Response to consultation on Joint ESMA EBA Guidelines on suitability of management body

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Question 1: Are there any conflicts between the responsibilities assigned by national company law to a specific function of the management body and the responsibilities assigned by the Guidelines to either the management or supervisory function?

See the annex.

Question 2: Are the subject matter, scope and definitions sufficiently clear?

See the annex.

Question 3: Is the scope of assessments of key function holders by CRD-institutions appropriate and sufficiently clear?

See the annex.

Question 4: Do you agree with this approach to the proportionality principle and consider that it will help in the practical implementation of the guidelines? Which aspects are not practical and the reasons why? Institutions are asked to provide quantitative and qualitative information about the size, internal organisation and the nature, scale and complexity of the activities of their institution to support their answers.

See the annex.

Question 5: Do you consider that a more proportionate application of the guidelines regarding any aspect of the guidelines could be introduced? When providing your answer please specify which aspects and the reasons why. In this respect, institutions are asked to provide quantitative and qualitative information about the size, internal organisation and the nature, scale and complexity of the activities of their institution to support their answers.

See the annex.

Question 6: Are the guidelines with respect to the calculation of the number of directorships appropriate and sufficiently clear?

See the annex.

Question 7: Are the guidelines within Title II regarding the notions of suitability appropriate and sufficiently clear?

See the annex.

Question 8: Are the guidelines within Title III regarding the Human and financial resources for training of members of the management body appropriate and sufficiently clear?

See the annex.

Question 9: Are the guidelines within Title IV regarding diversity appropriate and sufficiently clear?

See the annex.

Question 10: Are the guidelines within Title V regarding the suitability policy and governance arrangements appropriate and sufficiently clear?

See the annex.

Question 11: Are the guidelines within Title VI regarding the assessment of suitability by institutions appropriate and sufficiently clear?

See the annex.

Question 12: Are the guidelines with regard to the timing (ex-ante) of the competent authority’s assessment process appropriate and sufficiently clear?

See the annex.

Question 13: Which other costs or impediments and benefits would be caused by an ex-ante assessment by the competent authority?

See the annex.

Question 14: Which other costs or impediments and benefits would be caused by an ex-post assessment by the competent authority?

See the annex.

Question 15: Are the guidelines within Title VII regarding the suitability assessment by competent authorities appropriate and sufficiently clear?

See the annex.

Question 16: Is the template for a matrix to assess the collective competence of members of the management body appropriate and sufficiently clear?

See the annex.

Question 17: Are the descriptions of skills appropriate and sufficiently clear?

See the annex.

Question 18: Are the documentation requirements for initial appointments appropriate and sufficiently clear?

See the annex.

Question 19: What level of resource (financial and other) would be required to implement and comply with the Guidelines (IT costs, training costs, staff costs, etc., differentiated between one off and ongoing costs)? If possible please specify the respective costs/resources separately for the assessment of suitability and related policies and procedures, the implementation of a diversity policy and the guidelines regarding induction and training. When answering this question, please also provide information about the size, internal organisation and the nature, scale and complexity of the activities of your institution, where relevant.

See the annex.

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Name of organisation

EU Company and Financial Law Observatory – Department of Legal Studies – Bocconi University