Regulatory Alerts2013-12-25
Added
Banking Supervision Authority: Board of Directors
The Banking Supervision Authority updates the Banking Supervision Ordinance regarding the Board of Directors to align with joint policies on parallel service in capital market institutions and to incorporate lessons from implementation. The amendments expand the definition of banking entities to include credit card companies and payment system operators, and extend the Authority's power to grant exemptions or relaxations for specific directors or entities. Key changes include clarifying that external directors may be appointed from among non-directors, restricting the Chairman's role to non-controlling shareholders, and introducing a matrix-based restriction on parallel service based on institution size. The update also modifies committee composition rules, allows the Audit Committee to include a director employed by a controlling banking entity only if it is a private company, and prohibits the appointment of proxies to the Board.
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