International Banking and Trust Companies Act

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International Banking and Trust Companies Act
CHAPTER 11.04
INTERNATIONAL BANKING AND TRUST COMPANIES ACT
ARRANGEMENT OF SECTIONS

PART 1
PRELIMINARY PROVISIONS
SECTION
1. Short title
2. Interpretation
3. Application
PART 2
INTERNATIONAL BANKING BUSINESS
4. Interpretation
5. Licence required
6. Application for licence
7. Issuance of licence
8. Restrictions on business that may be carried on by licensee
9. Maintenance of capital
10. Maintenance of reserve fund
11. Restriction on distribution of dividends
12. Maintenance of liquidity
PART 3
TRUST BUSINESS
13. Interpretation
14. Licence required
15. Application for licence
16. Issuance of licence
17. Class and extension of licence
18. Maintenance of capital

PART 4
MATTERS APPLICABLE TO TRUST BUSINESS
AND INTERNATIONAL BANKING BUSINESS
19. Interpretation

Surrender of Licence
and Variation of Terms of Licence
20. Appointment of administrator by the Court
21. Variation of terms or conditions of licence
Principal Office and Authorised Agent
22. Principal office and authorised agent
23. Operation outside Montserrat
Restrictions on and Change of Names
24. Restrictions on use of certain terms
25. Change of name
Transfer of Shares and Appointment of Directors
26. Transfer of shares
27. Number and appointment of directors
28. Exemption for domestic bank
Obligations of Licensee
29. Annual fee
30. Display of licence
31. Returns and accounts
32. Audit requirements
33. Directions for the reporting of information
Administration
34. Attorney General may apply to Court
Corporate Governance
35. Removal and disqualification of directors
36. Declaration and registration of related interest and conflicts of interest by directors
37. Responsibility for deceptive statements and obstruction of audit or examination
38. Management’s duty of compliance with the requirements of the laws
39. Advertising
Miscellaneous
40. Insurance
41. Gazette notices
42. Appeals
43. Regulations
44. Code of Practice or guidelines

45. Offences
46. Transitional provisions


CHAPTER 11.04
INTERNATIONAL BANKING AND TRUST COMPANIES ACT
(Acts 4 of 2006, 1 and 3 of 2008 and 9 of 2011)
AN ACT TO MAKE PROVISION FOR THE REGULATION OF INTERNATIONAL
BANKING AND FOR TRUST COMPANIES IN MONTSERRAT.

Commencement
[10 April 2006]
PART 1
PRELIMINARY PROVISIONS
Short title
1. This Act may be cited as the International Banking and Trust Companies Act.
Interpretation
2. (1) In this Act—
“attorney-at-law” means an attorney admitted before the Eastern Caribbean Supreme Court to practice in Montserrat;
“auditor” means a person is in good standing as a member of an association of chartered or public accountants or other similar body approved by the Commission as a reputable auditing association;
“authorised agent” means a person licenced under the Company Management Act or holding a general trust licence under this Act;
“bank” means a person carrying on banking business;
“banking business” means—
(a) the business of receiving funds through the acceptance of money deposits payable on demand or after a fixed period or after notice or any similar operation; through the frequent sale or placement of bonds, certificates, notes or other securities; and the use of such funds either in whole or in part for loans or investment for the account and the risk of the person doing such business; and
(b) any other activity prescribed by the Commission as constituting customary banking practice that a bank engaged

in activities described in paragraph (a) may additionally be authorised to do;
“board” means a board of directors or other body responsible for the management of a licensee;
“company” means a company incorporated or continued under the Companies Act;
“Commission” means the Financial Services Commission established under the Financial Services Commission Act; (Amended by Act 3 of 2008)
“Court” means the High Court;
“dollar” or “$” means a dollar in the currency of the United States of America;
“domestic bank” means a person holding a licence under the Banking Act or any succeeding legislation;
“financial institution” means a person licensed to undertake banking business;
“foreign company” means a person from outside Montserrat that is registered under Division D of Part 3 of the Companies Act;
“international banking business” means banking business carried on in or from within Montserrat in a currency other than Eastern Caribbean dollars with a non-resident of Montserrat;
“international banking licence” means a licence issued under section 7;
“international business company” means a company incorporated or continued under the International Business Companies Act;
“prescribed” means prescribed by regulations made by the Governor acting on the advice of Cabinet under section 43; (Amended by Act 9 of 2011)
“trust” means the legal relationship created when assets have been placed under the control of a person (a trustee) to be held for the benefit of another (the beneficiary) or for a specified purpose;
“trust business” means carrying on the business of acting as trustee of property;
“trust company licence” means a licence issued under section 16;
“unimpaired capital” means total equity capital in the most recent report plus any subordinated notes and debentures approved by the Commission as an addition to capital structure plus any valuation reserves created by charges to income reported on the most recent report.
(2) Subject to subsection (3), for the purposes of this Act, the following are regarded as non-residents of Montserrat—

(a) an international business company;
(b) a company or an LLC formed or continued under the Limited Liability Company Act that, at the relevant time does not engage in any revenue generating activities in Montserrat.
(3) An LLC or a company shall not be regarded as engaging in a revenue generating activity in Montserrat in respect of—
(a) any international banking business conducted with it by a person holding an international banking licence; or
(b) any activity which the Commission may prescribe as not being a revenue generating activity in Montserrat.
(4) A company, an international business company; or an LLC formed or continued under the Limited Liability Company Act; that carries on banking business or trust business outside Montserrat, carries on banking business or trust business, as the case may be, from within Montserrat.
(Amended by Act 3 of 2008)
Application
3. (1) This Act applies, in respect to their international banking business, to a person, including a domestic bank, that conducts international banking business.
(2) A person, including a domestic bank, that holds an international banking licence—
(i) is exempt from the provisions of the Banking Act in respect of international banking business; and
(ii) is subject to the provisions of the Banking Act in respect of banking business other than international banking business.
(3) This Act does not apply to the Caribbean Development Bank.
(4) A person holding an international banking licence or trust company licence, other than a domestic bank, does not require a licence under the Trades Licences Act, in respect of its international banking or trust business.

