The European Supervisory Authorities (the European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority) published joint guidelines on the system for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors, and key function holders of financial institutions and financial market participants by competent authorities. The ESAs have developed a system, which consists of a cross-sectoral database (ESAs Information System) and these joint guidelines, with the aim of fostering a timely exchange of information between competent authorities. The ESAs Information System will hold limited information on persons who are subject to a fitness and propriety assessment under Union sectoral provisions. The competent authorities performing such assessments will include the relevant information consistent with these guidelines in the ESAs Information System. The aim of the ESAs Information System is to support competent authorities in identifying other competent authorities that have conducted such an assessment process for a person of interest, thereby enhancing the efficiency of the fit and proper assessments.
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