Regulatory Alerts2002-01-10
Added · Updated
Draft SPM CG-2 Systems of Control for the Appointment of Managers
This draft statutory guideline issued by the Monetary Authority under the Banking Ordinance specifies the systems of control that Authorized Institutions must maintain to ensure the fitness and propriety of individuals appointed as managers. It defines managers based on responsibility for specified business activities in the Fourteenth Schedule and outlines fit and proper criteria including probity, competence, and financial soundness. The document requires Authorized Institutions to implement procedures for identifying managerial roles, assessing candidates, and notifying the regulator of appointments, while waiving notification for bona fide temporary appointments.
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