Effective from Mar 01 2023 - Feb 28 2023 To view other versions open the versions tab on the right
A bank’s Board of Directors (or the delegated committee of the Board) must ensure that it approves policies that enable a prudent management of assets and risks associated with PSIAs.
The Board (or the delegated committee of the Board) is responsible to provide effective oversight and monitoring to ensure that PSIAs are managed in the best interests of the IAHs, in line with these Rules. In particular the Board must ensure there is effective oversight of:
a.
Financing and investment activities undertaken on behalf of IAHs;
b.
A sound risk management framework that adequately identifies, measures, monitors and controls risks that are funded by assets funded by PSIAs
c.
The fiduciary duties performed by the bank to ensure that they are in accordance with the terms and conditions of the contracts between the bank and its IAHs
d.
The level of reserves (PER/IRR), to ensure that the level is appropriate and as fair as possible to existing and new IAHs; and
e.
The disclosure of relevant information to IAHs on a periodic basis
Book traversal links for 6. Responsibilities of the Board of Directors