Newsletter
BANK EXECUTIVES BARRED FROM HEADING OTHER COM-PANIES
The Financial Supervisory Commission (FSC) recently announced draft amendments to the Regulations Governing Qualification Require-ments for Responsible Persons of Banks, in-cluding a proposed new provision requiring that a bank's chairman, vice chairperson, general manager, vice general manager, or other person holding corresponding responsibilities may not concurrently be the chairman, vice chairperson, general manager, or vice general manager of a non-financial-sector enterprise (other than an incorporated foundation or non-profit associa-tion).
However, to allow bank executive officers who are also executive officers of non-financial-sector enterprises sufficient time to adjust, the FSC has also included a provision in the draft amendments to allow any bank ex-ecutive officer who at the time the amendments take effect is also a responsible officer of a non-financial-sector enterprise, to continue to hold the latter post for the remainder of their current term of office.