Regulator tightens MIIs governance under amended SECC and D&P Regulations, elevating ED, CRO, CTO and CISO oversight

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....The regulator strengthens governance of Market Infrastructure Institutions by amending SECC and D&P Regulations to define appointment, roles, and reporting of Managing Director, Executive Directors, CTO, CISO, and Chief Risk Officer. Two Executive Directors for Critical Operations and for Regulatory/Compliance/Risk/Investor Grievances must sit on the Governing Board, be selected via public advertisement, and approved by the regulator, including compensation. EDs report to the MD but are independently evaluated by Board committees, and must report quarterly to the Governing Board, with direct access to the regulator when necessary. Key management personnel now report to EDs, while statutory committees retain direct quarterly access. The Chief Risk Officer will oversee system and cybersecurity audits and join technology committee meetings.....