Regulatory Alerts2023-07-26
C2-2023 Matters related to the fitness and propriety assessment
The Prudential Authority issued Circular 2/2023 to clarify the application of fitness and propriety requirements for directors and executive officers under the Banks Act. The circular mandates that all employees in charge of risk management functions must submit Form BA 020, extending obligations beyond the Chief Risk Officer to include those managing specific material risks. Institutions are required to submit retrospective forms for non-compliant incumbents and acting appointees within specified deadlines, while also ensuring timely notifications for role changes or material updates to declared information.
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