OBS_VALUE: See Articles 91 and 121 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.No explicit residency requirement is expressed in the Directive. However, Article 91 states that a sufficient time commitment of a member of the management body to perform his functions is necessary. Further guidelines have been issued by the European Banking Authority (EBA/GL/2021/06) together with ESMA (ESMA35-36-2319) on the assessment of suitability of members of the management body. The notion of suitability is comprised -inter alia- of sufficient time commitment of the member of the management body (Title III point 4 p.31-33). One of the factors determining the latter is the member's geographical presence and the travel time required for the role. (Source: https://www.eba.europa.eu/regulation-and-policy/internal-governance/joint-esma-and-eba-guidelines-on-the-assessment-of-the-suitability-of-members-of-the-management-body#pane-new-ed8f3c99-9589-454a-a87e-37f2578a1783).