Part 1 and Part 2 of this Code specifies certain minimum competency standards with which persons falling within the scope of this Code must comply when performing controlled functions. Part 3 of this Code sets out details on the recognition of qualifications in respect of retail financial products for the purposes of the Code. The Minimum Competency Regulations [Central Bank (Supervision and Enforcement Act 2013 (Section 48(1)) (Minimum Competency) Regulations 2017] are associated with this Code and impose certain obligations on regulated firms under Section 48 of the Central Bank (Supervision and Enforcement) Act 2013 in connection with this Code. This Code and the Minimum Competency Regulations replace the existing Minimum Competency Code 2011 with effect from 3 January 2018.
Persons are expected to comply with the letter and spirit of this Code.
Any right acquired or obligation or liability incurred, in respect of a contravention of, or act of misconduct under, the previous Minimum
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