Any Person who has been approved by the Central Bank to hold a Designated Function on the effective date of this Regulation and the accompanying Standards, is deemed Authorised by the Central Bank to hold the Designated Function, until a reassessment is required, based on the requirements herein.
14.2
In line with the requirements set in this Regulation and accompanying Standards, within nine (9) months of the effective date of this Regulation and the accompanying Standards, Licensees must complete the Fit and Proper Process for any Person who holds a Designated Function and has not been Authorised by the Central Bank; and for any Material Risk Taker, where an assessment has not been conducted within the three (3) years prior to the effective date of this Regulation and the accompanying Standards.
14.3
The Licensee must submit to the Central Bank a report of the exercise conducted in Article (14.2), including the records of assessments conducted and details of any related actions.