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
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