Regulatory Alerts2024-10-29 | NBB_2024_16Added · Updated
Fit & Proper – Prudential expectations arising from the Act of 22 April 2019 introducing a banker’s oath and disciplinary regime
Credit institutions must require candidates for senior management and independent control functions to provide a certificate of non-disqualification from the FSMA with new appointment submissions effective 15 January 2025. Institutions are expected to update their fit and proper policies by 31 March 2025 to incorporate the Act of 22 April 2019 and to report to the supervisory authority if senior managers are subject to FSMA investigations. The circular also establishes that the NBB or ECB will handle disciplinary files transmitted by the FSMA for fit and proper reassessments, including potential disqualification from the banking profession for up to five years.
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