Regulatory Alerts2023-12-01 | Circular 9/2023 (VA)Added · Updated
VAG Circular on Members of Senior Management (Circular 9/2023 (VA))
Undertakings supervised by BaFin under the VAG must notify the authority of the intent to appoint members of senior management within two weeks of forming that intent. The notification requires a curriculum vitae, a personal statement on fit and proper requirements, and applications for certificates of good conduct and extracts from the Central Trade and Industry Register. Documents must be no more than three months old, submitted in German unless exempted, and must cover statutory mandates, multiple mandates, deputy members, and authorized agents of third-country or EEA branches. Reappointments at the same undertaking are exempt from notification, but any changes in professional qualifications or repute must be communicated immediately.
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