BULGARIA Law and Practice Contributed by: Nikolay Cvetanov, Boris Lazarov, Asen Apostolov and Patrizia Foffo, Penkov, Markov & Partners
• minimum required reserves maintained with the BNB; and • internal exposures – requirements for inter - nal banking rules and procedures regarding the formation, identification, supervision and reporting of such exposures. Diversity Requirements The bank should adopt and implement a policy of selection and assessment of the suitability of members of the management board (board of directors) and supervisory board, taking into account the bank’s size and internal organisa - tion, as well as the nature, scale and complex - ity of its activities. Among others, the policy should include principles and rules for promot - ing diversity in the management board (board of directors) and supervisory board which shall as a minimum contain: (i) criteria of diversity; (ii) the target level of under-represented gender par - ticipation in the management board (board of directors) and supervisory board and the time - frame for its achievement. In order to maintain diversity in the management board (board of directors) and the supervisory board, the policy should ensure non-discrimination based on sex, race, colour, ethnic or social origin, genetic fea - tures, religion or belief, membership of a national minority, property, birth, disability, age or sexual orientation. Bank Secrecy – Rules of Conduct for Employees All bank employees, members of the manage - ment and supervisory bodies of a bank and any other persons working for a bank shall sign a declaration, in accordance with which they undertake to observe the bank’s secrecy. They have no right to disclose or use for their benefit or for the benefit of any member of their families, any information, concerning the balances and operation on the accounts and deposits of the
bank’s customers. This obligation applies not only for the period of time during which they hold the relevant position, but also after their relation - ship with the bank is terminated. 4.2 Registration and Oversight of Senior Management Director or Senior Manager Designation and the Regulatory Approval of Their Appointment Members of the management board of a bank may only be natural persons who, among others: • hold a Master’s degree; • have banking-/financial-specific knowledge, skills and experience; • have no conviction for a premeditated offence at public law, unless they have been exoner - ated; • hold no previous membership in a manage - ment body or a supervisory body of, and no previous status as general partner in, any corporation dissolved by bankruptcy, etc. • are not disqualified from holding a position of property accountability; • are not related to another member of a man- agement body; and • do not give rise to suspicions about their reliability and suitability or about possible conflicts of interest. When internally assessing the suitability of nomi - nees for members of the management body of a bank, the latter should also take into account whether the persons are of sufficiently good repute, are able to act with honesty, integrity and independence of mind, as well as whether they are able to commit sufficient time to per - form their functions. Banks shall also assess the collective suitability of the management and supervisory bodies as a whole unit.
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