7.1 What requirements apply with regard to the
management structure of banks in your jurisdiction?
In Luxembourg, both shareholders and members of the management
body must be able to demonstrate that they possess sufficiently
good repute and that the members of the management body possess
sufficient knowledge, skills and experience to perform their
duties. These requirements are applicable both on licence
application and on a continuing basis. At least two individuals
must be responsible for the management of the credit institutions
and those individuals must typically reside in or near
Luxembourg.
The board of directors entrusts authorised management with the
daily running of the bank, which includes the implementation of all
guiding principles and internal governance arrangements approved by
the board. The board of directors is responsible for monitoring and
overseeing the effectiveness of authorised management. Each member
of authorised management is responsible
