ESMA and EBA consult on guidelines on the assessment of the suitability of members of the management body and key function holders
Published: 01 November 2016
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have launched a consultation on Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function Holders under Directive 2013/36/EU (CRD IV) and Directive 2014/65/EU (MiFID II) (the Guidelines). Amongst other things, the draft Guidelines: (i) provide common criteria to assess the individual and collective knowledge, skills and experience of members of the management body as well as the good repute, honesty and integrity, and independence of mind of members of the management body; (ii) require members of the management body to commit sufficient time to perform their duties and specify how the number of directorships held by members of the management body should be counted, for significant institutions; and (iii) set out how different aspects of diversity, educational and professional background, age, gender and geographical provenance should be taken into account in the recruitment process. The consultation closes on 28 January 2017. If you have any questions in relation to this or would like to contribute to a response, please contact Jennifer Wood.