Regulatory Alerts2024-12-12
Added
DFIM Circular Letter No. 40: Appointment of Independent Directors of a Finance-Company and their Duties, Responsibilities and Honorarium
The Department of Financial Institutions and Markets amends paragraphs 4(g) and 4(h) of DFIM Circular No. 02 dated March 13, 2024, regarding the appointment of independent directors in finance companies. The revised criteria specify that candidates must hold an accredited bachelor's or master's degree in banking, finance, business administration, law, or accounting, with specific consideration for former senior executives or chartered accountants with relevant experience. Priority is given to experienced faculty, legal professionals, bankers, and government officials from specified ministries, with IT education recognized as an additional qualification. These amendments are issued under sections 14, 15, and 41 of the Finance Company Act, 2023, and take effect immediately.