1. The Authority shall specify the conditions to be fulfilled by any Person occupying a position on the Board of Directors of the Licensed Person or any function within its Executive Management, in addition to other positions designated by the Authority; this provision shall not apply where the Licensed Person is subject to the Central Bank. 2. The Licensed Person shall obtain the Authority’s prior approval for nominating or appointing any Person to the Board of Directors, renewing the membership thereof, appointing or renewing any Executive Management member, as well as appointing or renewing the contracts of any other positions designated by the Authority; this provision shall not apply where the Licensed Person is subject to the Central Bank or is a Capital Market Institution. 3. The Authority shall have the authority, by reasoned decision, to reject the nomination or appointment of any Person to the Board of Directors, the renewal of their membership, appointment or renewal of any Executive Management member, or any Person occupying positions designated by the Authority. 4. The Licensed Person shall bear full responsibility for the acts of its employees, persons subordinate thereto, and any third party engaged for task outsourcing, without prejudice to any other liabilities under this Decree by Law, the Relevant Legislation, or any other applicable legislation in the State.
Interpretation and application must be checked against the official text and current version.