EBA publishes its final Guidelines on internal governance
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The European Banking Authority (EBA) published today its revised Guidelines on internal governance. The update takes into account the ... Skiptomaincontent Home» News&press» EBApublishesitsfinalGuidelinesoninternalgovernance Followuson: EBApublishesitsfinalGuidelinesoninternalgovernance 02July2021 TheEuropeanBankingAuthority(EBA)publishedtodayitsrevisedGuidelinesoninternalgovernance.TheupdatetakesintoaccounttheamendmentsintroducedbythefifthCapitalRequirementsDirective(CRDV)andtheInvestmentFirmsDirective(IFD)inrelationtocreditinstitutions’soundandeffectivegovernancearrangements,inparticularwithregardtogenderdiversity,moneylaundering,financingterroristriskandthemanagementofconflictsofinterest,includinginthecontextofloansandothertransactionswithmembersofthemanagementbodyandtheirrelatedparties.ThefinalrevisedGuidelineswillapplyfrom31December2021. Combatingmoneylaunderingandterroristfinancingiscrucialformaintainingstabilityandintegrityinthefinancialsystem.Therefore,uncoveringanyinvolvementofcreditinstitutionsandinvestmentfirmsinmoneylaunderingandterroristfinancingcanhaveanimpactontheviabilityandtrustinthefinancialsystem.Inthiscontext,theseGuidelinesclarifythatidentifying,managingandmitigatingmoneylaunderingandfinancingofterrorismriskispartofsoundinternalgovernancearrangementsandcreditinstitutions’riskmanagementframework. TherevisedGuidelinesfurtherspecifyandreinforcetheframeworkregardingloanstomembersofthemanagementbodyandtheirrelatedparties.Thoseloansmayconstituteaspecificsourceofactualorpotentialconflictofinterestand,therefore,specificprovisionshavebeenexplicitlyincludedintheDirectiveCRD.Inthesameway,othertransactionswithmembersofthemanagementbodyandtheirrelatedpartieshavethepotentialtocreateconflictsofinterestand,therefore,theEBAisprovidingguidanceonhowtoproperlymanagethem. Finally,inlinewiththerequirementtohaveagender-neutralremunerationpolicy,therevisedGuidelinesprovidenewguidanceonthecodeofconducttoensurethatcreditinstitutionstakeallnecessarymeasurestoavoidanyformofdiscriminationandguaranteeequalopportunitiestostaffofallgenders.Inaddition,institutionsshouldmonitorthegenderpay-gap. Legalbasisandnextsteps TheseGuidelineshavebeendevelopedonthebasisofArticle74ofDirective2013/36/EU,whichmandatestheEBAtofurtherharmonisecreditinstitutions’governancearrangements,processesandmechanismsacrosstheEU. TheEBAGuidelineswillapplytoCompetentAuthoritiesacrosstheEU,aswellastocreditinstitutionsonanindividualandconsolidatedbasis.OncetherevisedGuidelineswillenterintoforceon31.12.2021,the2017Guidelineswillberepealed. Documents FinalreportonGuidelinesoninternalgovernanceunderCRD Links Guidelinesoninternalgovernance(secondrevision) EBApublishesitsfinalrevisedGuidelinesonsoundremunerationpolicies EBAandESMApublishfinalguidanceonfitandproperrequirements Internalgovernance Presscontacts FrancaRosaCongiu [email protected]|+33186527052|Follow@EBA_News
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