The Act of 2010 is amended by the insertion of the following Part after Part 3:

"PART 3A DUTY OF RESPONSIBILITY AND CONDUCT STANDARDS

53A. Interpretation (Part 3A)

For the purposes of this Part -

'common conduct standards' shall be construed in accordance with section 53C(1);

'additional conduct standards' shall be construed in accordance with section 53C(2).

53B. Duty of responsibility

(1) For the purposes of this section -

(a) a person has inherent responsibility for an aspect of the affairs of a regulated financial service provider if -

(i) the person performs a pre-approval controlled function in relation to the regulated financial service provider, and

(ii) the aspect of its affairs is specified in relation to that function by regulations made under section 48(2)(ba) of the Central Bank (Supervision and Enforcement) Act 2013,

and

(b) a person has allocated responsibility for an aspect of the affairs of a regulated financial service provider if -

(i) the person performs a pre-approval controlled function in relation to the regulated financial service provider, and