(1) In these Regulations -

"Act of 2010" means the Central Bank Reform Act 2010;

"Act of 2013" means the Central Bank (Supervision and Enforcement) Act 2013;

"allocated responsibility" means a prescribed responsibility or other responsibility for which a PCF holder will have allocated responsibility within the meaning of Section 53B(1) (b) of the Act of 2010;

"Bank" means the Central Bank of Ireland; "Board" means the board of directors of the firm;

"client assets" means client funds and client financial instruments;

"firm" means a relevant credit institution, a relevant insurance undertaking or a relevant investment firm;

"governing body" means the Board, or other persons who are directing the business of the regulated financial service provider;

"inherent responsibility" shall be construed in accordance with Regulation 4(1);

"low impact investment firm" means an investment firm that is designated as Low Impact by the Bank under the Bank's Probability Risk Impact System, and has a written notification from the Bank confirming same;

"management responsibilities map" shall be construed in accordance with Regulation 6;

"MiFID Regulations" means the European Union (Markets in Financial Instruments) Regulations 2017 (MiFID II) [S.I. No. 375 of 2017];

"other responsibility" is a responsibility identified by the firm and that the firm is required to allocate to a PCF holder in accordance with Regulation 7;

"pre-approval controlled function" has the meaning given by Section 18 of the Act of 2010;

"PCF holder" has the same meaning as it has in Section 48(4) of the Act of 2013;