Singapore legislation
Regulation 8
of Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023
Regulation 8
Composition of board of directors of operator
Subregulation 1
The board of directors of the operator of an approved dispute resolution scheme must consist of —
(a)
a chairperson, who is appointed by the board and who is an independent director; and
(b)
3 or more other directors, of whom at least half are independent directors.
Subregulation 2
In this regulation, “independent director” means a director who is not a substantial shareholder, officer or employee of —
(a)
a financial institution; or
(b)
a related corporation of a financial institution.