Restricted Licence Finance Companies and Agents must develop principles and policies for corporate governance; put in place an approved organisational and governance structure; and implement a Fit and Proper framework.
26.2
A Restricted Licence Finance Company must submit to the Central Bank, its organisational and governance structure; and provide updated copies in the event of significant changes to the structure(s).
26.3
Restricted Licence Finance Companies and Agents must ensure that they institute appropriate risk management frameworks; adequate internal controls; proper segregation of duties within the organisational structure; and that their operations are undertaken within the boundaries of clearly documented and internally audited policies, authorities and procedures.
26.4
Restricted Licence Finance Companies must obtain prior approval from the Central Bank prior to the appointment of any Authorized Individuals.
26.5
All individuals required to be approved as Authorized Individuals of a Restricted Licence Finance Company, including but not limited to members of the board of directors, Senior Management and persons in control functions, must be Fit and Proper and remain so for the duration of their appointment.
26.6
Restricted Licence Finance Companies must obtain approval from the Central Bank prior to any membership changes in its board of directors.
26.7
Restricted Licence Finance Companies and Agents shall have adequate staff who possess the requisite qualifications, competencies and skills to individually and collectively provide the range of skills and experience to manage their affairs in a sound and prudent manner.