Regulatory Alerts2026-03-30
Added · Updated
Industry Consolidated Comments – FIMA Governance Standard Chapters 3 and 4
The document records regulatory responses to industry comments on FIMA Governance Standard Chapters 3 and 4, resulting in accepted amendments to specific clauses and definitions. Accepted changes include clarifying board skill requirements, accepting an amendment to bar regulated entity employees from serving as independent directors, defining 'immediate family' for independence assessments, and deleting the provision that automatically disqualifies holding company directors from independence at the subsidiary level. The regulator declined requests to introduce a 'lead independent chairperson' concept, mandate internal audit functions, or relax the one-third independent director board composition requirement, while also clarifying that the term 'auditor' refers to the external auditor and that tenure limits apply to non-executive directors.
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