On 6 December 2023, the European Supervisory Authorities (ESAs) published a Consultation Paper on draft guidelines on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants by Member State competent authorities.

The ESAs have developed a system which consists of a cross-sectorial database (ESAs Information System). The ESAs Information System will hold limited information on persons who are subject to a fitness and propriety assessment under EU sectoral provisions. The aim of the ESAs Information System is to support Member State competent authorities identifying other Member State competent authorities that have conducted such an assessment process for a person of interest, thereby enhancing the efficiency of the fit and proper assessments.

The draft guidelines are addressed to Member State competent authorities and clarify the use of ESAs Information System by them and the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors, and key function holders in accordance with Article 1(2) of Regulation (EU) 1093/2010, Article 1(2) of Regulation (EU) 1094/2010 and Article 1(2) of Regulation (EU) 1095/2010.

The deadline for comments on the consultation paper is 15 January 2024.