Article (15): Powers and Functions of the Board of Directors
Fed Law 14/2018 Issued on 1/10/2018The Board of Directors shall, within the limitations imposed by the provisions of this decretal law, exercise all powers required for achieving the objectives for which the Central Bank has been established.
The Board of Directors shall, in particular, exercise the following:
1) Approve regulations, rules, standards, instructions and business controls to perform its functions and competences, and take all measures and actions necessary to enforce the provisions of this decretal law.
2) Establish and oversee implementation of polices for deployment and management of the Central Bank’s Own Funds and assets.
3) Decide on matters relating to issuance of the Currency and its withdrawal from circulation.
4) Issue regulations relating to organization of Licensed Financial Activities and decide on related matters, including regulations and procedures relating to supervision and oversight thereof, and determine conditions and rules for granting licenses to Licensed Financial Institutions to carry on Licensed Financial Activities and authorizations to undertake Designated Functions.
5) Approve regulations, rules, standards, instructions and business controls for insurance and reinsurance companies, insurance agents and the professions associated therewith.
6) Establish policies, and approve regulations relating to prudential supervision, and the standards and guidelines relating to Licensed Financial Activities.
7) Establish regulations and standards for protection of consumers of Licensed Financial Institutions.
8) Approve regulations, controls, and procedures for countering money laundering and combating terrorism financing and unlawful organizations.
9) Take necessary actions, procedures and impose administrative penalties against any Person violating the provisions of this Decretal Law, and regulations issued in implementation thereof.
10) Approve rules and regulations for maintaining integrity and efficiency of Financial Infrastructure Systems licensed, established, developed, or operated by the Central Bank.
11) Approve risk management and compliance policies at the Central Bank.
12) Approve Central Bank’s bylaws, issue the organizational structure and the administrative, financial and technical regulations, and determine powers and competencies, within the limitations of the provisions of this Decretal Law.
13) Approve human resources policies at the Central Bank.
14) Approve rules for the Central Bank institutional governance, including a set of rules and regulations aimed at achieving performance quality and excellence, in line with the Government’s strategic plans and objectives.
15) Decide on loans and advances granted to the Government, in accordance with the provisions of this Decretal Law.
16) Approve settlements and reconciliations relating to Central Bank’s businesses.
17) Approve the Central Bank’s annual budget and any variations thereof during the year.
18) Approve the Central Bank’s annual final accounts and the amount of net annual profits.
19) Regulate the mechanism of objections related to the insurance activity.
20) Deal with all other matters deemed within its powers, and are conducive to achievement of the objectives of the Central Bank and the discharge of its functions, in accordance with the provisions of this Decretal Law.
The Board of Directors shall, within the limitations imposed by the provisions of this decretal law, exercise all powers required for achieving the objectives for which the Central Bank has been established. The Board of Directors shall, in particular, exercise the following:
- Issue regulations, rules, standards, instructions and business controls to perform its functions and jurisdictions, and take all measures and actions necessary to enforce the provisions of this decretal law.
- Establish and oversee implementation of polices for deployment and management of the Central Bank’s Own Funds and assets.
- Decide on matters relating to issuance of the Currency and its withdrawal from circulation.
- Issue regulations relating to organization of Licensed Financial Activities and decide on related matters, including regulations and procedures relating to supervision and oversight thereof, and determine conditions and rules for granting licenses to Licensed Financial Institutions to carry on Licensed Financial Activities and authorizations to undertake Designated Functions.
- Issue regulations, rules, standards, instructions, and work controls for insurance, reinsurance, insurance agents, and the professions and activities associated therewith.
- Establish regulations and standards for protection of customers of Licensed Financial Institutions.
- Issue regulations, controls, and procedures for encountering money laundering and combating terrorism financing and unlawful organizations.
- Take necessary actions, procedures and impose administrative penalties against any Person violating the provisions of this decretal law, and regulations issued in implementation thereof.
- Approve rules and regulations for maintaining integrity and efficiency of Financial Infrastructure Systems licensed, established, developed, or operated by the Central Bank.
- Approve risk management and compliance policies at the Central Bank.
- Approve Central Bank’s bylaws, issue the organizational structure and the administrative, financial and technical regulations, and determine powers and competencies, within the limitations of the provisions of this decretal law.
- Approve human resources policies at the Central Bank.
- Approve rules for the Central Bank institutional governance, including a set of rules and regulations aimed at achieving performance quality and excellence, in line with the Government’s strategic plans and objectives.
- Decide on loans and advances granted to the Government, in accordance with the provisions of this decretal law.
- Approve settlements and reconciliations relating to Central Bank’s businesses.
- Approve the Central Bank’s annual budget and any variations thereof during the year.
- Approve the Central Bank’s annual final accounts and the amount of net annual profits.
- Regulate the mechanism of objections related to the insurance activity in accordance with the regulating legislations in this regard.
- Deal with all other matters deemed within its powers, and are conducive to achievement of the objectives of the Central Bank and the discharge of its functions, in accordance with the provisions of this decretal law.
The Board of Directors shall, within the limitations imposed by the provisions of this decretal law, exercise all powers required for achieving the objectives for which the Central Bank has been established.
The Board of Directors shall, in particular, exercise the following:
1) Issue regulations, rules, standards, instructions and business controls to perform its functions and jurisdictions, and take all measures and actions necessary to enforce the provisions of this decretal law.
2) Establish and oversee implementation of polices for deployment and management of the Central Bank’s Own Funds and assets.
3) Decide on matters relating to issuance of the Currency and its withdrawal from circulation.
4) Issue regulations relating to organization of Licensed Financial Activities and decide on related matters, including regulations and procedures relating to supervision and oversight thereof, and determine conditions and rules for granting licenses to Licensed Financial Institutions to carry on Licensed Financial Activities and authorizations to undertake Designated Functions.
5) Establish policies, and issue regulations relating to prudential supervision, and the standards and guidelines relating to Licensed Financial Activities.
6) Establish regulations and standards for protection of customers of Licensed Financial Institutions.
7) Issue regulations, controls, and procedures for encountering money laundering and combating terrorism financing and unlawful organizations.
8) Take necessary actions, procedures and impose administrative penalties against any Person violating the provisions of this decretal law, and regulations issued in implementation thereof.
9) Approve rules and regulations for maintaining integrity and efficiency of Financial Infrastructure Systems licensed, established, developed, or operated by the Central Bank.
10) Approve risk management and compliance policies at the Central Bank.
11) Approve Central Bank’s bylaws, issue the organizational structure and the administrative, financial and technical regulations, and determine powers and competencies, within the limitations of the provisions of this decretal law.
12) Approve human resources policies at the Central Bank.
13) Approve rules for the Central Bank institutional governance, including a set of rules and regulations aimed at achieving performance quality and excellence, in line with the Government’s strategic plans and objectives.
14) Decide on loans and advances granted to the Government, in accordance with the provisions of this decretal law.
15) Approve settlements and reconciliations relating to Central Bank’s businesses.
16) Approve the Central Bank’s annual budget and any variations thereof during the year.
17) Approve the Central Bank’s annual final accounts and the amount of net annual profits.
18) Deal with all other matters deemed within its powers, and are conducive to achievement of the objectives of the Central Bank and the discharge of its functions, in accordance with the provisions of this decretal law.