Regulatory Alerts2020-08-05
Czech National Bank Official Information on Interpretation of Trustworthiness and Competence
The Czech National Bank issued this Official Information to define the terms trustworthiness and competence for assessing individuals associated with supervised financial services providers. The document establishes specific criteria for determining a lack of trustworthiness, such as criminal convictions or bankruptcy, and outlines serious doubts regarding professional integrity and compliance history. It mandates that financial institutions apply these standards to management bodies, key function holders, and employees involved in product distribution to ensure regulatory alignment.
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