Art. 31a · Information exchange on fitness and propriety

Version in force 1 January 2020, Inserted +561 −0§

Amended by Regulation (EU) 2019/2175 32019R2175 on EUR-Lex (external, EUR-Lex)

Applies from: not readable (an inserted provision states its own application date only in prose) why

Explanation, written by a model and checked against the cited text

A new Article 31a is added, requiring the Authority to work jointly with the European Banking Authority and the European Insurance and Occupational Pensions Authority to set up a system for exchanging information relevant to assessing the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial market participants.

The provision states this assessment is to be carried out by competent authorities in accordance with the legislative acts referred to in Article 1(2).

Cited: Art. 31a, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Article 31a
Information exchange on fitness and propriety
The Authority shall, together with the European Supervisory Authority (European Banking Authority) and with the European Supervisory Authority (European Insurance and Occupational Pensions Authority), establish a system for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial market participant by competent authorities in accordance with the legislative acts referred to in Article 1(2).