Regulatory Alerts2021-06-29
Added
Notice 1011 Appointment of Chief Executives
The Monetary Authority of Singapore issued this notice to require merchant banks to obtain prior written approval for appointing chief and deputy chief executives based on fit and proper criteria. The regulation defines the chief executive as the individual principally responsible for managing the bank's business and mandates the submission of candidate curricula vitae with approval applications. Additionally, it imposes responsibilities on directors and executives to establish sound written policies, define discretionary power limits, and maintain robust internal controls and auditing procedures.
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