Regulatory Alerts2008-04-30 | CD-SIBOIF-531-1-ABR30-2008Added · Updated
Norm on Honorable Conduct and Competence Requirements for Directors, General Manager and/or Chief Executive Officer, and Internal Auditor
Resolution No. CD-SIBOIF-531-1-ABR30-2008 establishes the criteria, information requirements, and procedures for evaluating the honorability and competence of directors, general managers, chief executives, and internal auditors at supervised financial institutions. The regulation mandates the submission of detailed curricula vitae, identity documents, tax registration numbers, judicial background checks, and personal and professional references within thirty days of appointment. It defines honorability as a positive reputation for honesty and integrity, and competence as requiring at least five years of relevant experience and specific knowledge in finance, administration, law, or accounting. The resolution also repeals the 2002 Norm on Suitability and Code of Conduct, except for its provisions regarding the Code of Conduct, and requires institutions to report any disqualifying impediments within 72 hours.
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