The final joint Guidelines clarify, in line with CRD V, that assessing the knowledge, experience and skill requirements include identifying, managing and mitigating money laundering and financing of terrorism risks. In addition, a gender balanced composition of the management body is of particular importance. The joint Guidelines also take into account the recovery and resolution framework introduced by the Bank Recovery and Resolution Directive (BRRD) and provide further guidance in this regard. Finally, the joint Guidelines take into account the new legislative framework for investment firms adopted in 2019 by the Investment Firms Regulation (IFR) and IFD, for the identification of the investment firms subject to the various guidelines.
The joint final Guidelines will apply from 31 December 2021