Regulatory Alerts2021-07-02
Added · Updated
Guidelines on the assessment of the suitability of members of the management body and key function holders
These Guidelines specify requirements for assessing the suitability of members of the management body, heads of internal control functions, the chief financial officer, and other key function holders, covering sufficient time commitment, honesty, integrity, independence of mind, collective knowledge, skills, experience, and diversity. Institutions must implement proportionate policies and processes to assess individual suitability when appointing new members, re-appointing members with changed requirements, or on an ongoing basis, while competent authorities must incorporate these supervisory practices into their frameworks. The Guidelines repeal the previous EBA guidelines from 2017 and apply from 31 December 2021, with competent authorities required to notify compliance status by 28 December 2021.
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