Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022 · As enacted · Part 2 · Requirements for Designated Fhc with Bank Subsidiary
18. Executive officers
Feedback & supportA DFHC (Bank) (A) must not appoint any person as its executive officer while that person is concurrently —
employed by a substantial shareholder of A (other than, in the case where A is a subsidiary of another DFHC (B), B);
an executive officer of an affiliate of a substantial shareholder of A; or
where A is a subsidiary of B — employed by a substantial shareholder of B or an affiliate of a substantial shareholder of B.
A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Subregulation 1
A DFHC (Bank) (A) must not appoint any person as its executive officer while that person is concurrently —
employed by a substantial shareholder of A (other than, in the case where A is a subsidiary of another DFHC (B), B);
an executive officer of an affiliate of a substantial shareholder of A; or
where A is a subsidiary of B — employed by a substantial shareholder of B or an affiliate of a substantial shareholder of B.
Subregulation 2
A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.