PART 2
INTERNATIONAL BANKING BUSINESS
Interpretation
4. In this Part—
“licence” means an international banking licence;
“licensee” means a person holding an international banking licence.
Licence required
5. (1) No person, including a domestic bank, shall carry on, or hold himself out as carrying on international banking business unless they hold a licence that is not suspended. (Amended by Act 3 of 2008)
(2) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $25,000, or to a term of imprisonment of two years or to both for each day that they contravene the subsection.
Application for licence
6. (1) A company or a foreign company may apply to the Commission for a licence.
(2) An application under subsection (1) must—
(a) contain the information and be in the form prescribed in the regulations to this Act; and
(b) be accompanied by the documentation and the fee prescribed in the regulations to this Act, and such other information and documentation that the Commission may deem necessary.
(3) In considering an application for a licence, the Commission may review and investigate the information provided for in regulation 2, but is not limited to the information contained in that regulation.
Issuance of licence
7. (1) If the Commission is satisfied—
(a) that an applicant is—
(i) fit and proper, in accordance with the criteria set out in regulation 3 of the regulations; and
(ii) qualified to carry on international banking business;
(b) that the persons having any share or other interest, whether legal or equitable, in the applicant and its directors and officers are fit and proper to have an interest in or be

concerned with the management of a licensee, as the case may be;
(c) that the applicant intends, if issued with a licence, to commence international banking business within twelve months of receiving the banking licence;
(d) that the applicant satisfies the requirements of this Act in respect of the application and will, upon issuance of the licence, be in compliance with this Act in respect of licensing; and
(e) that issuing the licence is not against the public interest,
it may issue a licence to the applicant upon payment of the prescribed fee and subject to such terms and conditions as it thinks fit.
(2) If the Commission is of the opinion that it would be undesirable in the public interest to grant the licence, it may refuse to grant the same and need not give any reason for so refusing, but shall still inform the applicant that it has refused to grant the licence.
(3) There is no appeal from the decision of the Commission in subsection (2).
Restrictions on business that may be carried on by licensee
8. (1) A licensee that is not a domestic bank may not—
(a) invest in any asset that represents a claim on any person resident in Montserrat except a claim resulting from—
(i) a transaction with another licensee, or a domestic bank;
(ii) the purchase of bonds or other securities issued by the Government, a statutory corporation or a company in which the Government is the sole or majority beneficial owner; and
(iii) the renting of property, maintenance of books and records and dealing with any other matter or person necessary to carrying out or done in relation to the carrying out of its business; or
(b) without the written approval of the Commission, carry on any international banking business other than that for which the licence has been issued.
(2) A licensee shall not directly or indirectly, without the written approval of the Commission, carry on business as set out in Schedule 3 of the regulations.
(3) A licensee that contravenes subsection (1) or (2), commits an offence and is liable on summary conviction to a fine of $25,000.

Maintenance of capital
9. (1) A licensee, other than a domestic bank, or a branch of a foreign bank, must ensure that its paid-up share capital is maintained in an amount not less than $1,000,000, or the equivalent in another currency, or such greater sum as may be ordered under subsection (2).
(2) The Commission may order a licensee to increase its fully paid-up capital to such greater amount as it may determine having regard to the nature of the international banking business being, or sought to be, undertaken and to a capital adequacy ratio, as the Commissioner may from time to time determine.
(3) A company that contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $25,000 for each week that it contravenes the said subsection.
(4) Where an offence under this section is committed by a company, a director or officer of the company who knowingly authorised, permitted or acquiesced in the commission of the offence also commits an offence and is liable on summary conviction to a fine of $25,000, or to a term of imprisonment for six months or to both.
Maintenance of reserve fund
10. Every licensee shall maintain a reserve fund and shall out of its net profits of each year transfer to that fund a sum equal to not less than 20% of such profits whenever the amount of the reserve fund is less than 100% of the paid-up capital of the licensee.
Restrictions on distribution of dividends
11. No licensee shall declare, credit or pay any dividend or make any other transfer from profits whenever such declaration, credit, payment or transfer would result in an impairment of the shareholders equity of the licensee or the capital required under section 10.
Maintenance of liquidity
12. Every licensee shall maintain adequate liquidity by way of cash or marketable securities or call or time deposits of less than twelve months with a prime or other acceptable international bank amounting to at least 12% of the total assets or such other percentage as may from time to time be determined by the Commission.
(Amended by Act 3 of 2008)


PART 3
TRUST BUSINESS
Interpretation
13. In this Part—
“licence” means a trust company licence;
“licensee” means a person holding a trust company licence.
Licence required
14. (1) Subject to subsection (2), no person shall carry on, or hold himself out as carrying on trust business in or from within Montserrat unless he holds a licence that is not suspended. (Amended by Act 3 of 2008)
(2) Subsection (1) does not apply to an attorney-at-law in so far as he is engaged in trust business that relates solely to the practice of law.
(3) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $25,000 or to a term of imprisonment of two years or to both for each day that he contravenes the said subsection.
Application for licence
15. (1) A company, a foreign company or, subject to section 17(2), an international business company may apply to the Commission for a licence.
(2) An application under subsection (1) must—
(a) contain the information and be in the form prescribed in the regulations to this Act; and
(b) be accompanied by the documentation and the non- refundable fee prescribed in the regulations to this Act.
(3) In considering an application for a licence, the Commission may review and investigate the information provided for in regulation 2 of the regulations but is not limited to information contained in that regulation.
Issuance of licence
16. (1) If the Commission is satisfied—
(a) that an applicant is—
(i) a fit and proper person, in accordance with the criteria set out in regulation 3 of the regulations; and
(ii) is qualified to carry on trust business;


