Regulatory Alerts2025-04-16
Added
DFIM Circular Letter No. 09: Policy on Formation of Board and Responsibilities of Directors of Finance Companies
The Department of Financial Institutions and Markets mandates that directors of finance companies must hold at least a bachelor's degree. The circular specifies that eligibility and suitability rules for alternate directors and nominated or representative directors apply respectively to their roles as alternate directors and independent directors. These directives are issued under Section 41(2)(d) of the Finance Companies Act, 2023, and take immediate effect.
Topics
Share