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The EU’s emerging accountability regime: borrowing the SMCR without its foundations
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This article examines the EU’s emerging individual accountability framework under CRD6 and the European Banking Authority’s (EBA’s) draft internal governance guidelines against the background of the UK’s Senior Managers and Certification Regime. While the EU adopts tools such as statements of responsibilities and responsibilities maps, it introduces a de facto reasonable steps test only at Level 3 (EBA guidelines), raising concerns about mandate and legal certainty. The analysis shows that divergent national corporate law standards, particularly the varying expressions of the business judgment rule, make a uniform EU‑wide standard of managerial reasonableness difficult to sustain. Without careful calibration, the proposed framework risks inconsistency, over‑deterrence and adverse competitiveness effects.
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