(b) that the persons having any share or other interest, whether legal or equitable, in the applicant and its directors and officers are fit and proper persons to have an interest in or be concerned with the management of a licensee, as the case may be;
(c) that the applicant intends, if issued with a licence, to commence carrying on trust business in or from within Montserrat within twelve months of receiving the licence;
(d) that the applicant satisfies the requirements of this Act in respect of the application and will, upon issuance of the licence, be in compliance with this Act in respect of licensing; and
(e) that issuing the licence is not against the public interest,
it may issue a licence to the applicant subject to such terms and conditions as it thinks fit.
(2) If the Commission is of the opinion that it would be undesirable in the public interest to grant the licence, it may refuse to grant the same and need not give any reason for so refusing but shall inform the applicant that it has refused to grant the licence.
(3) There is no appeal from the decision of the Commission in subsection (2).
Class and extension of licence
17. (1) A licence shall be in one of the following classes—
(a) a general trust company licence;
(b) a restricted trust company licence.
(2) A general trust company licence shall not be issued to an international business company.
(3) A restricted trust company licence is subject to the restriction that the licensee does not undertake trust business on behalf of persons other than those persons or classes of persons listed in the undertaking accompanying the application for the licence or any amendment to the list approved by the Commission.
(4) An applicant for a general trust company licence may apply for the licence to extend to a wholly owned subsidiary of the applicant.
(5) An application under subsection (4) must be made in writing to the Commission accompanied by—
(a) the name of the subsidiary;
(b) documentary proof sufficient to establish that the subsidiary is wholly owned by the applicant;

(c) a description of the type of trust business being, or to be, carried on by the subsidiary; and
(d) any other information or documentation that the Commission considers necessary.
(6) The Commission may, upon granting a general trust company licence to the applicant, extend the licence to include the subsidiary referred to in subsection (4), subject to such terms and conditions as it thinks fit.
(7) The licence is automatically suspended if the subsidiary becomes no longer wholly owned by the applicant and the Commission may revoke the licence on further review.
Maintenance of capital
18. (1) A holder of a general trust company licence, other than a domestic bank, must ensure that its paid-up share capital is maintained in an amount not less than $250,000, or the equivalent in another currency, or such greater sum as may be ordered under subsection (3).
(2) A holder of a restricted trust company licence must ensure that its fully paid-up share capital is maintained in an amount not less than the amount prescribed by the Commission as being the minimum capital for a restricted trust company, or such greater sum as may be ordered under subsection (3).
(3) The Commission may order a licensee to increase its fully paid-up capital to such greater amount than that required under subsection (1) or (2) as it may determine having regard to the nature of the general or restricted trust business being, or sought to be, undertaken.
(4) A company that contravenes subsection (1) or (2) commits an offence and is liable on conviction to a fine of $25,000 per week for each week that it contravenes the subsection.
(5) Where an offence under this section is committed by a company, a director or officer of the company who knowingly authorized, permitted or acquiesced in the commission of the offence also commits an offence and is liable on conviction to a fine of $25,000 or to a term of imprisonment for six months or to both.
PART 4
MATTERS APPLICABLE TO INTERNATIONAL BANKING BUSINESS
AND TRUST BUSINESS
Interpretation
19. In this Part—
“licence” means an international banking licence or a trust company licence;

“licenced business” means the international banking business or the trust business, as the case may be, that the licensee is licensed to carry on;
“licensee” means a person holding an international banking licence or holding a trust company licence.

Surrender of Licence and Variation of Terms of Licence
Surrender of licence
20. (1) A licensee that ceases to carry on the licenced business may apply to the Commission to surrender its licence.
(2) An application under subsection (1) must—
(a) contain the information and be in the form prescribed in the regulations to this Act; and
(b) be accompanied by the documentation prescribed in the regulations to this Act.
(3) If the Commission is satisfied that—
(a) the licensee has ceased to carry on the licenced business and that—
(i) the licensee has repaid all deposits accepted by it; or
(ii) the licensee has properly distributed, transferred or otherwise dealt with all trust assets that were held or administered by it; or
(b) the licensee being wound up, is solvent and is able on demand—
(i) in the case of a company holding an international banking licence, to repay all deposits accepted by it; or
(ii) in the case of a person holding a trust company licence, to properly distribute, transfer or otherwise deal with all trust assets that are or were held or administered by it;
the Commission may approve the surrender.
(4) In the case of a surrender of a licence under paragraph (3)(b), the Attorney General or the Commission may apply to the Court for an order that the licensee be wound up by the Court or subject to the supervision of the Court under the Companies Act or the International Business Companies Act as the case maybe.
Variation of terms or conditions of licence
21. The Commission may, upon giving reasonable notice to the licensee—

(a) vary or cancel any terms or conditions imposed on the issue of a licence or under the extension of a licence under section 17(4) or imposed thereafter; or
(b) impose new terms or conditions.

Principal Office and Authorised Agent
Principal office and authorised agent
22. (1) A licensee must have—
(a) a principal office in Montserrat being a place of business; and
(b) 2 authorised agents who comply with subsection (2):
Providing that where the licensee is a bank, “place of business” means any bank (other than a subsidiary or branch of a bank licenced in a country or territory outside Montserrat) having such resources (including staff and facilities) and such books and records as the Commission considers appropriate having regard to the nature and scale of business.
(2) Each authorised agent—
(a) must be an individual resident in Montserrat; or a general trust company licenced under this Act; and
(b) must, prior to his appointment—
(i) have consented in writing to act as an authorised agent; and
(ii) be approved in writing as an authorised agent by the Commission under the Company Management Act or as a general trust company under this Act;
(c) if he is an individual, may be a principal or a senior officer of a Company licensed under the Company Management Act or as a general trust company under this Act and approved as in paragraph (b)(ii) herein.
(3) The licensee must appoint its first authorised agents not later than the day of the issue of its licence and shall forthwith notify the Commission that the approved appointments have been made.
(4) A licensee may not change the address of its principal office or appoint an authorised agent without the prior written approval of the Commission.
(5) An agent whose licence has been suspended or cancelled or whose trust licence has been suspended or cancelled under this Act cannot continue as an agent under this section.
(6) Subject to subsection (7), a licensee that contravenes this section commits an offence and is liable on summary conviction—

