The EBA, the EIOPA and ESMA have published a consultation paper on the draft joint guidelines on the system established by the European Supervisory Authorities 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 competent authorities.
The purpose of the guidelines is to ensure efficiency and harmonisation of processes when competent authorities exchange information, including the manner in which data should be inputted on ESA's information system, how fit and proper assessments of persons of interest can be found and the manner in which competent authorities should cooperate in exchanging information in relation to relevant assessments which have been made.
The deadline for the submission of comments to the consultation paper is 2nd May 2023.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
