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Part II Single Supervision and CRD IV, 7 Fit and Proper Assessments within the Single Supervisory Mechanism »

Danny Busch, Annick Teubner
From: European Banking Union (2nd Edition)
Edited By: Danny Busch, Guido Ferrarini
A fit and proper management body and fit and proper key function holders are key drivers of good governance. The banks are primarily responsible for ensuring this, while the assessment by the European Central Bank and national competent authorities have the aim to ensure that banks comply with the requirements regarding robust governance arrangements and the suitability requirements. Over the past years convergence of fit and proper assessments within the SSM has been achieved on the one hand through harmonization of the rules laid down in Capital Requirements Directive IV (CRD IV) and the European Banking Authority (EBA) guidelines on suitability, and on the other hand through consistent application of these rules. Nevertheless, there is still a wide variety of national practices regarding fit and proper assessments, due to the fact that there are limits to convergence in this area. With every step towards more harmonization and consistency, the existing national variations will become more obvious and underline the need for more harmonization.