On Jul. 14, 2025, ISR CB issued Circular No H-06–2822 updating Directive 301 on Board of Directors; updates on section 4 re officer approval in a banking corporation.
And on section 31(c) of the directive, which deals with the cooling-off period required when a director who served in one banking corporation transfers to the board of directors of another banking corporation; the appendices have also been updated.
Amendments to this directive will take effect on Dec. 1, 2025.
On May 26, ISR CB proposed board of directors directive 301 updates.
ISR CB proposed updates to Board of directors (proper conduct of banking business) directive 301 on banking corporations/and licensees of payment service providers.
Follows Oct. 2022, ISR CB proposed directive 301 on board of directors, see #149984.
Summary
Changes relate to those holding a license provides payment services of prudential/ stability importance, as per changes to applicability clause following the entry into force of the Regulation of Payment Services and Payment Initiation Law 5783/2023.
Highlights that updates do not constitute change to either infrastructural or provision.
Effectiveness
Comments are invited until Jun. 9, 2025.
Jul. 2025 Instruction Published
On Jul. 14, 2025, ISR CB issued Circular No H-06–2822 updating Directive 301 on Board of Directors; updates on section 4 re officer approval in a banking corporation.
And on section 31(c) of the directive, which deals with the cooling-off period required when a director who served in one banking corporation transfers to the board of directors of another banking corporation; the appendices have also been updated.
Amendments to this directive will take effect on Dec. 1, 2025.
Regulators
ISR CB
Entity Types
Bank
Reference
Cir H-06-2822, 7/14/2025; Dir 301; CP 111563, 5/26/2025; Dir 301; Law 5783/2023
