Regulatory Alerts2020-08-05
Official Information of 5 August 2020
The Czech National Bank issued an official statement on 5 August 2020 to provide a binding interpretation of the legal concepts of 'reliability' and 'professional competence' for persons acting within supervised financial service providers. The document establishes specific criteria for assessing reliability, including disqualifying factors such as criminal convictions and insolvency, as well as grounds for serious doubts regarding a person's integrity. It further defines the minimum requirements for professional competence, emphasizing that assessments must consider the specific role, the complexity of the institution, and collective competence of the governing body.
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