Regulatory Alerts2019-04-24
Ordinance No 20 of the BNB on Requirements for Management and Control Bodies of Credit Institutions
The Bulgarian National Bank issued Ordinance No 20 to establish detailed criteria for assessing the individual and collective suitability of members of management and supervisory boards in credit institutions. The regulation mandates specific professional experience, educational qualifications, and fit-and-proper tests, including rigorous checks on good reputation and time commitment for nominees. It further defines the application procedures, required documentation, supervisory fees, and the BNB's authority to grant or refuse approvals based on compliance with these governance standards.
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