The European Central Bank (ECB) has published a draft guide on fit and proper assessments. The purpose of the draft guide is to explain in greater detail the policies, practices and processes applied by the ECB when assessing the suitability of members of the management bodies of significant credit institutions that fall under direct ECB supervision.
The draft guidelines build on the draft guidelines on the assessment of the suitability of members of the management body and key function holders under the CRD IV and MiFID II that the European Securities and Markets Authority and European Banking Authority co-published for consultation on 28 October 2016.
The draft guide is designed to harmonise the implementation of assessment criteria applicable to fit and proper assessments. As such it is meant to be a practical tool that will be updated regularly to reflect new experience that is gained in practice. The draft guide is not, however, a legally binding document and is not a substitute for the relevant legal requirements stemming from either applicable EU law or Member State national law.
The deadline for comments on the draft guide is 20 January 2017.
View ECB launches consultation on guide to assessments of board members, 14 November 2016