s.20Corporate director licensing regime
20
Section 20Part 4 — CORPORATE DIRECTORS

Corporate director licensing regime

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In addition to any other requirements under section 18, a corporate director shall —
be registered as an ordinary resident company, an ordinary non-resident company, an exempted company or foreign company in accordance with the Companies Law (2013 Revision);
appoint to its board at least two natural persons who are registered or licensed under this Law;
before the appointment of any new or additional person to its board, apply to the Authority for its written approval of that appointment.
A corporate director is not required to be registered under section 5 of the Securities Investment Business Law (2011 Revision) where that registration is required solely as a result of registration as a foreign company pursuant to subsection (1)(a).
A person to whom subsection (1)(c) refers shall be registered or licensed as required under this Law.
The Authority may refuse an appointment under subsection (1)(b) or (c) if the Authority is of the opinion that the person is not a fit and proper person.
In determining for the purposes of this Part whether a person is a fit and proper person, regard shall be had to all circumstances, including that person's —
honesty, integrity and reputation;
competence and capability; and
financial soundness.

Defined Terms

corporate directorAuthorityregisteredlicensedfit and proper person

Cross References