- The Financial Services Authority is currently preparing a Draft Regulation on the Good Governance of Financing Institutions, Venture Capital Companies, Microfinance Institutions and Other Financial Service Institutions.
- Financing institutions, venture capital companies, microfinance institutions and other financial services agencies (collectively referred to as "PVML") are required to apply good governance across all organizational levels. The good governance principles encompass openness, accountability, responsibility, independence and fairness. PVML must organize business activities that are proper and that comply with all relevant Laws and Regulations. Any non-compliance with these matters may lead to the imposition of administrative sanctions in the following forms: 1) Written warnings; 2) Suspension of activities; 3) Limitation on business activities; 4) Cancellation of approvals; and 5) Administrative fines. (Arts. 2 and 4)
- Furthermore, in terms of its content, the Draft Regulation features provisions that specifically address the good governance of PVML and that span 132 articles and 23 chapters, including: 1) Application of good governance; 2) Shareholders and general meetings of shareholders; 3) Risk management; 4) The compliance function; 5) The internal audit function; and so forth.
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