Regulatory Alerts2018-01-01
General Authority for Financial Supervision Board of Directors Decision No. (85) of 2018 on Conditions for Board Membership of Supervised Companies
The General Authority for Financial Supervision issued Decision No. (85) of 2018 to mandate strict eligibility criteria for board members of companies under its regulatory oversight. The decision prohibits individuals with recent felony or misdemeanor convictions involving moral turpitude, those lacking restored reputation, or those failing good standing requirements from holding board positions within five years of their appointment. Supervised entities must immediately disclose any disqualifying circumstances and replace ineligible directors within the timeframe determined by the Authority.
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