Regulatory Alerts2012-12-03
Guidance Notice on Vetting Members of Administrative and Supervisory Bodies in accordance with the Banking Act and the Insurance Supervision Act
The Federal Financial Supervisory Authority (BaFin) issues this guidance to clarify the substantive expertise, reliability, and statutory position limits required for members of administrative and supervisory bodies in banking and insurance undertakings. Members must demonstrate sector-specific or general commercial expertise, maintain adequate availability and conflict-free reliability, and adhere to a maximum of five concurrent supervisory roles, with specific exemptions for group structures. The notice mandates timely appointment notifications accompanied by personally signed curricula vitae, completed reliability disclosure forms, and jurisdiction-specific criminal record checks or equivalent certifications.
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