ESAs launch second public consultation on joint Guidelines on the system for the exchange of information relevant to fit and proper assessments

The ESAs have initiated a second public consultation on joint guidelines concerning the exchange of information relevant to fit and proper assessments. This consultation focuses on extending the guidelines‘ scope to include legal persons, ensuring comprehensive coverage. The guidelines aim to enhance efficiency by harmonizing practices and addressing both natural and legal persons. The [consultation, open until 15 January 2024, invites comments specifically on the inclusion of legal persons](https://www.eba.europa.eu/form/webform-consultation-16476?source_entity_type=node&source_entity_id=16476).
The guidelines, developed under Article 31(a) of ESAs Founding Regulations, mandate the establishment of a system for exchanging information related to fitness and propriety assessments. The proposed system comprises a cross-sectorial database (ESAs Information System) and guidelines on its use. The system is designed to facilitate timely information exchange between competent authorities, supporting the assessment of fitness and propriety for individuals, whether natural or legal persons.
Competent authorities conducting assessments will contribute relevant information to the ESAs Information System. The aim is to enhance the efficiency of these assessments by allowing competent authorities to identify others that have previously assessed the same individuals. The system emphasizes data protection, storing only limited and necessary information accessible on a need-to-know basis.
The guidelines clarify that while they facilitate information exchange, they do not replace the need for competent authorities to conduct their own fitness and propriety assessments. The outcome of assessments may vary based on sector-specific requirements and contextual considerations.
Following the second consultation, the ESAs plan to finalize the guidelines in early 2024. The ESAs Information System is expected to be available to competent authorities for exchanging information relevant to fitness and propriety assessments later in 2024.