On July 15, 2015, the EBA published final guidelines on product oversight and governance arrangements for financial institutions as manufacturers of retail banking products and for distributors of retail banking products – mortgages, personal loans, deposits, payment accounts, payment services and electronic money. The guidelines will apply from January 3, 2017 to all products brought to market after that date as well as to existing products that are significantly changed after that (the EBA does not clarify the meaning of "significantly changed"). The guidelines are addressed to EU national regulators and financial institutions and require the establishment of product oversight and governance arrangements for the design, bringing to market and review of retail banking products over their lifecycle. The guidelines supplement the EBA’s 2011 guidelines on internal governance but do not cover the suitability of products for individual consumers.

The final guidelines are available at: http://www.eba.europa.eu/documents/10180/1141044/EBA-GL-2015- 18+Guidelines+on+product+oversight+and+governance.pdf and the guidelines on internal governance are available at: https://www.eba.europa.eu/documents/10180/103861/EBA-BS-2011-116-final-EBA-Guidelines-on-Internal-Governance- %282%29_1.pdf