On May 17, IRE GVT amended regulations on minimum competency.
IRE GVT issued the Central bank (supervision and enforcement) act 2013 (section 48) (minimum competency) (amendment) regulations 2022, amending 2017 regulations.
Purpose
The Central bank (supervision and enforcement) Act 2013 (section 48(1)) minimum competency regs 2017 (SI 391/2017) require regulated firms to ensure that a person subject to Minimum Competency Code, acting on their behalf, complies with the Code.
This instrument inserts reg 16A into the 2017 regulations, which places obligations on a regulated firm which relies on transitional arrangements set out in the Code.
Effectiveness
The 2022 regulations come into force on May 16, 2022.
Sep. 22, 2023 Amendments
On Sep. 22, 2023, IRE GVT published the Central bank (supervision and enforcement) act 2013 (section 48(1)) (minimum competency) (amendment) regulations 2023 (StIn 453/2023) which amends the 2017 regulations and come into operation Oct. 1, 2024.
Regulation 2 amended with a substituted definition of controlled function.
New regulation 16B on the obligations re transitional arrangements for credit servicing.
Obligation for the firm to inform the person availing of transitional arrangements, within 3 weeks of reg 16B coming into effect, to obtain a qualification by Oct. 1, 2028.
Also, agree a plan to obtaining the recognized qualification as well as monitor compliance with the conditions applicable to those transitional arrangements.
Where an opportunity to sit an examination is not availed by a person availing of the transitional arrangements, ensure that the reasons are documented in writing.
