Regulatory Alerts2013-02-20
Guidance Notice for Assessing Professional Qualifications and Reliability of Managers in Accordance with VAG, KWG, ZAG and InvG
The Federal Financial Supervisory Authority (BaFin) issued this guidance notice to standardize the assessment of professional qualifications and reliability for managers across insurance, banking, payment services, and investment sectors. It outlines substantive criteria including management experience, conflict-of-interest considerations, and availability, while mandating specific procedural submissions such as curriculum vitae, reliability declarations, criminal record checks, and business register excerpts. Effective April 2013, the notice supersedes prior circulars and establishes clear notification requirements for managerial appointments, reappointments, and resignations to ensure prudent corporate governance.
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