Regulatory Alerts2025-11-07 | BPRD Circular Letter No. 21Added · Updated
Affidavit by Director of a Bank and its Wholly-Owned Exchange Company
The document establishes an affidavit template requiring directors of a bank and its wholly-owned exchange company to declare separate fiduciary duties for each entity. It mandates that directors avoid conflicts of interest, recuse themselves from decisions involving dealings between the two entities, and maintain arm's-length transactions. The affidavit further requires directors to respect information barriers, keep non-public information confidential, and cooperate with the State Bank of Pakistan regarding conflict of interest management.
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