FRA modifies board members criminal record rules
REGULATION WATCH- FRA amends rules on board members with criminal records; gives leasing and factoring companies six months to conform with new law. Companies regulated by the Financial Regulatory Authority have new rules governing board members with criminal records, Al Mal reports. Board members with criminal convictions may must now meet a separate definition of good character rather than simply needing to wait three years after serving a sentence before being allowed to take a board seat. The FRA also scrapped a ban on board memberships for individuals with repeat convictions; they will instead be allowed to apply for rehabilitation in the eyes of the regulator, giving them a potential path back to the boardroom.
Also yesterday: The FRA also gave leasing and factoring companies six months to conform with the recently issued law. Companies wanting more time need to inform the regulator by end of March, the FRA said in a statement.