Limited purpose clearing corporation board composition requires nominee, independent and managing directors and a mandated dispute resolution mechanism. The regulations prescribe that the governing board of a recognized limited purpose clearing corporation must include nominee directors, independent directors and a managing director, treat nominee directors as shareholder directors and independent directors as public interest directors, exclude the managing director from shareholder directors, permit a rotational issuer representative as a nominee director, require a dispute resolution mechanism for cleared transactions, mandate compliance reconciliation with central bank directions after consultation, and require Board approval sequencing and timely managing director appointment and reporting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Limited purpose clearing corporation board composition requires nominee, independent and managing directors and a mandated dispute resolution mechanism.
The regulations prescribe that the governing board of a recognized limited purpose clearing corporation must include nominee directors, independent directors and a managing director, treat nominee directors as shareholder directors and independent directors as public interest directors, exclude the managing director from shareholder directors, permit a rotational issuer representative as a nominee director, require a dispute resolution mechanism for cleared transactions, mandate compliance reconciliation with central bank directions after consultation, and require Board approval sequencing and timely managing director appointment and reporting.
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