Article (12): Membership Conditions

Fed Law 14/2018 Issued on 1/10/2018

1) Be of UAE nationality.

2) Have experience in economic, financial or banking affairs.

3) Not have been declared bankrupt or ceased repaying his debts.

4) Not have been convicted of a felony or a misdemeanor involving moral turpitude or dishonesty, unless rehabilitated.

5) Not an active minister, excluding the Chairman of the Board of Directors.

6) Not a member of the Federal National Council.

7) Not holding any position, a job or board of directors’ membership of any institution licensed by any of the Regulatory Authorities in the State or by any of the regulatory authorities in the Financial Free Zones.

8) Not a controller or auditor of accounts of a Licensed Financial Institution, nor owner, agent, or partner in any accounts audit firm.

_{This article has been amended by}_{Decretal Federal Law No. (1) of 2020}_{.You are viewing the latest version. To view the previous version, click the version box below.}

Version 1_{(effective from 31/10/2018 to 09/07/2020)}

A member of the Board of Directors shall satisfy the following conditions:

1) Be of UAE nationality.

2) Have experience in economic, financial or banking affairs.

3) Not have been declared bankrupt or failed to repay his debts.

4) Not have been convicted, of a felony or a misdemeanor involving moral turpitude or dishonesty, unless rehabilitated.

5) Not an active minister or member of the Federal National Council.

6) Not holding any position, a job or board of directors’ membership of any institution licensed by any of the Regulatory Authorities in the State or by any of the regulatory authorities in the Financial Free Zones.

7) Not a controller or auditor of accounts of a Licensed Financial Institution, nor owner, agent, or partner in any accounts audit firm.