17. By way of derogation of paragraph 16, the collective suitability assessments may, without …

By way of derogation of paragraph 16, the collective suitability assessments may, without prejudice to national law, be performed after the appointment of the member of the management or administrative organ in any of the following cases for which the credit servicer has duly provided a justification:

• a. shareholders, owners or members of the credit servicer nominate and appoint members of the management or administrative organ at the shareholders ’ or equivalent meeting that have not been proposed by the credit servicer or by the management or administrative organ; and
• b. a complete assessment prior to the appointment of a member or the change of the composition of the management or administrative organ would disrupt the sound functioning of the management or administrative organ, including as a result of the following situations:
• i. where the need to replace members arises suddenly or unexpectedly, e.g. owing to the death of a member; and
• ii. where a member needs to be removed as the member is no longer suitable.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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