Regulatory Alerts2015-12-02 | 02/17/550/0002/003Key Management Personnel in Banking Act Direction on Corporate Governance
The Director of Bank Supervision at the Central Bank of Sri Lanka has clarified that key management personnel for licensed specialised banks comprise officers performing executive functions. This definition aligns with Banking Act Determination No. 4 of 2010, ensuring consistent fitness and propriety assessments across the sector. Licensed specialised banks must therefore apply this executive function criteria when identifying key management personnel for compliance with Banking Act Direction No. 12 of 2007 on corporate governance.
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