On Apr. 25, 2025, CHI NFRA finalized Regulations on the qualifications of directors and senior managers of banking financial institutions, and answered reporters' questions.
CHI NFRA has incorporated suggestions collected during the consultation regarding simplifying the reporting requirements, audit requirements for performance of duties.
The amended regulations will be effective from Jun. 1, 2025.
CHI NFRA proposedRegulations on the qualifications of directors and senior managers of banking financial institutions, to strengthen review of employment of appointees.
Draft Regulations
Improve provisions on the qualifications of senior managers, strengthen the review and approval of the compliance and honest employment of the proposed appointees.
Distinguish between types of administrative penalties and impose restrictions on the appointment of personnel; consolidate responsibility of FIs for managing qualifications.
Encourage senior managers to abide by integrity, perform duties and responsibilities, and work honestly, while encouraging FIs to operate in accordance with the law.
Consultation Period
Comments may be submitted by Jan. 26, 2025.
Apr. 2025 Finalized Regulations
On Apr. 25, 2025, CHI NFRA finalized Regulations on the qualifications of directors and senior managers of banking financial institutions, and answered reporters' questions.
CHI NFRA has incorporated suggestions collected during the consultation regarding simplifying the reporting requirements, audit requirements for performance of duties.
The amended regulations will be effective from Jun. 1, 2025.
