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ARTICLE · 19 AUGUST 2024

Governance Under CRD VI: Harmonized EU Requirements

Jones Day
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Before CRD VI, there was limited EU harmonization of the requirements for the appropriate qualifications of corporate managers. CRD V placed the primary responsibility on the financial institutions themselves...

United StatesCorporate/Commercial Law
Jean-Guillaume De Tocqueville
Jean-Guillaume De Tocqueville
Michael R. Fischer
Michael R. Fischer
Marco Frattini
Marco Frattini
Philippe Goutay
Philippe Goutay
Michèle Grégoire
Michèle Grégoire
Iván Martín-Barbón
Iván Martín-Barbón
Jan Philip Nagel
Jan Philip Nagel
Author LinkedIn connections

In Short

The Situation: Prior to the enactment of Capital Requirements Directive ("CRD") VI, corporate governance rules for the financial services industry were not harmonized across EU Member States.

The Result: EU institutions will now need to adjust to some new requirements for management and governance due to CRD VI, which mainly adopts fit and proper rules of the existing European Banking Authority ("EBA") guidance. This represents a change for many countries, especially those with previously less prescriptive rules.

Looking Ahead: With the additional guidelines, long-term strategic planning related to the hiring and training of management personnel is becoming even more important, especially once Member States have issued their implementing laws.

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