Depositories must appoint executive directors, a chief technology officer and a chief information security officer with specified duties. Depositories must appoint two executive directors to head Vertical 1 and Vertical 2 (optionally Vertical 3), with stature, tenure and appointment processes similar to the managing director, subject to Board approval; executive directors manage their verticals, prioritise market and public interest over revenue, ensure infrastructure (Vertical 1) and overall risk management (Vertical 2), and may serve on a depository subsidiary board only with governing-board approval. Managing director duties are expanded to include overall management, legal compliance, risk management and ensuring adequate systems. CTO and CISO roles are mandated with specified IT and cybersecurity responsibilities.
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Provisions expressly mentioned in the judgment/order text.
Depositories must appoint executive directors, a chief technology officer and a chief information security officer with specified duties.
Depositories must appoint two executive directors to head Vertical 1 and Vertical 2 (optionally Vertical 3), with stature, tenure and appointment processes similar to the managing director, subject to Board approval; executive directors manage their verticals, prioritise market and public interest over revenue, ensure infrastructure (Vertical 1) and overall risk management (Vertical 2), and may serve on a depository subsidiary board only with governing-board approval. Managing director duties are expanded to include overall management, legal compliance, risk management and ensuring adequate systems. CTO and CISO roles are mandated with specified IT and cybersecurity responsibilities.
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