’s passwords can be reset by the organisation’s System

Administrator.

Every individual who uses ONR is assigned a unique name and password. It is their

responsibility to keep these secure – passwords should never be disclosed to anyone

for any reason.

Therefore, every individual is ultimately responsible for his or her own use of the

system – and for any activities carried out on accounts for which they are responsible.

This specifically includes all data entry and modification.

System Administrators are responsible for their institution’s overall use of the system,

and in particular for the activities of the other Users that they create.

mailto:[email protected]

The System Administrator is ultimately responsible for managing all Business

Administrators and Users of the system – and for ensuring only valid personnel of the

firm have access. This specifically includes where a Business Administrator and/or

User leaves the firm or moves position, access to the system should be

deleted/disabled where appropriate.

The Central Bank is responsible for the overall security of the system, and for

maintaining the confidentiality of all data submitted by the firms using the system.

Legal Basis

Using ONR to submit data is intended to be a more efficient way of processing returns

than the existing methods (which include paper and email). In all cases, the legal basis

on which the data are submitted is the same, and the rights and responsibilities of

both the submitting institution and the Central Bank of Ireland are not affected.

In particular, the use of ONR by an authorised person to submit data is considered to

have the same legal standing as submitting the data with a paper or electronic

signature. Use of the system is deemed to constitute an acceptance of this policy.

T +353 1 224 5333 www.centralbank.ie [email protected]

Bosca P.O. 559, Sráid an Dáma, Baile Átha Cliath 2, Éire P.O. Box No 559, Dame Street, Dublin 2, Ireland

2013 pcf resignation process guidance/instructions · page 3 purpose of this guidance regulated...

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