Regulatory Alerts2015-06-29
Added
Amendments to Proper Conduct of Banking Business Directives 301 and 307
The Bank of Israel amends Proper Conduct of Banking Business Directive 301 to require that Audit Committee, Committee for Transactions with Interested Parties, and Remuneration Committee decisions be made in the presence of office holders permitted under the Companies Law. The revision also updates cross-references within Directive 301 to align with Directive 312 and Directive 202, and replaces references to the Banking (Internal Audit) Regulations with Directive 307. Additionally, Directive 307 is amended to mandate the termination of an internal auditor’s service if they are convicted of a crime involving disgrace by a final court ruling. These amendments apply to banking corporations and credit card companies from the date of publication.
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