meta_id 3419660

On August 20, 2026, the Financial Supervisory Authority (Finanstilsynet) revoked three guidance documents concerning board self-evaluation of collective suitability. The revocation applies to boards in life insurance companies and cross-border pension funds, non-life insurance companies, and banks and mortgage credit institutions. This action forms part of Finanstilsynet's strategic initiative to simplify financial regulation. The revocation reflects the evolution of board practices, which no longer necessitate separate guidance on self-evaluation procedures. Finanstilsynet determined that existing requirements and industry practice have developed sufficiently to render the dedicated guidance documents redundant. Boards in financial institutions retain their statutory obligation under Section 64e of the Financial Business Act to continuously evaluate whether they collectively possess adequate knowledge, professional competence, and experience to understand their institution's activities. This requirement remains in force despite the withdrawal of the specific guidance documents. The three guidance documents ceased to apply on August 20, 2026. Financial institutions should ensure their governance frameworks continue to comply with applicable statutory requirements regarding board collective suitability, even without the withdrawn guidance. Boards must maintain documented evidence of their ongoing self-evaluation processes to demonstrate compliance with statutory obligations. Institutions requiring clarification on governance requirements should consult Finanstilsynet's governance resources on its website. REFERENCES: Financial Supervisory Authority (Finanstilsynet). "Tre vejledninger om bestyrelsers selvevaluering bliver ophævet." August 20, 2026. Available at: https://www.finanstilsynet.dk/