Examples of using Function holders in English and their translations into Portuguese
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Colloquial
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Official
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Medicine
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Financial
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Ecclesiastic
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Ecclesiastic
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Computer
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Official/political
Apply to members of management and supervisory bodies, key function holders and other staff working at the institution;
You are here Home>Suitability of members of the management and supervisory bodies and key function holders.
Non-identification of key function holders in addition to those set out by law may pose a risk to the institution.
What should the policy for selecting andassessing members of management or supervisory bodies and key function holders contain?
The members of the management and supervisory bodies and key function holders must exercise their functions with independence of mind.
Intervention in procedures for assessing the suitability of members of the management body and key function holders.
Covers members of the management and supervisory bodies and key function holders in a single document or separate documents;
Circular Letter of Banco de Portugal No 2/2015/DSP on internal selection andassessment policy of the members of management bodies and key function holders;
It is also the responsibility of institutions to approve the policy for selecting and assessing key function holders as regards the suitability requirements envisaged by law.Â.
In their assessment of the suitability of the members of management and supervisory bodies and key function holders to exercise their functions, institutions must identify and assess the materiality of the candidates' conflicts of interest, whether actual or potential, and, where applicable, select and apply appropriate measures to mitigate the risks inherent in the conflicts of interest identified.
The ECB also decides on the suitability of members of the management body and key function holders in significant institutions.
At any time, Banco de Portugal may undertake a new suitability assessment of key function holders if it believes that their assessment by the credit institution was clearly insufficient or if justified by any supervenient circumstances.
Institutions must, both initially and on an ongoing basis,assess whether the members of their management and supervisory bodies and key function holders comply with the applicable suitability requirements.
An obligation on the part of the members of management and supervisory bodies and key function holders to notify the institution, immediately or at least on an annual basis, in the event of any change that might affect compliance with the suitability requirements;
Includes the vocational training provided to the members of management and supervisory bodies and key function holders, in a single document or separate documents;
Identifies the persons responsible for assessing the suitability of members of management and supervisory bodies and key function holders(who may or may not be the same persons). Institutions must ensure impartiality, consequently the person responsible for the assessment may not be the person being assessed and, in the case of an assessment of the members of management and supervisory bodies, the person responsible for the assessment may not be an executive member of the management body;
Those responsible for risk management, compliance andinternal audit functions are legally categorised as key function holders and, as such, are subject to suitability criteria.
Institutions are responsible for adequately identifying, managing and assessing the materiality of actual or potential conflicts of interest regardingthe members of their management and supervisory bodies, key function holders and other staff.Â.
Institutions must ensure that the members of the management andsupervisory bodies and key function holders are able to commit enough time to fully perform their tasks.
Banco de Portugal and the European Central Bank control the suitability ofthe members of the management and supervisory bodies and the key function holders of the entities they supervise directly.
The results of the suitability assessment of the members of the management and supervisory bodies and key function holders must be included in a report to be submitted to Banco de Portugal under the authorisation process to exercise functions or if justified by any supervenient facts. Supervenient facts.
In the case of credit institutions considered significant under the Single Supervisory Mechanism(SSM), the fit andproper assessment of the members of the management and supervisory bodies and key function holders is jointly undertaken by Banco de Portugal and the European Central Bank.
Institutions must guarantee that the members of their management andsupervisory bodies and their key function holders permanently comply with the suitability requirements envisaged by law for the exercise of their functions. .
Institutions must have a policy that clearly identifies the procedures to be followed when they select and assess, initially and permanently, the suitability of the membersof the management and supervisory bodies and key function holders, under the applicable legal requirements reputation, professional qualification and experience, independence, and time commitment.
It is the responsibility of the institutions to ensure that the membersof their management and supervisory bodies and key function holders permanently comply with the following suitability requirements in the exercise of their functions. .
It is the responsibility of institutions to permanently ensure that the members of their management andsupervisory bodies and key function holders exercising functions in the institution are fit and proper for exercising functions in the financial system.
It is the duty of the institutions to select the persons responsible for assessing the members of management and supervisory bodies and key function holders, taking into account the specificities of selecting and assessing these persons for the exercise of their functions.Â.
To ensure independence of mind- and independence in appearance- ofthe members of the management and supervisory bodies and key function holders, the institution must apply a robust policy of conflicts of interest that allows it to continuously assess.
With due consideration to the principle of proportionality, institutions must ensure that the members of their management andsupervisory bodies and their key function holders possess the skills and qualifications needed to perform their tasks, thus guaranteeing the institution's sound and prudent management.