Regulatory Alerts2016-12-13
Added · Updated
Guidelines for the Assessment of Members of the Management Body and Key Function Holders of Financial Market Participants Supervised by Lietuvos Bankas
The Board of Lietuvos Bankas approves guidelines establishing the procedure for assessing the suitability, reputation, qualification, and experience of members of the management body and key function holders of financial market participants supervised by the bank. Financial market participants must assess these individuals prior to appointment and conduct ongoing assessments, with credit institutions and insurance undertakings required to maintain a formal policy for this process. Lietuvos Bankas assesses candidates upon notification of elections, appointments, or replacements, requiring specific documentation such as questionnaires and related party tables to grant approval for candidacy.
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