(56)A management body should be understood to have executive and supervisory functions. The competence and structure of management bodies differ across Member States. In Member States where management bodies have a one-tier structure, a single board usually performs management and supervisory tasks. In Member States with a two-tier system, the supervisory function is performed by a separate supervisory board which has no executive functions and the executive function is performed by a separate management board which is responsible and accountable for the day-to-day management of the undertaking. Accordingly, separate tasks are assigned to the different entities within the management body.
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New version applies from 20/03/2014 — introduced by Mortgage Credit Directive.
109 provisions change.
Later versions: 01/01/2015, 13/01/2018, 09/07/2018, 29/12/2020, 28/06/2021, 01/01/2022, 09/01/2024, 29/07/2024, 30/12/2024, 17/01/2025, 11/01/2026, 11/07/2026.
Recital 56 changes in this version: compare with the current text.