Ireland: Central Bank consults on fit and proper regime

The Central Bank of Ireland has published a consultation paper regarding the "fit and proper" regime in Part 3 of the Central Bank Reform Act (2010): see here (pdf). The consultation concerns two aspects of the new regime: the designation of those positions in financial services firms the holders of which must meet the fit and proper criteria before taking up appointment; and the standards of fitness and probity which such individuals must meet.  The Central Bank proposes that directors should require prior approval under the new regime, as should the company secretary. The proposed standards require such individuals to be [a] competent and capable, [b] honest, ethical and to act with integrity, and [c] financially sound.