Regulatory Alerts2024-01-01
Fit and Proper Requirements for Persons Associated with Ownership and Management of Securities Market Players Directive 2024
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes comprehensive fit and proper criteria for shareholders, directors, and senior management officials of securities market players. It mandates prior Registrar approval for new or controlling shareholders, requires designated board audit and risk functions, and enforces specific qualification, residency, and financial soundness standards for executive appointments. Non-compliance triggers monetary penalties of up to K50 million for legal entities and K10 million for individuals, while formally revoking the 2015 predecessor framework.
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