Regulatory Alerts2021-01-01
FRA Board Decision No. (39) of 2021
The Financial Regulatory Authority (FRA) issued Board Decision No. 39 of 2021 to establish strict governance and candidacy requirements for the Clearing and Settlement Company for Contracts Traded in Futures Exchanges. The decision mandates a five-to-nine-member board with at least two independent and one female director, enforces cumulative voting, limits executive terms to three, and prohibits the Chairman from simultaneously holding the CEO role. It further outlines a structured nomination process with three candidate lists, establishes an FRA Appeals Committee for five-day appeals, and applies existing central depository sanction measures to the company.
Share