The Prudential Regulation Authority and Financial Conduct Authority have published a document titled A review of requirements for firms entering into or expanding in the banking sector - one year on: see here (pdf). The document provides some further guidance about the regulators' expectations of board composition, non-executive directors and whether shareholders can serve as independent non-executive directors. It is stated, at paragraph 58, that "... there is no ‘one size fits all’ and overall composition will be assessed proportionately as part of the application process on a case-by-case basis".
Tuesday, 8 July 2014
UK: PRA/FCA review of the requirements for firms entering into or expanding in the banking sector - board composition
The Prudential Regulation Authority and Financial Conduct Authority have published a document titled A review of requirements for firms entering into or expanding in the banking sector - one year on: see here (pdf). The document provides some further guidance about the regulators' expectations of board composition, non-executive directors and whether shareholders can serve as independent non-executive directors. It is stated, at paragraph 58, that "... there is no ‘one size fits all’ and overall composition will be assessed proportionately as part of the application process on a case-by-case basis".
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