Recital 47

(47) Having the primary responsibility for assessing the suitability of each member of the management body, institutions, and financial holding companies and mixed financial holding companies should carry out the initial suitability assessment before a new member takes up the position, subject to certain exceptions, followed by a verification by the competent authorities. Those entities should ensure that information about the suitability of the members of the management body remains up-to-date. Those entities should communicate that information to the competent authority. As soon as any new facts or other circumstances that could affect the suitability of members of the management body become known, those entities should inform the competent authorities thereof without undue delay. Those entities should take the necessary measures if they conclude that a member or a prospective member of the management body does not fulfil the suitability requirements. The same requirements should also apply to key function holders.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.