(a) in respect of a breach of subsection (1), to a fine of $25,000; and
(b) in respect of a breach of subsection (3) or (4), to a fine of $10,000.
(7) A licensee does not contravene subsection (1) when an authorised agent dies or resigns or has his licence suspended or cancelled as set out under subsection (5) if—
(a) the licensee forthwith submits to the Commission the name of a person to replace the authorised representative; and
(b) appoints an authorised agent forthwith after he is approved,
so long as the licensee has at least one authorised agent.
(8) This section does not apply to a domestic bank but does apply to a subsidiary of a domestic bank.
(9) The Authorised Agents of a licensee shall in their capacity as representatives of the licensee ensure compliance with all statutory requirements under this Act.
Operation outside Montserrat
23. (1) A licensee, unless it is a foreign bank must not operate a subsidiary, branch, agency or office outside Montserrat without the prior approval of the Commission.
(2) A licensee must keep the Commission informed at all times of the location addresses, telephone numbers, fax numbers and e-mail addresses of any subsidiary, branch, agency or office of the licensee and the Commission must be notified immediately of any change.
(3) A licensee who contravenes subsection (1) or (2) commits an offence and is liable on summary conviction to a fine of $25,000 for each week or part thereof that the contravention continues.

Restrictions on and Change of Names
Restrictions on use of certain terms
24. (1) No person other than a licensee shall, except with the authority of the Commission or under the authority of any other written law—
(a) use, whether in the name under which he is registered or in the description or title under which he carries on business in or from within Montserrat and whether in English or in any language—
(i) the words “bank”, “fund”, “mutual”, “savings” or “trust” or any derivative; or

(ii) any word that, in the opinion of the Commission, suggests international banking business or trust business; or
(b) make any representation in any document or in any other manner that is likely to suggest that he is carrying on international banking business or trust business.
(2) The Commission may, by written notice, require a licensee who carries on international banking business or trust business under a name that is—
(a) identical to that of any other person, whether within or outside Montserrat, or which so nearly resembles that name as to be likely to deceive;
(b) likely to suggest falsely the patronage of or connection with some person whether within or outside Montserrat; or
(c) likely to suggest falsely that it has special status in relation to or derived from the Government or has the official approval of, or acts on behalf of, the Government or of any of its departments or officials,
forthwith to change the name and in default of compliance may suspend or revoke the licence.
(3) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $25,000 or to a term of imprisonment of one year or to both.
(4) A licensee who fails to change his name within seven days of the date of receipt of a written notice under subsection (2) commits an offence and is liable on summary conviction to a fine of $10,000 and to a daily default fine of $500.
Change of name
25. A licensee shall not change its name without the prior written approval of the Commission.
Transfer of Shares and Appointment of Directors
Transfer of shares
26. (1) No share or other interest, whether legal or equitable, in a licensee shall be issued, transferred or otherwise disposed of without the prior written approval of the Commission.
(2) The Commission may grant written approval of the transfer provided that it is satisfied that the new shareholder is a fit and proper person in accordance with the criteria set out in regulation 3 of the regulations.

(3) Where the company is a publicly listed company, or as otherwise determined by the Commission, such company may be exempted from the provisions of subsection (1), subject to such terms and conditions as the Commission thinks fit.
Number and appointment of directors
27. (1) A licensee shall have not less than two directors.
(2) Subject to subsection (3), no appointment of a director or other senior officer of a licensee shall be made without the prior written approval of the Commission.
(3) Subsection (2) does not apply to a licensee that is exempted in writing by the Commission.
(4) An exemption under subsection (3) may be granted subject to such terms and conditions as the Commission considers fit and may be revoked by the Commission in writing.
Exemption for domestic bank
28. Sections 26 and 27 do not apply to a domestic bank but it does apply to a subsidiary of a domestic bank.

Obligations of Licensee
Annual fee
29. (1) A licensee shall pay the prescribed annual licence fee each year in advance, on or before 15 January of that year.
(2) If a licensee fails to pay the annual fee in full on or before 15 January in any year, it is liable to pay a late payment penalty calculated as prescribed.
(3) A licensee that fails to pay the prescribed annual fee on or before 15 January in any year is deemed not to have contravened subsection (1) if—
(a) it pays the annual fee and the appropriate late payment penalty in full on or before 14 March of the year due; and
(b) at the time of payment his licence has not been revoked or suspended.
(4) The annual fee and any late payment penalty payable by a licensee remains payable notwithstanding that his licence has been suspended.
Display of licence
30. A licensee must prominently display its licence on the premises where its licensed business is carried on.

Returns and accounts
31. (1) Every licensee shall in relation to its operations submit, within thirty days of the end of each quarter, to the Commission in English, in such form as the Commission may from time to time approve, a statement of its assets and liabilities in such detail as the Commission may require, as at the close of the last business day of each quarter.
(2) The Commission may require a licensee to submit such further information as it may deem necessary for the proper understanding of any statement or return furnished by that licensee under subsection (1) and such information shall be submitted within such a period and in such manner as the Commission may require.
(3) Every licensee shall have its accounts audited annually or at such other periods as the Commission may require.
(4) The licensee shall forward the audited accounts to the Commission within three months from the end of the financial year of the licensee unless the Commission has granted prior written approval for an extension.
Audit requirements
32. (1) A licensee shall appoint an Approved Auditor.
(2) The Auditor’s duties are set out in regulation 5 of the Regulations.
(3) Where a licensee changes its Auditor, the licensee shall authorise the former Auditor to disclose the circumstances that gave rise to the change, and when so authorised, the Auditor shall disclose such circumstances and if the Commission so requires, the Auditor shall provide such further information with regard to the circumstances as the Commission may request.
Directions for the reporting of information
33. (1) The Commission may issue directions to licensees for the making of returns, or the furnishing of documentation, for regulatory purposes.
(2) A notice under subsection (1) must specify the period within which returns must be made or documentation filed.
(3) Directions issued under subsection (1) may make different provision in relation to different persons, circumstances or cases.
(4) A licensee that fails, within the period specified, to make a return or furnish documentation to the Commission in accordance with directions issued under subsection (1) commits an offence and is liable on summary conviction to a fine of $5,000.


