Regulatory Alerts2013-03-14 | OFI/DIR/GEN/DOC/05/001Exposure Draft Of The Regulatory And Supervisory Framework For The Operations Of A Mortgage Re-Finance Company (MRC)
The purpose of this questionnaire is to provide a comprehensive overview of the appointee or significant shareholder's background, professional experiences, education, qualifications and financial information. This questionnaire will enable the CBN to determine the suitability of the appointee for his proposed position in the regulated financial institution under its supervision. The questionnaire is divided into various sections and requires a detailed response from the individual being assessed. Some key areas covered include education, professional experiences, past roles in similar industries or organizations, any disciplinary actions or investigations they have been involved in, their financial soundness and solvency, as well as any relationships they may have with board members of the institution to which this questionnaire relates. A declaration is also required from the individual stating that the information provided is true and accurate, failing which they will face disqualification if it is discovered to be false. The final section is a summary of the entire process, highlighting the importance of providing truthful and complete responses throughout the questionnaire.