Main changes of September 2022
- Integration of Guidelines EBA/GL/2021/06 of 2 July 2021, the SSM Guide of December 2021, the Regulation of the NBB of 9 November 2021 on external functions and other recent circulars/communications of the NBB related to suitability assessment;
- Restructuring of the suitability assessment criteria into 5 categories: (i) expertise, (ii) professional integrity, (iii) independence of mind, (iv) time commitment and (v) collective suitability;
- Further elaboration of prudential expectations on independence of mind (definition of this concept and distinction from the term “independent director” as defined in the supervisory laws);
- Further elaboration of prudential expectations on time commitment (basic assumptions and factors to be considered in the quantitative and qualitative assessment);
- Further elaboration of prudential expectations on collective suitability (expertise on IT, environmental and climate risks, prevention of money laundering and terrorist financing, and diversity);
- Clarification of the relationship between suitability assessment and prevention of money laundering and terrorist financing;
- Clarification of organisational expectations related to suitability assessment (suitability policy, diversity policy, procedures and processes for the selection and succession planning of managers, and procedures for the induction and training of managers);
- Clarification of expectations related to ongoing suitability assessment (list of events requiring reassessment of the individual and collective suitability of persons subject to suitability assessment);
- Addition of a point on the individual accountability of directors; and
- Addition of a point on suitability assessment in the context of resolution.