Clifford Chance
EBA consults on governance guidelines
11 June 2012
The European Banking Authority (EBA) is developing guidelines setting out the criteria and processes that credit institutions and competent authorities should respect when assessing the suitability of members of the management body (in both its management and supervisory functions) and key function holders of a credit institution and including measures applicable to cases where such persons are not suitable for the position concerned.
Background
Article 16 of Regulation (EU) No 1093/2010 empowers EBA to issue guidelines and recommendations addressed to competent authorities or financial institutions with a view to establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS), and to ensuring the common, uniform and consistent application of the law of the European Union. On the basis of this delegated power, the EBA has just published a consultation paper on draft guidelines for assessing the suitability of members of the management body and key function holders of a credit institution (EBA/CP/2013/03).
