EU Watchdog Calls For Increased Monitoring Of Bank Boards

Law360, New York (April 18, 2012, 9:30 PM EDT) -- The European Banking Authority on Wednesday released proposed guidelines that would increase the necessary qualifications for bank managers and boards as criteria for authorization by national banking regulators.

Citing weak governance as one of the causes of the financial crisis, the European regulator extended the minimum requirements previously applied to just two bank board members to include all members of a bank's management body and key function holders like senior managers, heads of internal control functions and heads of subsidiaries in other countries.

“This proposal contains...
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