7. Responsibilities of the Senior Management
Effective from Sep 11 2022 - Feb 28 2023
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| A bank's Senior Management must ensure it formulates policies which approved by the Board of Directors governing PSIAs which ensure their effective and prudent management, including the following: | ||
| a. | Governance requirements including setting controls, responsibilities, and delegation of authority. | |
| b. | Guidelines to ensure PSIA funds are invested in accordance with the relevant terms and conditions of the PSIA contract | |
| c. | Guidelines to safeguarding the interests and rights of the IAHs | |
| d. | The basis for allocating expenses and profits or losses to IAHs | |
| e. | Guidelines on PER and IRR management, and to whom those reserves would revert in the event of a write-off or recovery | |
| f. | Monitoring liquidity mismatches | |
| g. | Valuation and monitoring of PSIA assets | |
| h. | Dealing with any losses incurred as a result of negligence, misconduct, fraud or breach of contract on the part of the bank | |
| i. | An acknowledgement of the right of the IAHs to monitor the performance of their investments and the associated risks, and how IAHs can exercise that right | |