1) The Board of Directors may issue regulations, rules, standards, conditions, and instructions, specifying Designated Functions subject to Central Bank authorization and the individuals who shall be required to obtain Central Bank authorization to undertake them, including fit and proper conditions, and cases of exemption of such conditions and standards.

2) Without prejudice to the provisions of item (1) of this article, Designated Functions subject to Central Bank authorization include those carried out by members of the boards of directors of Licensed Financial Institutions, and their chief executive officers, senior managers, executives, and Authorized Individuals.

3) No individual may undertake any Designated Functions at a Licensed Financial Institution, without obtaining Central Bank’s prior authorization.

4) Licensed Financial Institutions shall take all measures and actions, which ensure that no officer, employee, or any other individual representing them, shall exercise any of the Designated Functions without obtaining prior authorization from the Central Bank.

5) Any Authorized Individual in accordance with the provisions of this article shall abide with limits of powers stated in the authorization.

6) No individual shall introduce himself as an Authorized Individual unless he is authorized by the Central Bank.