ESAs consult on draft Guidelines on the system for the exchange of information relevant to fit and proper assessments.

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements.
By harmonizing procedures and outlining how responsible authorities should utilize the information system created by the three ESAs, these Guidelines seek to improve the effectiveness of information transmission between sectoral supervisors.
The joint Guidelines are split into two main sections and apply to all competent authorities falling under the purview of the ESAs:
1. The first one focuses on the data entry and information system use by competent authorities, including how to look for the fit and proper determinations of persons of interest that had already been made by other competent authorities.
2. The second part of the Guidelines specifies how competent authorities should collaborate to share information if one of them has determined that another competent authority has made a relevant assessment.