The European Central Bank (ECB) has published a consultation paper on draft guidance to on-site inspections and internal models investigations. The objective of the guidance is to provide a useful reference document for supervised entities and other legal entities for which the ECB has decided to launch an on-site inspection, as well as for the work of the on-site inspection team itself. The guidance describes the inspection process, from the decision to launch the inspection to the follow-up stage, and sets out the best practices to be followed by the entities being inspected and by inspection teams.

The guidance comprises the following three sections:

  • section 1: general work;
  • section 2: inspection process; and
  • section 3: applicable principles for inspections.

The deadline for comments on the consultation paper is 15 September 2018.

View ECB draft guide to on-site inspections and internal models investigations, 27 July 2017