Regulatory Alerts2016-08-25
Guidance Notice on Management Board Members under KWG, ZAG, and KAGB
The Federal Financial Supervisory Authority (BaFin) outlines the professional and personal suitability requirements for management board members across credit, payment, and capital investment institutions. Regulated entities must submit timely notifications for appointments, changes, or resignations, accompanied by mandatory documentation including curricula vitae, certificates of good conduct, and details on additional mandates and available time. The guidance harmonizes these national obligations with European directives, clarifies submission workflows for institutions under the Single Supervisory Mechanism, and establishes BaFin’s assessment criteria for maintaining or withdrawing operating licenses.
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