Mon, 11/05/2015
New Banking Act (ZBan-2) was published in the Official Gazette on 13 April 2015 and will enter into force on 13 May 2015. The new act replaces the currently valid Banking Act (ZBan-1).
EU Directives 013/36/EU and 2014/59/EU related to credit institutions will be implemented by the Act.
The main focus is risk management:
- New committees: a risk committee and, if deemed important, also remuneration and nomination committees will be set up.
- Remuneration: at least 40% of the variable remuneration paid to top management, heads of control and other employees must be deferred for a period of three to five years.
- Higher fines: up to EUR 5 million for the bank, management and members of the supervisory board for severe breaches.
- New approval powers for SB members: SB consent required for nominating/dismissing Head of Internal Audit and for dismissing CRO.
- Capital buffers: the capital conservation buffer, the countercyclical capital buffer (CCB), the systemic risk buffer, the buffer for global systemically important institutions (G-SIIs) and the buffer for other systemically important institutions (O-SIIs) will be introduced.
- Compliance function: important banks must set up a compliance function which is directly responsible to the management board of the bank and functionally and organisationally independent from other functions of the bank which could come into a conflict of interest with compliance function.
- Part of the supervisory powers shall be transferred to ECB.
- Women quota (quota rosa): the nomination committee will have to establish a policy on how to increase the number of representatives of the under-represented gender on the management and Supervisory Board.
Contact:
Barbara Zajc, Senior Relationship Manager Slovenia
barbara.zajc@unicreditgroup.si