2.9.2. The Fitness & Probity (F&P) Regime was introduced by the Central Bank for all regulated firms under the Central Bank Reform Act 2010 (the 2010 Act).

2.9.3. The F&P Regime addresses the suitability of individuals to fulfil relevant roles. The SEAR is about their responsibilities while performing those roles.

2.9.4. The introduction of SEAR will not result in a substantive change to the F&P Regime. While they can be thought of as two aspects of one overall framework of sound governance, for reasons of clarity, familiarity and convenience, they can continue to be considered separately.

2.9.5. The operation of the F&P Regime, including the F&P gatekeeper function and the systems in place to support the F&P Regime, will remain substantially unchanged.

2.9.6. There are two key areas where the F&P Regime interacts with the SEAR as follows:

- Submission of the Individual Questionnaire (IQ) by firms seeking approval for an individual to perform a PCF role; and

- Application of the F&P Outsourcing Exemption.