Regulatory Alerts2018-07-23 | DOF 5532578Added
Resolution modifying the Resolution modifying general provisions applicable to savings and loan cooperative societies published on April 26, 2018
The National Banking and Securities Commission amends Articles 37, 71, 112, and 166 of the April 26, 2018 Resolution to standardize the composition of the Audit Committee for savings and loan cooperative societies. The amended provisions require the Audit Committee to consist primarily of Board of Directors members designated by the Board upon the President's proposal, with a minimum of three members. At least one member must possess technical knowledge or experience in accounting, auditing, and internal control, and all members must act transparently and free from conflicts of interest. The resolution also repeals specific sub-sections within Article 112 and becomes effective the day following its publication in the Official Gazette.
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