On 11 December 2009, the International Organization of Securities Commissions (IOSCO) published a Final Report which sets out best practices in relation to the fit and proper assessment. The aim of the Final Report is to reduce the risk that responsible persons in regulated institutions are not fit and proper for their roles.
The Final Report is intended to support the members of IOSCO in ensuring that financial institutions are subject to adequate regulations and supervision and that competent authorities take necessary legal and regulatory measures in this matter.
The best practice in the Final Report provides a framework of minimum voluntary standards for sound supervisory practices and IOSCO considers them to be universally applicable. National authorities are free to adopt supplementary measures that they deem necessary to achieve effective supervision in their jurisdiction. The best practice may be read in conjunction with relevant international agreements and national regulations.
View IOSCO Final Report: Fit and Proper Assessment - Best Practice, 11 December 2009