Regulatory Alerts2022-05-12
Added
DFIM Circular No. 07: Restrictions for ensuring discipline in NBFI's management
The circular prohibits individuals serving as Chairman or members of key committees (Executive, Audit, Risk Management) of a Non-Bank Financial Institution (NBFI) from simultaneously holding positions on the board or governing body of its subsidiaries, authorized entities, or foundations. It further bans the re-employment or re-appointment of any individual as a shareholder director, nominated representative director, or independent director of an NBFI within one year of the expiration or resignation from such a role. Existing non-compliant appointments must be vacated by June 30, 2022, and non-compliant employments by July 31, 2022, with notifications to the Department of Financial Institutions and Markets within seven working days of the respective deadlines.