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ESAs consult on draft Guidelines on the system for the exchange of information relevant to fit and proper assessments


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The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements. These Guidelines aim to increase the efficiency of the information exchange between sectoral supervisors by harmonising practices and clarifying how competent authorities should use the information system developed by the three ESAs.

The joint Guidelines apply to competent authorities under the ESAs’ remit and are divided into two main parts:

  • The first one focuses on how competent authorities should input the data and use the ESAs’ information system, including on how to search for the fit and proper assessments of persons of interest that had already been made by other competent authorities.
  • Once a competent authority has identified that a relevant assessment has been made by another competent authority, the second part of the Guidelines clarifies how they should cooperate to exchange information.
Consultation process 

Comments to the Consultation Paper can be sent by clicking on the “send your comments” button on the EBA’s consultation page. The deadline for the submission of comments is 2 May 2023.

All contributions received will be published following the close of the consultation, unless requested otherwise.

Legal basis and next steps

The draft joint Guidelines have been developed in accordance with Article 31(a) of ESAs Founding Regulations[1], which mandates the ESAs to jointly establish a system 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 by competent authorities in accordance with the legislative acts referred to in Articles 1(2) of the ESAs Founding Regulations.

[1] Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing the European Banking Authority; Regulation (EU) No 1094/2010 establishing the European Insurance and Occupational Pensions Authority and Regulation (EU) No 1095/2010 establishing the European Securities and Markets Authority

See the content published by the European Securities and Markets Authority (ESMA) here: Source link

Regulator Information

Abbreviation: ESMA
Jurisdiction: ESMA

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