Reassessing bank board suitability when new relevant facts emerge
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Supervision Newsletter: how to reassess the suitability (fit and proper) of board members and key function holders when relevant new facts emerge.
Key points
- Banks must assess and notify new facts without delay (conduct, legal proceedings, conflicts of interest, changes of position or in the bank itself)
- Since 31 July 2026, notifications of material facts are made through the SSM Portal, unless a national channel is mandatory
- A reassessment does not imply a negative decision: it can be closed without a new decision, with conditions or, in serious cases, with a finding of lack of suitability
Who is affected
Supervised banks and their board members
Deadlines
Notification via the SSM Portal since 31 July 2026
Plain-language version
The ECB, the euro area's central bank and supervisor of the big banks, explains what happens when new facts emerge about a bank board member, such as a court case or a conflict of interest. The bank must report it quickly, through an online portal since 31 July 2026, and the ECB can check again whether that person is still fit for the job. Banks run by the right people keep your money safer.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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