Regulatory Alerts2016-07-15
Employee Categories and Verification Regulation (MiKaNa-V)
The Financial Market Authority of Austria issued the MiKaNa-V to define specific knowledge and skill requirements for credit institution employees involved in mortgage and property loan activities. The regulation categorizes staff into advisory, concluding, and collateral assessment roles, mandating distinct competency proofs based on the complexity of the loan products and collateral involved. Credit institutions are required to maintain up-to-date, demonstrable records of these qualifications to ensure regulatory compliance and facilitate effective monitoring.
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