The Austrian Financial Market Authority (FMA) recently released a draft circular on fit & proper rules. As in previous versions of the circular, the new draft is largely based on guidelines by EBA and ESMA. The new edition includes reviews of the terms “propriety” and “independence” and also deals with the appointment of committee members. The circular also implements new rules on the collective suitability of members of a management body. The review process ended on 11.07.2018; it can be expected that the final circular will not differ materially from the draft.
21. August 2018