Regulatory Alerts2022-05-11
Added
BRPD Circular Letter No. 15: Restrictions for ensuring discipline in bank-company management
The document prohibits members of the Board of Directors or its committees (Nominating, Audit, Risk Management) of a scheduled bank from serving as Chairman, Director, or member of the governing body of any subsidiary, authorized company, or foundation. It further bans the re-employment of any individual as a regular or contractual employee in a bank after they have served as a Shareholder, Nominee/Representative, or Independent Director for a minimum period of one year. Banks must ensure existing non-compliant appointments are vacated by June 30, 2022, and non-compliant employments by July 31, 2022, with compliance reports submitted to the Banking Regulation and Policy Division within seven working days of the following month.
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