Regulatory Alerts2023-08-03 | C591CySEC Circular C591: Appointment of an Alternate Director to attend a meeting of the Board of Directors of a CIF
The Cyprus Securities and Exchange Commission issued Circular C591 to establish the regulatory framework for Cyprus Investment Firms appointing an Alternate Director to attend a specific Board meeting. The circular mandates that such appointments are permitted only if the firm's Memorandum of Association allows it, the alternate is an existing Board member, and written notification is submitted to CySEC at least one day prior to the meeting. Furthermore, the document clarifies that this temporary substitution does not constitute a change in directorship under the Law and warns against using repeated appointments to circumvent directors' time commitment obligations.
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