Administration
Attorney General may apply to Court
34. Where a licensee or a person who has at any time been a licensee is being wound up voluntarily the Attorney General may, when requested by the Commission apply to the Court for leave to intervene on behalf of any interested party if he considers that the winding up is not being conducted in the best interests of its depositors, the beneficiaries of any trust, or other creditors and the Court shall make such order as it shall consider appropriate.
(Amended by Act 3 of 2008)

Corporate Governance
Removal and disqualification of directors
35. (1) Any person who is a director, a manager or other officer concerned with the management of a licensee shall cease to hold office if any of the events set out in regulation 7 of the regulations occur or have occurred.
(2) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of one year or to both.
Declaration and registration of related interest and conflicts of interest
by directors
36. (1) Every director of a licensee who is in any manner, whether directly or indirectly, interested in loans, advances, contracts or transactions from that licensee shall as soon as possible declare the nature of his interest to the board or other body responsible for the management of the licensee and shall cause such declaration to be minuted and circulated forthwith to all of the members of the board.
(2) Every director of a licensee who holds any office or possesses any property whereby, whether directly or indirectly, duties or interests might be created in conflict with his duties or interests as such director shall declare the fact, nature, character and extent of such duties and interests at the first meeting of the board held—
(a) after he becomes a director of the licensee; or
(b) if already a director, after he commences to hold office or to possess the property.
(3) A director who contravenes subsections (1) and (2) commits an offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of one year or to both.

Responsibility for deceptive statements and obstruction of audit or
examination
37. Any director, manager, secretary, employee or agent of a licensee, who—
(a) with intent to deceive—
(i) makes any false or misleading statement or entry; or
(ii) omits any statement or entry that should be made in any book, account, report or statement of the licensee; or
(b) obstructs or endeavours to obstruct—
(i) the proper performance by an auditor of his duties in accordance with the provisions of this Act, or
(ii) a lawful examination of the licensee by a duly authorized examiner,
commits an offence and is liable on summary conviction to a fine of $10,000 or to imprisonment for a term of one year or to both.
Management’s duty of compliance with the requirements of the laws
38. Any director, manager, secretary or other officer concerned in the management of a licensee, who fails to take all reasonable steps to secure compliance by the licensee with the requirements of this Act commits an offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of one year or to both.
Advertising
39. (1) No licensee shall engage in advertising or promotion practices which are in the opinion of the Commission likely to mislead the public. (Amended by Act 3 of 2008)
(2) Any licensee that contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of $5,000 for each contravention.

Miscellaneous
Insurance
40. (1) The Commission may by written notice require a licensee to effect a policy of insurance with an approved insurance company and maintain it.
(2) The policy of insurance shall insure against—
(a) losses arising out of claims of negligence or breach of duty by the licensee or by an employee;

(b) the dishonesty of employees or of the licensee;
(c) the loss of documents; and
(d) such other risks as the Commission may stipulate,
in such amount and of such nature as the Commission determines having due regard to the nature and type of business carried on by the licensee.
(3) The licensee shall effect the policy of insurance within the time specified in the notice or any extension of the time given by the Commission.
(4) The licensee shall without delay give notice to the Commission in writing if—
(a) it is unable to obtain insurance as required by the Commission; or
(b) it ceases to maintain the insurance. (Amended by Act 3 of 2008)
(5) A licensee who contravenes this section commits an offence and is liable on summary conviction to a fine of $10,000, to a term of imprisonment of one year or to both.
Gazette notices
41. (1) The Commission shall cause notice of the issue of a licence to be published in the Gazette. (Amended by Act 3 of 2008)
(2) A notice of issue of a licence published in the Gazette must specify the terms and conditions, if any, to which the licence is subject.
Appeals
42. A decision of the Commission under section 7, 16, 17, 18 or 21 is final and conclusive and shall not be called into question in any court of law. (Amended by Act 3 of 2008)
Regulations
43. The Governor acting on the advice of Cabinet may make regulations generally for giving effect to the provisions of this Act and specifically but not limited to—
(a) requiring the payment of fees under this Act and prescribing them, including—
(i) fees for filing an application;
(ii) fees for the issuance of a licence;
(iii) annual fees;
(iv) penalty fees for late submission of documents required under this Act;
(v) administrative fees;

(vi) administrative penalties; (Amended by Act 9 of 2011)
(b) varying the fees prescribed under paragraph (a); (Inserted by Act 1 of 2008)
(c) exempting any person, including a domestic bank, from the payment of any fees prescribed under paragraph (a) subject to such conditions, if any, as are imposed in respect of such exemption; (Inserted by Act 1 of 2008)
(d) prescribing the documents to be submitted in an application for a licence;
(e) prescribing anything required or permitted to be prescribed by this Act;
(f) exempting any trust company from this Act or any provision of this Act, subject to such conditions, if any, as are imposed in respect of the exemption;
(g) relating to loan concentrations, related party transactions and matters relating to self-dealing.
Code of Practice or Guidelines
44. (1) The Commission may issue a Code of Practice or Guidelines with respect to the procedures to be followed by and the conduct expected of a licensee in the operation of its licensed business. (Amended by Act 3 of 2008)
(2) The Code of Practice or Guidelines may include—
(a) due diligence procedures;
(b) record keeping requirements;
(c) accounting standards;
(d) policies, procedures and systems for identifying, monitoring and controlling country risk, transfer risk, market risk, liquidity risk, interest rate risk, operational risk and such other risks as may from time to time be specified;
(e) treatment of investments, loans and other assets and credit facilities;
(f) anti-money laundering and combating the financing of terrorism matters.
(3) The Code of Practice or Guidelines may make different provision in relation to different persons, circumstances or cases.
(4) The Commission must publish a notice of the creation of a Code of Practice or Guidelines and any amendments thereto in the Gazette. (Amended by Act 3 of 2008)

