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Fit and Proper Assessments of Management Body (MB) Members and Key Function Holders (KFH)


The assessment of suitability of the members of the management body and key function holders of Authorised Credit Institutions ("ACIs") operating in the Republic of Cyprus, is carried out by the Central Bank of Cyprus in accordance with the provisions of section 18 of the Business of Credit Institutions Laws of 1997, as subsequently amended ("the Law") and of the Directive on the Assessment of Suitability of the Members of the Management Body and Key Function Holders of Authorised Credit Institutions of 2020-2022 ("Directive").

ACIs are required to perform an assessment and reassessment of the suitability of the members of their management body and key function holders in order to ensure, at all times:

  • the personal suitability of the members of the management body,
  • the collective suitability of the management body, and
  • the suitability of the key function holders.

Suitability means the degree to which a person, both personally and collectively with other persons:

  • is of good repute and acts with honesty and integrity, 
  • has sufficient knowledge, skills and experience to fulfil his/her duties,
  • is able to commit sufficient time in the performance of his/her duties (this is only applicable to persons assessed for the position of a member of the management body),
  • acts with independence of mind.


Relevant links:

Directive on the Assessment of Suitability of the Members of the Management Body and Key Function Holders of Authorised Credit Institutions

For significant supervised entities only:

Significant supervised entities are required to submit the “FAP Questionnaire for the Assessment of Suitability of the Members of the Management Body and Key Function Holders” and the national specificities document, through the IMAS portal of the European Central Bank as described in this (link )

Use this (link) if you wish to download in PDF format the FAP Questionnaire for the Assessment of Suitability of the Members of the Management Body and Key Function Holders of Significant ACIs and this (link) for the national specificities document. 


For less significant supervised entities only:

Personal Questionnaire for the Assessment of Suitability of the Members of the Management Body and Key Function Holders of Less Significant ACIs (link)

Sample Template for the Assessment of Collective Suitability (link )


Page last updated 9 February 2024