ESMA and the EBA have published a joint consultation on guidelines for the assessment of the suitability of members of the management body and key function holders in accordance with MiFID II and CRD IV. The guidelines aim to further improve and harmonise suitability assessments within the EU financial sectors, thereby ensuring sound governance arrangements in financial institutions. Among other things, the guidelines: (i) provide common criteria to assess the individual and collective knowledge, skills and experience of members; (ii) require members to commit sufficient time to perform their duties; and (iii) highlight the importance of induction and training to ensure the initial and ongoing suitability of members of the management body. The joint guidelines will apply to EU competent authorities, as well as to credit institutions and investment firms and are expected to be implemented by mid-2017. Comments are invited by 28 January 2017.