Regulatory Alerts2021-04-15
Added · Updated
Instruction (Historical) No. 7/2021
Instruction No. 7/2021 mandates that Significant Institutions supervised directly by the ECB submit authorization requests for the exercise of functions by members of administrative and supervisory bodies, holders of key control functions, and managers of branches in non-EU countries via the ECB's Information Management System for the SSM (IMAS) Portal. It partially amends Instructions No. 7/2016 and No. 23/2018 to align application procedures with the IMAS platform and updates the personal data information declaration to ensure full compliance with the GDPR. The instruction enters into force the day after publication, rendering the previous PAR service inapplicable for these specific submissions while allowing pending processes to continue under the old rules.
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