The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have launched a second consultation related to the joint guidelines on the system for the exchange of information relevant to fit and proper assessments.

The consultation covers amendments extending the scope of the joint guidelines to legal persons, thus ensuring the complete coverage of data subjects. These guidelines aim to increase the efficiency of the information exchange between sectoral supervisors by harmonising practices and covering both natural and legal persons.

The draft joint guidelines have been developed in accordance with Article 31(a) of ESAs Founding Regulations, 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.

“ESAs invite comments only on the inclusion of legal persons in the scope of the guidelines and the information to be exchanged in relation to them. Other comments will not be taken into account as they are in the scope of the first consultation that is now closed,” the ESAs stated.

The consultation runs until 15 January 2024 and can be viewed here. All contributions received will be published following the end of the consultation, unless requested otherwise.

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