FMA CIRCULAR ON THE SUITABILITY TEST OF MANAGING DIRECTORS: PART 2

FMA CIRCULAR ON THE SUITABILITY TEST OF MANAGEMENT DIRECTORS: PART 2 October 1, 2023 Here is the second part of the blog post on the requirements for management and supervisory board members. In order to properly assume overall responsibility within the management board and the monitoring and control tasks within the supervisory board, it is essential that every member of the management board and the supervisory board of a supervised […]

FMA CIRCULAR ON THE SUITABILITY TEST: PART 1

aaa

FMA CIRCULAR ON THE SUITABILITY ASSESSMENT OF MANAGING DIRECTORS: PART 1 October 1, 2023 Circular on Suitability Assessment The Financial Market Authority (FMA) recently published a circular concerning the suitability assessment of managing directors, supervisory board members, and key function holders in credit institutions, financial holding companies, and investment firms. In this four-part blog post, we will discuss the contents of this circular in more detail. Subject: The FMA circular […]

REQUIRED MANAGEMENT EXPERIENCE FIT & PROPER

hofer law stuhl

REQUIRED MANAGEMENT EXPERIENCE October 1, 2023 What are Fit & Proper Tests? Assessing a potential business manager's managerial experience is a critical step in assessing their professional suitability. Several factors must be considered to ensure the individual has the necessary qualifications to lead a financial institution in a senior position. Here are some […]

FMA KNOWLEDGE CHECK

pc tisch

FMA VERIFICATION OF REQUIRED KNOWLEDGE, SKILLS, AND EXPERIENCE October 1, 2023 What are Fit & Proper Tests? Determining the professional qualifications and experience of a potential business manager is a multi-stage process aimed at ensuring that the necessary requirements are met. The FMA conducts this verification carefully by consulting various sources […]

SPECIAL REQUIREMENTS REGARDING THE PROFESSIONAL QUALIFICATION OF SUPERVISORY BOARD CHAIRMEN

SPECIAL REQUIREMENTS REGARDING THE PROFESSIONAL QUALIFICATION OF SUPERVISORY BOARD CHAIRMEN October 1, 2023 In the world of banking and financial services, the role of the chairperson of the supervisory board is crucial. They are not only responsible for overseeing the bank's business but also contribute significantly to its strategic direction and long-term success. Therefore, special requirements […]

Special requirements for supervisory board members

Special Requirements for Supervisory Board Members: Understanding, Monitoring, and Controlling October 1, 2023 Responsibility for All Members In the world of financial services and banking, supervisory board members bear enormous responsibility. They are responsible for understanding a credit institution's business activities, assessing the associated risks, and critically challenging management decisions. This responsibility applies […]