Regulatory Alerts2023-03-18
Added · Updated
FMA Circular 03/2023 on the Assessment of Suitability of Executive Directors, Non-Executive Directors and Key Function Holders
The Austrian Financial Market Authority (FMA) issued this circular to provide guidance on assessing the suitability of executive directors, non-executive directors, and key function holders in credit institutions, financial holding companies, and investment firms. The document details specific requirements regarding personal reputation, honesty, independence of mind, professional knowledge, and sufficient time commitment, while also addressing collective suitability and the independence of supervisory board members. It further outlines the fit and proper test procedures for heads of internal control functions, including risk management, internal audit, and compliance, ensuring alignment with the Banking Act (BWG) and EBA Guidelines.