QFA Regulation Practice Questions - QFA Regulation (LIA IOB, Ireland) Exam

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An individual is being appointed as the Head of Compliance (a Pre-Approval Controlled Function, or PCF) at an Irish retail intermediary. What must happen before this individual can formally take up the role?

The firm must submit an Individual Questionnaire (IQ) to the Central Bank, and the Central Bank must grant written approval. The firm can appoint the individual immediately but must notify the Central Bank within 14 business days. The individual must complete a 12-month probationary period before being submitted for approval. The individual must pass a written examination administered directly by the Central Bank of Ireland.

Correct Answer:

The firm must submit an Individual Questionnaire (IQ) to the Central Bank, and the Central Bank must grant written approval.

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