Regulatory Alerts2023-11-27
Assessment of Suitability Requirements
The Norwegian Financial Supervisory Authority issued Circular 3/2023 to define the practical application and understanding of suitability requirements for key personnel in supervised financial entities. The circular mandates that entities assess the competence, experience, and conduct of board members, management, and key function holders, ensuring they meet specific legal standards before notification. It outlines detailed procedures for reporting changes, submitting police certificates, and maintaining internal routines to guarantee ongoing compliance with sector-specific regulations.
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