Regulatory Alerts2018-01-01
Decision of the Board of Directors of the General Authority for Financial Regulation No. 85 of 2018 Regarding Board of Directors Membership Conditions for Supervised Companies (as amended)
The General Authority for Financial Regulation (GAFR) issued Decision No. 85 of 2018 to mandate strict eligibility criteria for board of directors members at companies under its supervision. The regulation disqualifies individuals with felony convictions, misdemeanor crimes involving moral turpitude or breach of trust, or repeated serious regulatory violations within the preceding three to five years from board membership, unless their reputation has been legally restored. Supervised entities must immediately disclose any disqualifying conditions and replace non-compliant directors within a regulatory timeframe, with the decision becoming effective the day after its official publication.
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