International Financial Services Centres Authority has issued the IFSCA Banking Handbook PRU Directions v5.0. The handbook provides that the governing body of the IBU shall be responsible for the IBU’s compliance with the principles and requirements set out in these rules and other prudential requirements – both quantitative as well as non-quantitative, prescribed under the Home Regulations.
The Governing Body must ensure that the IBU’s senior management establishes and implements policies to give effect to these rules. The Governing Body must approve significant policies and any material changes to them and must ensure that the policies are fully integrated with each other.
The Governing Body must review the IBU’s significant policies from time to time, taking into account changed operating circumstances, activities and risks of the IBU. An IBU’s Governing Body must evaluate the suitability and effectiveness of the information and reports that it and the IBU’s senior management receive under these rules.
