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Can you summarize SOR /2015-131?
Consolidated Regulations > Canadian Payments Association Election of Directors Regulations
Short Summary
The Canadian Payments Association Election of Directors Regulations govern the process of electing directors for the Canadian Payments Association. The regulations require the nominating committee to ensure that candidates for directors represent a sufficient range of skills and expertise. They also specify that certain candidates must be at a level equivalent to senior vice president or executive vice president within their organization. Additionally, the regulations require that two of the three directors representing financial institutions listed in the schedule are representatives of those institutions. The regulations provide guidance on determining the independence of directors and outline the requirements for confirming director independence and reporting it in the annual report. The regulations also specify the process for electing directors based on majority voting. Overall, these regulations aim to ensure a fair and effective election process for directors of the Canadian Payments Association.
Whom does it apply to?
The regulations apply to the Canadian Payments Association and its nominating committee, as well as candidates for directors and financial institutions listed in the schedule.
What does it govern?
Canadian Payments Association Election of Directors Regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada