Regulatory Alerts2023-07-12
Central Bank of Libya Circular 3/2023: Requirements for Board of Directors Membership in Banks
The Central Bank of Libya issued Circular No. 03/2022 mandating updated eligibility criteria for bank board of directors members, requiring candidates to meet 25 specific conditions ranging from financial solvency and clean criminal records to kinship restrictions, professional qualifications, and non-conflict of interest with similar institutions. The circular further requires banks to distribute a standardized questionnaire to nominees and ensure compliance with these updated requirements sufficiently prior to the convening of each bank's General Assembly meeting. Non-Libyan nominees must additionally secure no-objection certificates from their home central bank and current employer to qualify for appointment.
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