In this act Article 7 of 9
Article 7 — Identity and proof of good repute, knowledge, skills, experience and of sufficient time commitment of the members of the management body
Financial servicesLevel 2RTSMiCAIn forceOfficial source
7(1)Copy link
1.An application for authorisation shall provide for each member of the management body all of the following personal individual details and proof of good repute, knowledge, skills, experience, and ability to commit sufficient time to perform their duties:
7(1)(b)
b)place and date of birth, address and contact details of the current place of residence, nationality or nationalities, and personal identification number or copy of an ID card or equivalent;
Copy link7(1)(c)
c)details of the position held or to be held, including whether the position is executive or non-executive, the start date or planned start date and, where applicable, the duration of the mandate, and a description of the key duties and responsibilities;
Copy link7(1)(d)
d)a curriculum vitae containing details of education and experience, including professional experience, academic qualifications, other relevant training, including the name and nature of all organisations for which the person has worked and the nature and duration of the functions performed, in particular highlighting any activities, within the scope of the position sought, relevant to financial services, crypto-assets, or other digital assets, DLT, information technology, cybersecurity, digital innovation or management experience;
Copy link7(1)(e)
e)personal history, including all the following, in respect of the nationality or nationalities held by the person, and of the person’s places of residence of the last 10 years if different from the country of nationality or nationalities:
Copy link7(1)(e)(i)
i)the absence of a criminal record in respect of convictions or the absence of penalties imposed under the applicable commercial law, insolvency law and financial services law, or in relation to anti-money laundering and counter-terrorist financing, to fraud or to professional liability through an official certificate or an equivalent document or, where such certificates do not exist, any reliable source of information concerning the absence of criminal convictions, investigations and proceedings;
Copy link7(1)(e)(ii)
ii)information about refusal of registration, authorisation, membership or licence to carry out a trade, business or profession, or the withdrawal, revocation or termination of registration, authorisation, membership or licence, or expulsion by a regulatory or government body or by a professional body or association;
Copy link7(1)(e)(iii)
iii)information about dismissal from employment or a position of trust, fiduciary relationship or similar situation, or the fact that the person was asked to resign from employment in such a position, excluding redundancies;
Copy link7(1)(e)(iv)
iv)information about whether another competent authority has assessed the reputation of the person concerned, including the identity of that authority, the date of the assessment and the evidence of the outcome of that assessment;
Copy link7(1)(e)(v)
v)information about whether an authority from another, non-financial, sector has assessed the individual, person concerned, including the identity of that authority, the date of the assessment and evidence of the outcome of that assessment;
Copy link7(1)(f)
f)a description of all financial and non-financial interests that could create potential material conflicts of interest affecting the perceived trustworthiness of the person concerned in the performance of the mandate as member of the management body of the applicant issuer, including:
Copy link7(1)(f)(i)
i)any financial interests, including crypto assets, other digital assets, loans, shareholdings, guarantees or security interests, whether granted or received, and non-financial interests or relationships, including close relations such as spouse, registered partner, cohabitant, child, parent or other relation with whom the person shares living accommodation, between the person or that person’s close relatives or any company that the person is closely connected with, and the applicant issuer, its parent undertaking or subsidiaries, including any members of the management body or any person holding a qualifying holding in the applicant issuer;
Copy link7(1)(f)(ii)
ii)whether or not the person conducts any business or has any commercial relationship, or has had such relationship over the past two years, with any of the persons listed in point (i), or is involved in any legal proceedings with any such persons;
Copy link7(1)(f)(iii)
iii)whether or not the person and those in close relation to them as specified in point (i) have any competing interests with the applicant issuer, its parent undertaking or its subsidiaries;
Copy link7(1)(f)(iv)
iv)any financial obligations to the applicant issuer, its parent or its subsidiaries;
Copy link7(1)(f)(v)
v)whether the person was a politically exposed person as defined in Article 3, point (9), of Directive (EU) 2015/849 over the past two years;
Copy link7(1)(f)(vi)
vi)where a material conflict of interest is identified, a statement of how that conflict will be mitigated or remedied, including a reference to the outline of the conflicts of interest policy;
Copy link7(1)(g)
g)information on the ability to commit sufficient time to perform their duties in the applicant issuer, including:
Copy link7(1)(g)(i)
i)the estimated minimum time, per year and per month, that the person concerned will devote to the performance of that person’s functions within the applicant issuer;
Copy link7(1)(g)(iii)
iii)a list of duties which relate to non-commercial activities or are set up for the sole purposes of managing the economic interests of the person concerned;
Copy link7(1)(g)(iv)
iv)a list of any additional responsibilities associated with the duties referred to in point (iii), including chairing a committee;
Copy linkFor the purposes of point (e)(i), official records, certificates and documents shall have been issued within three months prior to the submission of application for authorisation.
7(2)Copy link
2.The results of any suitability assessment of each member of the management body, performed by the applicant issuer, including the following information:
7(2)(c)
c)where the person concerned has been assessed as not having the experience required, and provided that the minimum experience required is met, details of the training plan imposed, including the content, provider and date by which the training plan has been or will be completed.\
Copy link7(3)Copy link
3.A statement regarding the applicant issuer’s overall assessment of the collective suitability of the management body documenting that collectively the management body possesses the appropriate knowledge, skills and experience to manage the applicant issuer, including relevant board minutes or suitability assessment report or documents.