ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions

On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.

Since November 2014 the ECB is responsible [1] for making decisions on the appointment of all members of the management bodies of significant credit institutions [2] (the "supervised entities"). While the ECB guide to banking supervision published in 2014 only briefly addresses the suitability of members of management bodies of supervised entities, the recently published Fit and Proper Guide aims to provide a detailed description of policies, practices and processes applied by the ECB in assessing the suitability of board members and to improve transparency. read more…

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