Regulations and guidelines 15/2021 Assessment of the suitability of members of the management body and key function holders
On 20 December 2021, the Financial Supervisory Authority (FIN-FSA) issued Regulations and guidelines 15/2021 Assessment of the suitability of members of the management body and key function holders.
Contents
The regulations and guidelines of the FIN-FSA nationally implement the joint guidelines of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on the assessment of the suitability of members of the management body and key function holders. The guidelines have been issued pursuant to Article 16 of Regulations (EU) No 1093/2010 and (EU) No 1095/2010.
The guidelines apply to credit institutions and investment firms, central bodies of amalgamations of deposit banks, holding companies of credit institutions and investment firms, foreign credit institutions and investment firms authorised in a non-EEA country and having a branch in Finland as well as, where applicable, holding companies of financial and insurance conglomerates. With the new regulations and guidelines, the FIN-FSA’s standard 1.4 and reporting standard 1.4 are repealed in their entirety.
The FIN-FSA website provides guidance on how supervised entities can report changes with regard to among others members of the management body and key function holders of supervised entities referred to in the Credit Institutions Act and the Investment Services Act.
Validity
The regulations and guidelines are valid from 15 January 2022.
For further information, please contact
Guidelines on the assessment of the suitability of members of the management body and key function holders:
- credit institutions, Anne Hakkila, Legal Advisor, telephone +358 9 183 5512 or anne.hakkila(at)fiva.fi
- investment firms, Raija Railas, Legal Advisor, telephone +358 9 183 5235 or raija.railas(at)fiva.fi