EIOPA has found that the supervision of AMSB members’ and qualifying shareholders’ propriety assessment has improved during the last two years even though the development of supervisory practices is still in progress in a number of countries.
The European Insurance and Occupational Pensions Authority (EIOPA) published today a follow-up report to the 2019 peer review
on the propriety assessment of administrative, management and
supervisory body (AMSB) members and qualifying shareholders across the
European Economic Area. The follow-up report assesses how national
competent authorities (NCAs) have implemented the actions recommended in
the original peer review.
EIOPA has found that the supervision of AMSB members’ and qualifying
shareholders’ propriety assessment has improved during the last two
years even though the development of supervisory practices is still in
progress in a number of countries.
Sixteen NCAs have fully implemented the actions recommended to them
by EIOPA while one NCA has fully implemented more than half of its
recommended actions. Another six NCAs have worked on implementing 50% of
the prescribed actions to them. Five national competent authorities
have implemented less than 50% of the recommended actions, out of which
one has not worked at all on the follow-up of the peer review.
The 2019 peer review
also identified best practices. Most of these have already been adopted
by NCAs, leading to a more coherent and consistent application of
supervisory guidance.
In accordance with the best practices laid out in the 2019 peer review, NCAs have since:
- developed regulatory frameworks ensuring the accountability of
individuals and allowing the authorities to take timely action in case
of supervisory breaches;
- worked on establishing supervisory assessment routines of AMSB
members taking records into account that are comprehensive in their
nature and scope;
- worked on legislation providing a framework that explicitly requires
NCAs within the same Member State to share information with each other;
- developed a database to ensure that (fitness and) propriety
information is readily available and recorded for future assessments or
for information sharing with other supervisory authorities; and
- commenced work on developing a well-structured framework allowing
for the appraisal or verification of the propriety of qualifying
shareholders on a continuous basis.
EIOPA invites NCAs that have not yet fully implemented the
recommended actions to consider the identified examples as inspiration
for the development of their national supervisory practices. EIOPA will
continue to closely monitor the implementation of recommended actions.
EIOPA will also consider how best practices can be included in EIOPA’s
supervisory handbook to foster further convergence in the application of
the principle of proportionality.
© EIOPA
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