Brunei Darussalam Central Bank Order, 2010 (Formerly Known as Autoriti Monetari Brunei Darussalam Order) · As enacted · Part III
19. Conflict of interest and fiduciary duty
Official textFrom Attorney General's Chambers, unchanged
Directors of the board and the staff of the Authority have a fiduciary duty to the Authority and to the customers of the Authority to place the interests of the Authority and of its customers before their own interests.
board
"board" means the board of directors of the Authority established by section 11(1);
(2l
Directors of the board and members of the staff shall avoid any situation likely to give rise to a conflict of interest.
A conflict of interest arises where directors of the board or members of the staff have private or personal interests which may influence or appear to influence the impartial and objective performance of their duties.
Private or personal interests of directors of the board or members of the staff mean any potential advantage for themselves, their families or any associate.
The managing director and the deputy managing directors shall perform their duties on a full-time basis and shall not engage in any other occupation, whether gainful or not, except in those exceptional cases in which an exemption from this restriction shall have been granted by the board.
managing director
"managing director" means the director appointed to be the managing director under section 13(1);
No director of the board or member of the staff shall receive or accept from any source any benefit, reward, remuneration or gift in excess of a customary or negligible amount, whether financial or non-financial, which benefit, reward, remuneration or gift are connected in any way whatsoever to their activities within the Authority, except as mentioned in subsection {5).
director
"director" means a director of the board appointed under section 12(1);
(7J
A breach of subsection (6) by a director of the board or of a member of the staff shall, independently of the value given or received, constitute serious misconduct.
Where the misconduct referred to in subsection (7) concerns a member of the staff, such misconduct may, at the discretion of the managing director, constitute grounds for disciplinary measures, including dismissal without compensation.
5013
Directors of the board and members of the staff shall not use confidential information to which they have access for the purpose of carrying out private financial transactions, whether directly or indirectly through third parties, or whether conducted at their own risk and for their own account, or at the risk and for the account of a third party.
( 10)
Directors of the board shall before the last day of January in each year disclose in full to the Minister significant financial interests which they or any person with whom they have family, business or financial connections may directly or indirectly possess, and such disclosures shall comply with any internal rules adopted by the board regarding such matters.
The Authority may establish internal rules to implement the requirements of this section.
In subsection [4), "associate" has the same meaning as in paragraph 1(1)
of the First Schedule to the Banking Order, 2006 (S 45/2006) and paragraph 1(1) of the First Schedule to the Islamic Banking Order, 2008 [S 96/08).
Terms defined in s 2
board
Defined · s 2"board" means the board of directors of the Authority established by section 11(1);
director
Defined · s 2"director" means a director of the board appointed under section 12(1);
managing director
Defined · s 2"managing director" means the director appointed to be the managing director under section 13(1);
Part IV
Part VI
Relations with Banks and Financial Institutions
Part VII
Part VIII