Updated 05/02/2025
In force

Version from: 29/12/2022
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CRD IV ToolDelegated Regulation 2022/2580
Article 7

Article 7 - Delegated Regulation 2022/2580

Article 7

Information about the effective direction of the applicant credit institution

1.  
An application for authorisation as a credit institution shall contain the information referred to in Annex I in relation to each of the proposed or appointed members of the applicant credit institution’s management body.
2.  
Where the competent authority considers that the applicant credit institution is a significant institution in terms of its size, internal organisation and the nature, scope and complexity of its activities, as referred to in Article 76(3) of Directive 2013/36/EU, the application for authorisation as a credit institution shall, for the heads of the internal control functions and the chief financial officer where they are not part of the management body, contain the information listed in Annex I, except for the information referred to in point 1, points (f) and (g), and points 2, 4 and 5 of that Annex.
3.  
An application for authorisation as a credit institution shall contain a description of the powers, individual tasks, duties and proxies of the proposed or appointed members of the applicant credit institution’s management body, and, in the case of applicant credit institutions as referred to in paragraph 2, of the heads of internal control functions and the chief financial officer who are not part of the management body.
4.  

For the purposes of this Article, the following definitions shall apply:

(a) 

‘chief financial officer’ means the person that is overall responsible for managing the financial resources, financial planning and financial reporting;

(b) 

‘control function’ means a function that is independent from the business unit it controls and that is responsible for providing an objective assessment of the credit institution’s risks, review or report on those, including the risk management function, the compliance function and the internal audit function;

(c) 

‘heads of internal control functions’ means the persons at the highest hierarchical level in charge of effectively managing the day-to-day operation of the independent risk management, compliance and audit functions;