Offences
45. (1) A person who with intent to deceive, or for any purpose of this Act makes any representation that he knows, or would reasonably be expected to know, to be false or does not believe to be true commits an offence and is liable on summary conviction to a fine of $25,000 or to imprisonment for a term of one year or to both.
(2) A person who—
(a) assaults or obstructs the Commissioner or other person in the performance of his functions under this Act;
(b) uses any insulting language to the Commissioner or other person in the performance of his functions under this Act; (Amended by Act 3 of 2008)
(c) by the offer of any gratuity, bribe or other inducement prevents or attempts to prevent the Commissioner or other person from performing his functions under this Act; or (Amended by Act 3 of 2008)
(d) contravenes any provision of this Act or regulations, for which no penalty is specifically provided,
commits an offence and is liable on summary conviction to a fine of $10,000 or to imprisonment for a term of one year or to both.
(3) A licensee that carries on business contrary to the terms or conditions of its licence or, in the case of the holder of a restricted trust company licence, in contravention of the restriction, commits an offence and is liable on summary conviction to a fine of $25,000.
(4) Where an offence under this Act is committed by a company, a director or officer of that company who knowingly authorised, permitted or acquiesced in the commission of the offence also commits the offence and is liable on summary conviction to—
(a) a fine of the amount specified for the offence; or
(b) to a term of imprisonment as specified for the offence, if any; or
(c) to both a fine and imprisonment.
(5) Notwithstanding that the offence is punishable only on summary conviction, the Proceeds of Crime Act applies to the offences created by and punishable under the following sections—
(a) section 5(2);
(b) section 9(3);
(c) section 9(4);
(d) section 14(3);
(e) section 18(4);

(f) section 18(5);
(g) section 23(2);
(h) section 42(5);
(i) section 45(1) and 45(3);
(j) section 45(4), where the offence committed by the company is an offence referred to in paragraphs (a) to (f).
Transitional provisions
46. (1) A person holding a licence under the Offshore Banking Act immediately before the commencement of this Act is deemed to have been granted a licence under this Act subject to such terms and conditions as may have been imposed on the granting of the licence under that Act.
(2) The Governor acting on the advice of Cabinet may make regulations providing for such further savings and transitional provisions to have effect in connection with the coming into operation of this Act as he considers necessary or expedient. (Amended by Act 9 of 2011)
(3) Regulations made under subsection (2) may be given retrospective operation to a day not earlier than the date that this Act comes into operation.
___________




INTERNATIONAL BANKING AND TRUST COMPANIES REGULATIONS
ARRANGEMENT OF REGULATIONS
REGULATION
1. Short title
2. Application for licence
3. Fit and Proper criteria
4. Restrictions and requirements on banking business
5. Auditor’s duties
6. Surrender of Licence
7. Disqualification of Directors
SCHEDULE 1: Application for Surrendering an International
Banking or Trust Licence SCHEDULE 2: Approval to an Application for Surrendering of an
International Banking or Trust Licence
____________
INTERNATIONAL BANKING AND TRUST COMPANIES REGULATIONS
– SECTION 43
(S.R.O.s 34/2006, 47/2007 and Act 3 of 2008)
Commencement
[10 April 2006]
Short title
1. This Order may be cited as the International Banking and Trust Companies
Regulations.
Application for licence
2. In considering an application for a licence, the Commission may review and
investigate the—
(a) validity of the documents submitted by the applicant;
(b) financial condition and history of the applicant, including its owners and directors;
(c) nature and reputation of the business of the applicant, including its owners and directors;
(d) legal and management structure of the applicant;
(e) experience of the person or persons who are to constitute its management;
(f) adequacy of its capital structure;
(g) business plan, which should include; the applicant’s proposed products and services, marketing and operational plans, including

policies and procedures to monitor and control major risk areas and
three year financial projections covering capital, investments, deposits
and loans and income and expenditure;
(h) references supplied by the owners and directors of the applicant;
(i) prior written consent (or a statement of “no objection”) of the home country supervisor and its written assurance that it will carry out
consolidated supervision; in the case of a foreign bank establishing a
subsidiary or branch.
Fit and Proper criteria
3. In conducting a test as to whether a person is a fit and proper person, the
Commission shall have regard to the following minimum criteria—
(a) the skills and experience in the relevant financial activity being applied for;
(b) that person’s probity, competence and soundness of judgement for fulfilling the responsibilities of that position;
(c) the diligence with which that person is fulfilling or likely to fulfil the responsibilities of that position;
(d) whether the interests of depositors, or potential depositors of the licensee or settlors and beneficiaries and potential settlors and
beneficiaries are, or likely to be, in any way threatened by that person
holding that position;
(e) the previous conduct and activities in business or financial matters of that person;
(f) whether there is evidence that that person has committed an offence involving fraud or other dishonesty or violence;
(g) whether there is evidence that that person has contravened any provision under any enactment designed for protecting members of
the public against financial loss due to dishonesty, incompetence or
malpractice or from financial loss due to the conduct of a discharged
or undischarged bankrupt;
(h) whether there is evidence that that person has been engaged in any business appearing to be deceitful or improper (whether lawful or not)
or which otherwise reflects on that person’s method of conducting
business;
(i) whether there is evidence of an employment record, which leads to the belief that that person carried out an improper act in the handling
of his employer’s or client’s business;
(j) whether there is evidence that that person has been associated with any other business practices or otherwise conducted himself in such a
way as to cast doubt on his competence and soundness of judgement.

