The Financial Regulatory Authority’s (FRA) Board of Directors approved, at a virtual meeting on Sunday, an amendment to the authority’s bylaws.
It stipulates that former FRA employees must avoid involvement in bodies engaged in activities under the authority’s supervision for one year, to prevent conflict of interests.
FRA Chairperson Mohammed Omran said the ban extends to former employees whose service ended with a clear or implied resignation who may look for employment at any of the entities subject to its supervision and control.
This would be valid for a period of one year from the former employee’s end of service. The year-long ban may be reduced to three months subject to a decision by the FRA chairperson.
Omran stressed that, given the importance of the FRA’s role in this regard, employees have significant duties and responsibilities due to the nature of the field in which they work.
As a result, employees are expected to adhere to the FRA’s Human Resources Regulations that ensure their neutrality and that their interests do not conflict with business interests.
The FRA has addressed all units subject to its supervision with the contents of the amendment and the importance of implementing it.