7.2.18. As part of the Annual PCF Confirmation process firms and holding companies are required to:

(i) submit confirmation of the completion of the certification process for each PCF role holder to the Central Bank on an annual basis; and

(ii) confirm the completion of the certification process in respect of all other CF role holders on an annual basis.

7.2.19. While it is expected that the majority of firms/holding companies should be in a position to confirm the completion of the overall certification process annually, the Central Bank notes that there may be circumstances whereby firms/holding companies cannot confirm same (for example, where an individual in a CF role has yet to complete the CPD hours but is scheduled to do so within a reasonable timeframe). In such circumstances, firms/holding companies should assess the materiality of the situation, and where it is determined that it will not impact on the certification of the individual, firms/holding companies are required to record any such instance and the reason for same, as well as an appropriate timeframe within which it will be remedied, and to confirm that the overall certification process has otherwise been completed.