Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (11) Corporate Governance

  1. Open Finance Providers must have and maintain effective, robust and well-documented corporate governance arrangements, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility.

  2.  The corporate governance arrangements referred to in Article 11(1) of this Regulation must be comprehensive and proportionate to the nature, scale and complexity of the Open Finance Provider’s business, and must contain, at a minimum:

    2.1a Board approved organisation structure which records in writing each division, department or unit, indicating the name of each responsible individual accompanied by a description of the respective function and responsibilities;
    2.2controls on conflicts of interest;
    2.3controls on integrity and transparency of the Open Finance Provider’s operations;
    2.4controls to ensure compliance with applicable laws and Regulations;
    2.5methods for maintaining confidentiality of information and complying with data privacy requirements; and
    2.6procedures for regular monitoring and auditing of all corporate governance arrangements.
  3. The Senior Management of an Open Finance Provider must fulfil fit and proper and suitability requirements specified by the Central Bank from time to time, including that each member of Senior Management:
3.1is competent and possesses the necessary knowledge, skills, qualifications and experience;
3.2has a record of acting honestly, ethically, with integrity and is of good repute;
3.3has a good record of financial conduct;
3.4is able to make his/her own decisions in a reasoned, objective and independent manner; and does not have any conflict of interest that could affect their conduct;
3.5has sufficient time to devote to fully performing his/her duties/responsibilities under this Regulation;
3.6contributes to the collective suitability of the Senior Management; and
3.7meets any additional requirements specified in applicable Regulations.