Regulatory Alerts2020-01-01
Board of Directors Decision No. (93) of 2020
The Financial Regulatory Authority (FRA) issued Board Decision No. (93) of 2020 to amend the executive corporate governance rules for licensed leasing and factoring companies. The decision mandates that these entities establish independent audit and risk committees comprising at least three members, with a majority drawn from independent or non-executive directors and at least one member possessing financial expertise. All licensed companies must align their internal arrangements with these revised standards no later than December 31, 2020.
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