29. Consistently with paragraph 26, competent authorities may impose obligations subsequent on the …

Consistently with paragraph 26, competent authorities may impose obligations subsequent on the applicant credit institution in order to deal with matters occurring after the authorisation is granted. Such obligations subsequent may only be imposed by the competent authorities where, despite the applicant credit institution’s fulfilment of all the authorisation requirements in substance, compliance with one or more of them on an ongoing basis needs to be specifically monitored and enforced if warranted. Accordingly, competent authorities should clarify that, whilst failure to fulfil an obligation will not make the initial issuance of the authorisation ineffective per se, their non-compliance should be addressed by supervisory tools or result in the application of enforcement measures and/or sanctions. By way of example, obligations can be imposed in relation to matters which are considered to be implementing measures of the authorisation, such as reporting obligations or ensuring that members of the management body demonstrate adequate specific knowledge (e.g. undertaking training).

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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