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Summary of Joint ESMA and EBA Guidelines Compliance Table

Overview

This document outlines the compliance status of various competent authorities across the European Union with the Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU (CRD IV) and Directive 2014/65/EU (MiFID II). The guidelines were issued on 26 September 2017 and became applicable on 30 June 2018.

Core Content

The guidelines aim to ensure that individuals holding positions in the management bodies or as key function holders (KFH) of financial institutions meet certain suitability criteria, including:

• Independence of directors and KFH
• Suitability assessment procedures
• Requirements for directorships and diversity
• Conflicts of interest management

Main Compliance Status

Key Points and Exceptions

• Non-compliance is generally due to legal incompatibility or lack of adequate legal basis for certain provisions.
• Partial compliance is often due to national laws that differ from the guidelines, either in scope or interpretation.
• Good practice is applied in cases where national laws do not align with the guidelines, such as in Belgium and Latvia.
• Formal independence and competent authority's suitability assessment of KFH are commonly excluded or not fully implemented.
• Compliance timelines vary, with many competent authorities aiming to comply by 30 June 2018 or end of 2018.
• Legislative proceedings are ongoing in several countries, including Czech Republic, Poland, and Spain, to align national laws with the guidelines.

Conclusion

The Joint ESMA and EBA Guidelines are being implemented by most competent authorities across the EU, either fully or partially. While some countries, such as Belgium, Latvia, and Germany, have partial or non-compliance due to legal or practical reasons, others, like Ireland, Cyprus, and Malta, have either fully complied or intend to comply by the application date. The process involves legal adaptations, regulatory updates, and supervisory adjustments to align with the guidelines.