The Capital Markets (Corporate Governance) (Market Intermediaries) Regulations

3. Directors

Edition: 2022-12-31 · In force

(1)The Board of a market intermediary shall be composed of—

(a)a minimum of three directors of whom at least two shall be natural persons;

(b)at least one-third independent non–executive director;

(c)not more than one-third of the directors who are close relations of any director.

(2)A person shall not be a director in more than two market intermediaries unless the market intermediaries are subsidiaries or holding companies.

(3)A market intermediary shall not change the composition of its board without the prior written consent of the Authority.[L.N. 115/2013, r. 2.]