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4.2 Manager in Charge [Article 9.1 (b) of the Regulations]

N 35/2018 STA
  1. 4.2.1Appointment of the Manager in Charge must be made only after obtaining a Letter of No Objection from the Banking Supervision Department. Refer to Paragraph 6.4 of Chapter 6 for additional standards in this regard;
  2. 4.2.2The Licensed Person must implement an appropriate Succession Plan to manage its business during the temporary absence, such as leave or vacation, of the Manager in Charge. The Succession Plan must also fulfil the requirements of Paragraph 6.4.7 (b) of Chapter 6;
  3. 4.2.3The Manager in Charge must be an authorised signatory granted with Power of Attorney from the Licensed Person or its Owner/Partners/Board of Directors to manage its day to day business; and
  4. 4.2.4The employment contract of the Manager in Charge must contain a clause for treating any violation on the part of the Manager in Charge as a criminal offence if it is proven that the Manager in Charge has signed or made any incorrect or misleading statement to the Central Bank.