Restrictions and requirements on banking business
4. (1) A licensee shall not directly or indirectly, except with the written approval
of and subject to such terms and conditions, as the Commission may determine—
(a) grant to any person, any member of a borrower group or to any borrower group any advances or credit facilities or make any
guarantee so that the total value of the advances, credit facilities, or
guarantee in respect of such person, member or borrower group, is at
any time more than 25% of the aggregate amount of the licensee's
unimpaired capital and reserves;
(b) grant any advance against the security of its own shares, the shares of
its holding company, or the shares of its affiliates;
(c) grant or permit to be outstanding to its officers and employees unsecured advances which in aggregate amount for any one officer or
employee exceeds the annual remuneration of such officer or
employee;
(d) engage in trade, except insofar as may be temporarily necessary in the conduct of its business or in the course of the satisfaction of debts due
to it;
(e) acquire or continue in the acquisition of any ownership interest in any financial, commercial, agricultural, industrial or other undertaking
except such interest as a licensee may acquire for the satisfaction of
debts due to it which shall, however, be disposed of as soon as
possible thereafter, but this paragraph shall not prevent the purchase
and sale of shares or stocks for trust account or upon the order and for
the account of a customer without recourse; but a licensee may—
(i) hold shares in any company set up for the purpose of promoting
the development of a money market or securities market;
(ii) hold shares in another company the aggregate value of which
does not at any time exceed 10% of the sum of the unimpaired
capital and reserves of that licensee, and where there is no
established market value for such shares the value of such shares
shall be established on the basis of a valuation approved by the
Commission: (Amended by Act 3 of 2008)
Provided that, the total amount of a licensee’s holdings under this
paragraph may not exceed 60% of the sum of the unimpaired capital
and reserves of the licensee;
(f) purchase, acquire or lease real or immovable property except as may be necessary for the purpose of conducting its business as a licensee
including provision for future expansion and housing its officers and
employees:
Provided that—
(i) in respect of any real or immovable property held or leased by it
prior to the commencement of this Act for purposes other than

those referred to herein, it shall be allowed a period of three years
in which to comply with this paragraph; and
(ii) it may secure a debt on any property immovable or movable and
in default of repayment may acquire such property for resale as
soon as possible thereafter, but not later than five years thereafter.
(2) A licensee shall not directly or indirectly grant or permit to be outstanding
unsecured advances, unless such advances have been approved by its board and the
Commission has been provided with prior notification thereof, to—
(a) the members of its board whether such advances are obtained by them jointly or severally;
(b) any person in which it or any one or more of its directors have any interest as a director, partner, manager, agent, member or otherwise;
(c) any person who owns, controls or has the power to vote more than 10% of any class of voting securities of the licensee;
(d) any person serving as an auditor;
(e) any person, whose relationship to another financial institution in which a correspondent account is maintained, is within any of the
categories described in paragraphs (a) to (d). (Amended by Act 3 of 2008)
(3) The total of all unsecured advances made to any person within any of the
categories described in paragraphs (2)(a) to (d) shall not exceed 5% of the sum of the paid-up (or, as the case may be, assigned) capital and reserves of the licensee.
(4) Where the total value of advances, extensions or guarantees of credit
granted under paragraph (1)(a) is at any time more than 15% of the aggregate amount of the licensee’s unimpaired capital and reserves the transaction shall be secured by
collateral, fully covered by insurance, having an ascertainable market value or
otherwise having such a value as collateral found in good faith by an officer of such
licensee, of at least 20% more than the amount of the obligations secured thereby.
(5) The maximum amount of advances permitted under paragraph (1)(a) may be varied from time to time by the Commission. (Amended by Act 3 of 2008)
(6) Any advances, extensions or guarantees of credit made to any person
under paragraph (1)(a) or within any of the categories described in paragraphs (2)(a) to (d) shall be made on substantially the same terms, including interest rates and collateral, as applicable, as those prevailing for comparable transactions with other
persons.
(7) In determining whether any approval referred to in paragraph (1)(e) should be granted, the Commission shall take into account whether—
(a) acquisition of the shares is likely to prejudice the—
(i) financial condition of the licensee;
(ii) capitalisation of the licensee;
(iii) interest of depositors of the licensee; or

(b) the corporate affiliations and structure of the licensee exposes it to undue risks or hinders its effective supervision.
(Amended by Act 3 of 2008)
(8) A licensee shall submit a report quarterly to the Commission, in such form
as the Commission shall determine, on all exposures that are equal to or are in excess
of 10% of the unimpaired capital and reserves of the licensee. (Amended by Act 3 of 2008)
(9) The aggregate of exposures in excess of 10% incurred by a licensee shall
not exceed 400% of its unimpaired capital and reserves, or such other percentage as
the Commission may prescribe.
(10) A licensee shall maintain information systems to identify loans to
connected or related parties. A licensee shall record the amount of such loans and
monitor and report on such loans to the Commission at such times as the Commission
shall specify. (Amended by Act 3 of 2008)
(11) In applying paragraphs (1)(a) and (2), if the Commission shall determine that the interests of two or more persons are connected or related, the total
indebtedness of such persons shall be aggregated and deemed to be the indebtedness
of a single person; and a licensee shall not be deemed to have violated paragraph
(1)(a) or (2) solely by reason of the fact that the aggregated indebtedness exceeds the limitation at the time of the determination, but the licensee shall dispose of the
indebtedness of such persons in the amount in excess of the limitation within such
reasonable time as shall be determined by the Commission. (Amended by Act 3 of 2008)
(12) Any licensee to which paragraphs (1) and (2) are applicable that, prior to
the commencement of this Act, entered into any transactions incompatible with
paragraph (1) (a), (b), (c), (d), or (e) and (2) shall, within twelve months after the commencement of this Act, or within such further period as the Commission may
determine, submit a statement thereof to the Commission and shall in respect of such
transactions, take such corrective action, and within such reasonable time, as shall be
determined by the Commission. (Amended by Act 3 of 2008)
(13) Unless the approval of the Commission is first obtained, no licensee shall
be an affiliate or subsidiary of a company that does not conduct banking business or
business of a financial nature.
Auditor’s duties
5. (1) A licensee shall appoint annually an auditor acceptable to the Commission
whose duties shall—
(a) be to examine the books and records and to make a report upon the annual financial statements and financial position, and in every such
report the auditor shall state whether in the auditor’s opinion the

