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July 05, 2018

EBA and ESMA published the joint guidelines to assess the suitability of members of management bodies and key function holders. The guidelines have also been translated into other official languages in the EU. The guidelines are addressed to competent authorities who have been tasked with ensuring that credit institutions, mixed financial holding companies, investment firms, and financial holding companies comply with these guidelines.

The guidelines specify the requirements regarding the suitability of members of the management body of credit institutions, investment firms, financial holding companies, and mixed financial holding companies. The guidelines also specify requirements regarding the suitability of the heads of internal control functions and the chief financial officer of credit institutions and certain investment firms, where they are not part of the management body, and, where identified on a risk-based approach by those institutions, of other key function holders, as part of the governance arrangements referred to in Articles 74 and 88 of Directive 2013/36/EU and Articles 9(3), 9(6) and 16(2) of Directive 2014/65/EU, and on the related assessment processes, governance policies and practices, including the principle of independence applicable to certain members of the management body in its supervisory function.

 

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Keywords: Europe, EU, Banking, Securities, Governance, Internal Control, Suitability Assessment, EBA, ESMA

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