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Governance reforms for depositories strengthen board composition, segregation of functions, and introduce enforcement and data sharing obligations. Amendments expand the definition of key management personnel, replace 'shareholder directors' with non-independent directors, and strengthen board composition by requiring collective expertise across capital markets, finance and accountancy, legal and regulatory practice, technology and risk management, including at least one public interest director with specified expertise. Functionally, depositories must segregate operations into Critical Operations, Regulatory/Compliance/Risk Management and Other Functions, adopt a 'Chinese Wall' policy, appoint a chief risk officer, implement an Information and Data Sharing Policy, and adopt a unified Code of Conduct covering board members and key management. The Board's enforcement powers, disclosure, evaluation and nomination processes are correspondingly enhanced.
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Governance reforms for depositories strengthen board composition, segregation of functions, and introduce enforcement and data sharing obligations.
Amendments expand the definition of key management personnel, replace "shareholder directors" with non-independent directors, and strengthen board composition by requiring collective expertise across capital markets, finance and accountancy, legal and regulatory practice, technology and risk management, including at least one public interest director with specified expertise. Functionally, depositories must segregate operations into Critical Operations, Regulatory/Compliance/Risk Management and Other Functions, adopt a "Chinese Wall" policy, appoint a chief risk officer, implement an Information and Data Sharing Policy, and adopt a unified Code of Conduct covering board members and key management. The Board's enforcement powers, disclosure, evaluation and nomination processes are correspondingly enhanced.
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