We are currently carrying out a Peer Review under Article 30 of our Founding Regulation of the ESAs’ Joint Guidelines on the prudential assessment of the acquisitions and increases of qualifying holdings in the financial sector. We are assessing how competent authorities comply with specific aspects of the joint guidelines, and the extent to which their current practices are effective. Our review includes the fifth assessment criterion, which relates to ML/TF risks that may arise from the proposed acquisition of the qualifying holdings. We are paying particular attention to the way competent authorities assess the origin and legitimacy of the funds the applicant proposes to use to acquire the holdings. 

We will conclude our review in July 2021 and publish our findings later this year.