51. Issuers of ARTs should maintain at all times sufficient substance and not become ‘empty shells’ …

Issuers of ARTs should maintain at all times sufficient substance and not become ‘empty shells’ or ‘letter - box entities’. To this end, they should:

a. meet all the conditions of their authorisation at all times, including the manage-ment body effectively carrying out its responsibilities as set out in Section I of these guidelines;
b. retain a clear and transparent organisational framework and structure that ena-bles them to ensure compliance with legal and regulatory requirements as re-ferred to Section 4;
c. where operational tasks of internal control functions are outsourced, exercise ap-propriate oversight and be able to manage the risks that are generated by the out-sourcing of critical or important functions; and
d. have sufficient resources and capacities to ensure compliance with points
(a) to (c).

1. Overview

Summary	Regulation

Requirements
Source	Requirement

Standards
Source	Requirement

EBA -
EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.