Section II Financial holding companies, mixed financial holding companies and mixed-activity holding companies

Article 121

Member States shall require that the members of the management body of a financial holding company or mixed financial holding company, other than those that have been granted approval in accordance with Article 21a(1), be of sufficiently good repute and possess sufficient knowledge, skills and experience as referred to in Article 91(1) to perform those duties, taking into account the specific role of a financial holding company or mixed financial holding company. The financial holding companies or mixed financial holding companies shall have the primary responsibility for ensuring the suitability of the members of their management body.

Article 126

In accordance with Chapter 1, Section IV of this Title, Member States shall ensure that administrative penalties or other administrative measures aiming to end observed breaches or the causes of such breaches may be imposed on financial holding companies, mixed financial holding companies, and mixed-activity holding companies, or their effective managers, that breach laws, regulations or administrative provisions transposing this Chapter.