Regulatory Alerts2025-07-14
Added · Updated
Amendments to Proper Conduct of Banking Business Directive No. 301 on Board of Directors
The Supervisor of Banks amends Proper Conduct of Banking Business Directive No. 301 to update the scope of application, replacing 'acquirer' with 'payment service provider with prudential importance' and extending Section 4 approval requirements to certain payment service providers. The Directive introduces simplified appointment procedures for short-term roles (under four months) and internal group transfers (within twelve months), allowing declarations instead of full questionnaires. A mandatory six-month cooling-off period is established for directors moving between banking corporations, removing the previous option for the Supervisor to shorten this period. The amendments also revise the office holder questionnaire and declaration appendices to align with recent legislative changes and clarify material change notification obligations.