Corporate governance

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Joint EBA and ESMA Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders

EBA and ESMA guidelines on notion of suitability

European Banking Authority and the European Securities and Markets Authority guidelines on suitability aim to remedy weaknesses that were identified during the financial crisis regarding the functioning of the management body and its members. The guidelines aim to further improve and harmonize the assessment of suitability within the EU financial sector, and to ensure sound governance arrangements in institutions.

Publisher: Regional Standard-Setting Bodies Release date: Jul 2021

Type: Guideline

Topics: Corporate governance

Sectors: Banking, Securities

Management and Supervision of ESG Risks for Credit Institutions and Investment Firms

EBA report on environmental, social and governance risks management and supervision

European Banking Authority report provides a comprehensive proposal of how environmental, social and governance (ESG) factors and risks should be included in the regulatory and supervisory framework for credit institutions and investment firms.

Publisher: Regional Standard-Setting Bodies Release date: Jun 2021

Type: Consultative, discussion and issues paper

Topics: Corporate governance, Risk management

Sectors: Banking, Securities

Guide to Fit and Proper Assessments

Proposed revisions by the ECB

European Central Bank proposed revisions to its Guide to Fit and Proper Assessments and a new Fit and Proper Questionnaire. The revisions explain in greater detail the policy stances, supervisory practices and processes applied by the ECB when assessing the suitability of members of the management bodies of significant credit institutions and to specify the ECB's main expectations.

Publisher: Regional Standard-Setting Bodies Release date: Jun 2021

Type: Consultative, discussion and issues paper

Topics: Corporate governance, Licensing

Sectors: Banking

Supervisory Guidance on Board of Directors' Effectiveness

FRB guidance to enhance the effectiveness of bank boards

US Federal Reserve Board guidance describes the key attributes of effective boards at large domestic bank holding companies and savings and loan holding companies to: i) set clear, aligned and consistent direction regarding the firm's strategy and risk appetite; ii) direct senior management regarding the board's information needs; iii) oversee and hold senior management accountable; iv) support the independence and stature of independent risk management and internal audit; and v) maintain a capable board composition and governance structure. The guidance also includes illustrative examples of effective board practices.

Publisher: National Regulators Release date: Mar 2021 Country: United States

Type: Supervisory Practice

Topics: Corporate governance

Sectors: Banking

Revisions to the Principles for the Sound Management of Operational Risk

BCBS paper highlighting evolution of operational risk management since 2003

Basel Committee on Banking Supervision revised sound practice articulates principles from emerging industry practices and supervisory experience. Covers five overarching themes: i) governance; ii) risk management; iii) information and communication technology; iv) business continuity planning; and v) disclosure.

Publisher: Global Standard-Setting Bodies Release date: Mar 2021

Type: Sound Practice

Peer: Principles for Operational Resilience

Topics: Operational risk, Corporate governance, Risk management

Sectors: Banking, Insurance

Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles

FRB expectations regarding independent firm-wide compliance risk management and oversight in large complex firms

US Federal Reserve Board guidance on firm-wide compliance functions. Firm-wide compliance functions manage compliance risk within and across business lines, support units, legal entities and jurisdictions of operation. Considered of particular importance for areas such as anti-money laundering, privacy, affiliate transactions and conflicts of interest. Firm-wide compliance risk management should be based on a formalized compliance program that is documented in policies, procedures and compliance risk management standards. Sets out expectations for the independence of the corporate compliance function, for compliance monitoring and testing, and corporate governance arrangements.

Publisher: National Regulators Release date: Feb 2021 Country: United States

Type: Guideline

Parent: Compliance and the Compliance Function in Banks

Topics: Compliance function, Corporate governance, Systemically important financial institutions (SIFIs)

Sectors: Banking

PRA's Senior Managers Regime

Management responsibility map for senior staff of the PRA

UK Prudential Regulation Authority publication sets out how it applies its Senior Managers Regime applicable to regulated firms to the PRA itself. The Responsibilities Map describes the PRA's management and governance arrangements and shows how responsibilities have been allocated.

Publisher: National Regulators Release date: Feb 2021 Country: United Kingdom

Type: Standard

Peer: FCA's Senior Managers Regime , Strengthening Accountability in Banking

Topics: Supervisory framework, Corporate governance

Sectors: Banking, Insurance

Strengthening Individual Accountability in Banking

PRA sets out how firms and individuals should comply with its Senior Managers Regime

UK Prudential Regulation Authority supervisory statement sets out the PRA's expectations of how firms should comply with the regulatory framework of: i) the Senior Managers Regime (SMR); ii) the Certification Regime; iii) assessment of fitness and propriety; and iv) Conduct Rules.

Publisher: National Regulators Release date: Dec 2020 Country: United Kingdom

Type: Supervisory Practice

Topics: Supervisory framework, Corporate governance

Sectors: Banking, Securities

Pandemics and Financial Stability

Part 5 of TC webcast series

Toronto Centre webinar provides insights into what financial supervisors should be doing in a COVID-19 world, including activating their business continuity plans, setting new priorities, assessing risks, and monitoring corporate governance in supervised firms.

Publisher: Toronto Centre Release date: May 2020

Type: TC Videos

Topics: Crisis management and contingency planning, Consumer education and protection, Corporate governance, Operational risk, COVID-19

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Supervising Corporate Governance During Crises

TC Note considers implications of COVID-19 outbreak on corporate governance of supervised firms

Toronto Centre Note sets out the main issues that boards and senior management of supervised firms need to address as a result of the COVID-19 outbreak. The broad conclusion is that sound corporate governance is more essential than ever.

Publisher: Toronto Centre Release date: Apr 2020

Type: TC Notes

Topics: Crisis management and contingency planning, Corporate governance, COVID-19

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

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Resources

382 records

Joint EBA and ESMA Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders

Management and Supervision of ESG Risks for Credit Institutions and Investment Firms

Guide to Fit and Proper Assessments

Supervisory Guidance on Board of Directors' Effectiveness

Revisions to the Principles for the Sound Management of Operational Risk

Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles

PRA's Senior Managers Regime

Strengthening Individual Accountability in Banking

Pandemics and Financial Stability

Supervising Corporate Governance During Crises

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