DEN FSA consulted on draft executive order on a basic course for members of the board of directors of banks, mortgage credit institutions and insurance companies.
In order to determine competencies board members in banks, mortgage credit institutions and insurers must possess when take up position of board member.
DEN FSA will need to adjust the areas of competence for the mandatory basic course for board members in banks, mortgage credit institutions and insurance companies.
Effectiveness
It is proposed that the executive order enters into force on Jan. 1, 2025 and any comments on the draft executive order are requested no later than Oct. 4, 2024.
Dec. 2024 Executive Order Published
On Dec. 5, 2024, DEN GVT published executive order 1366 of Dec. 1, 2024, on basic course for members of the board of directors of banks, mortgage credit institutions and insurance companies; in force on Jan. 1, 2025, applicable for members after that date.
The Executive Order does not apply to persons who have joined the board of directors of a bank, a mortgage credit institution or an insurance company before Jan. 1, 2025.
For such persons, the previous executive order 1424 of Nov. 29, 2016 will apply.
Regulators
DEN FSA
Entity Types
Bank; Ins; MG Orig
Reference
OG 24-004836, 12/5/2024; Order BEK 1366, 12/1/2024; Order BEK 1424, 11/29/2024; CP, 9/6/2024
Functions
Compliance; C-Suite; HR; Legal; Operations; Training
