BaFin is revising certain documents in an effort to adopt the joint EBA and ESMA guidelines on the assessment of the suitability of members of the management body and key function holders (EBA/GL/2017/12) and the EBA guidelines on internal governance (EBA/GL/2017/11). To this end, BaFin is consulting on a revised “leaflet” related to requirements for the appointed managing directors, in accordance with the Banking Act (KWG), Payment Services Supervision Act (ZAG), and German Capital Investment Code (KAGB). In addition, BaFin is consulting on an information sheet on the requirements for the appointed members of administrative or supervisory bodies, in accordance with the KWG and KAGB. The comment period for consultation is open till July 01, 2020.
The "leaflet" in accordance with the KWG, ZAG and KAGB explains the professional and personal requirements for people who are appointed as managing directors in accordance with the respective supervisory laws. The information sheet in accordance with the KWG and KAGB explains the technical and personal requirements for the members of administrative and supervisory bodies that are appointed in accordance with the respective supervisory laws.
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Comment Due Date: July 01, 2020
Keywords: Europe, Germany, Banking, Securities, Governance, Banking Act, EBA, ESMA, BaFin
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