EBA Guidelines on the assessment of adequate knowledge and experience of the management or administrative organ of credit servicers, as a whole, under Directive (EU) 2021/2167

On 15 December 2023, the European Banking Authority (EBA) issued Guidelines (EBA/GL/2023/09) on the assessment of adequate knowledge and experience of the management or administrative organ of credit servicers, as a whole, under Directive (EU) 2021/216¹.

The Financial Supervisory Authority (FIN-FSA) has notified the EBA that it will not comply with the issued Guidelines because the Directive has not yet been implemented at national level and the competent authority referred to in the Directive has not yet been designated. If necessary, the FIN-FSA will issue a new notification to the EBA at a later date.

In accordance with Article 16(3) of the EBA Regulation², competent authorities and financial institutions must make every effort to comply with EBA Guidelines.

Subject matter

The Guidelines specify the requirements under Article 5(1)(c) of Directive (EU) 2021/2167 of the European Parliament and of the Council regarding the adequate knowledge and experience of the management or administrative organ, as a whole, of credit servicers, including the criteria for the assessment and the assessment process.

The Guidelines apply to all credit servicers of a creditor’s right under a non-performing credit agreement, or of the non-performing credit agreement itself, issued by a credit institution established in the Union. The Guidelines do not apply to entities listed in Article 2(5)(a) of Directive (EU) 2021/2167.

The Guidelines are addressed to credit servicers as defined in Article 3(8) of Directive (EU) 2021/2167, competent authorities referred to in Article 21(3) of Directive (EU) 2021/2167, and competent authorities as defined in Article 4(2) of the EBA Regulation, to the extent that those authorities have been designated as competent for ensuring the application and enforcement of the provisions of the Directive to which the Guidelines relate.

Date of application

These Guidelines apply from 27 June 2024.

For further information, please contact

Roosa Heinonen, Specialist, telephone +358 9 183 5575 or roosa.heinonen(at)fiva.fi

Appendices

• EBA Guidelines on the assessment of adequate knowledge and experience of the management or administrative organ of credit servicers, as a whole, under Directive (EU) 2021/2167
• FIN-FSA website: Guidelines of the European Supervisory Authorities
  
  
  
• ¹Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU.
• ²EBA Regulation (EU) No 1093/2010