2.5.3. In-scope firms are required to have an approved Statement of Responsibilities in place for all individuals in PCF roles on implementation of the SEAR.

2.5.4. In relation to new PCF role holder appointments, an approved Statement of Responsibilities must be submitted to the Central Bank, along with the Individual Questionnaire (IQ), when approval for a PCF role is being sought.

2.5.5. Where an individual holds (or seeks to hold) more than one PCF role at an in-scope firm, only one Statement of Responsibility, addressing all of the individuals Prescribed Responsibilities and Other Responsibilities, is required. In the case of an individual who holds (or seeks to hold) PCF roles in more than one firm, including within a group, a Statement of Responsibilities is required in respect of each firm.

2.5.6. The Statements of Responsibilities must be:

(i) kept up-to-date, contain the date and version control and signed by the PCF role holder;

(ii) reviewed on a regular basis by firms;

(iii) approved on initial implementation and when it is updated; and

(iv) available to the Central Bank on request.