Category Legal Affairs

Fitness and propriety re significant owner’s deadline 1 December 2021

21 November 2021 Partick Bracher, Norton Rose Fulbright
Partick Bracher, Norton Rose Fulbright

Partick Bracher, Norton Rose Fulbright

Anyone who is a significant owner of a financial institution is required by Joint Standard 1 of 2020 to have in place procedures for assessing and attesting to fitness and propriety by 1 December 2021. This must thereafter be done on an annual basis and on written request by either Authority.

The Joint Standard 1 of 2020 sets out the requirements for fitness and propriety and the matters to be considered when assessing those requirements.

There are separate requirements for natural persons who are significant owners and juristic persons regarding integrity and competence, and provisions regarding financial standing.

There are also obligations to report changes in relation to a significant owner.

First published by: Financial Institutions Legal Snapshot

Quick Polls


What is your one-liner for the 2024 National Budget speech?


Creepy failure to adjust income tax, medical tax credits
Overall happy, it should support economic growth
Overall unhappy, soaring public sector wages and broken SOEs suck..
There are too few taxpayers, too many grant recipients.
fanews magazine
FAnews February 2024 Get the latest issue of FAnews

This month's headlines

On the insurance industry’s radar in 2024
Insurers, risk managers unsure of AI’s judgement credentials
Is offshore the place to be in 2024?
Gap claims: erosion of medical benefits, soaring specialist fees
Investments and retirement… is conventional wisdom under threat?
Subscribe now