Regulatory Alerts2021-01-01
FRA Board Decision No. 41 of 2021 on Rules and Procedures for Electing Representatives to the Investor Protection Fund Board
The Financial Regulatory Authority (FRA) issued Board Decision No. 41 of 2021 to establish comprehensive eligibility criteria and procedural rules for electing representatives of securities companies and listed firms to the Investor Protection Fund against Non-Commercial Risks Board of Directors. The regulation mandates specific operational, financial, and reputational qualifications for both nominating companies and their individual candidates, while prohibiting concurrent board memberships with the Central Depository, Stock Exchange, or entities under common control. It further outlines a strict timeline for application submission, committee review, appeals, voting quorum requirements, and succession procedures to ensure transparent and compliant governance of the Fund's board.