Fit and proper assessments are key supervisory tools in the EU but also in the Eurozone and its Banking Union. They aim to ensure that key function holders and senior management of a supervised institution are competent and accountable in the performance of their tasks.  Nearly a year following the release of its initial supervisory guidance, the European Central Bank (ECB), acting in its capacity as the lead in the Single Supervisory Mechanism (SSM), has now published its final supervisory "Guides", which read like rulebooks, on what these fit and proper assessments cover, how they are conducted and what is expected of supervised firms and individuals. This Background Briefing assesses these issues, their impact and key considerations in relation to these rules and the interplay with existing national regimes.  

To read this article in full, please click here.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries.

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.