balance sheet and profit and loss account give a true and fair view of
the state of affairs of the licensee and of its results for the period then
ended; and (Amended by Act 3 of 2008)
(b) be to conduct the audit in accordance with internationally accepted auditing standards; and
(c) include all or any of the following duties as may from time to time be imposed on the auditor by the licensee at the request of the
Commission to—
(i) submit such additional information in relation to the audit of the
licensee as the Commission considers necessary;
(ii) carry out any other examination or establish any procedure in any
particular case;
(iii) submit a report on any of the matters referred to in sub-
paragraphs (i) and (ii);
(iv) submit a report on the financial and accounting systems and risk
management controls of the licensee;
(v) submit a report on whether prudent credit–granting and
investment criteria, policies, practices and procedures are
approved and reviewed by the management and board and
communicated to all credit officers and whether major credits and
investments are decided at board level;
(vi) certify whether the systems of loan classification, provisioning
and write-offs determined by the Commission are being adhered
to; and
(vii) certify whether suitable measures to counter money laundering
and to combat the financing of terrorism have been adopted by
the licensee and are being implemented in accordance with the
applicable laws.
(2) A licensee shall remunerate the auditor in respect of the discharge by the
auditor of all or any of the duties set out in paragraph (1).
(3) If in the course of the performance of an auditor’s duties an auditor is
satisfied that—
(a) there has been a serious breach of or non-compliance with the provisions of this Act or any regulations, notice, order, guidelines or
directions issued under this Act;
(b) there is evidence that a criminal offence involving fraud or other dishonesty may have been committed;
(c) losses have been incurred which reduce the paid up or assigned capital, as the case may be, of the licensee by 25% or more;
(d) serious irregularities have occurred, including those that affect the
interest of depositors; or

(e) the claims of depositors covered by the assets cannot be confirmed,
the auditor shall report the matter forthwith to the licensee and the Commission. (Amended by Act 3 of 2008)
(4) The Commission may request copies of reports submitted to the board of a
licensee by both its internal and external auditors. (Amended by Act 3 of 2008)
(5) An auditor shall report to the Commission any matter it is required to
report on any licensee to any investigative, regulatory or other institution, within a
reasonable time of reporting to that licensee. (Amended by Act 3 of 2008)
(6) An auditor who is required to make any disclosure to the Commission or
to a person authorised by the Commission shall not by reason of the disclosure be
regarded as being in breach of duty to the licensee. (Amended by Act 3 of 2008)
(7) The report of the auditor made in accordance with paragraph (1) shall be
presented with the report of the board and the financial statements of the licensee at
the annual meeting of shareholders. A copy of the financial statements and reports
shall be sent to the Commission within three months of the end of the financial year.
(8) The Commission may appoint an auditor to conduct an independent audit
of a licensee and to report the findings or results thereof to him.
(9) The Commission may in writing, require that the auditor make a particular
examination relating to the adequacy of procedures adopted by the licensee for the
safety of its creditors or shareholders, or any other examination, where in the
Commission’s opinion, the public interest may require and report to the Commission
thereon. Expenses of the audit examination are payable by the bank.
(10) No person having an interest in any licensee otherwise than as a depositor
and no director, manager, secretary, employee or agent of a licensee shall be eligible
for appointment as auditor for such licensee.
(11) Any person appointed as auditor who shall, after an appointment, acquire
any interest, otherwise than as a depositor, or become a director, manager, secretary,
employee or agent of such licensee shall forthwith cease to be such auditor. (Amended by Act 3 of 2008)
Surrender of Licence
6. A licensee wishing to surrender its licence in accordance with the provisions of
section 22 of the International Banking and Trust Companies Act shall apply to the
Financial Services Commission, in writing in the form set out in Schedule 1 hereto,
stating in full, its reasons for the request, and the Financial Services Commission shall
within sixty days of receipt of such application inform the applicant of its decision, in
the form set out in Schedule 2 hereto. (Inserted by S.R.O 47/2007)
Disqualification of Directors
7. (1) Any person who is a director, manager or other officer concerned with the
management of a licensee shall cease to hold office—
(a) upon notification by the board of a finding by 2/3 of its members—

(i) of that person’s permanent incapacity or serious neglect of, or
misconduct in, office; or
(ii) that the person is not a fit and proper person in accordance with
the criteria specified in regulation 3.
(b) if that person—
(i) is or was convicted of an offence under this Act;
(ii) has been declared bankrupt or has compounded with, or
suspended payment to, that person’s creditors; or
(iii) has been convicted in a court of law of any offence involving
fraud, dishonesty, or violence.
(2) Any person who—
(a) has been sentenced for an offence involving a term of imprisonment of or exceeding six months or for default of payment of a fine;
(b) has been a director or manager of a company which has been wound up by a court or has been placed in receivership;
(c) has been a director or manager of, or directly or indirectly concerned in the management of a former licensee, the licence of which has been
revoked, unless such revocation was due to—
(i) its amalgamation with another licensee or company; or
(ii) its voluntary winding up,
shall not, without the express approval of the Commission, act or continue to act as a
director or manager of, or be directly or indirectly concerned in any way in the
management of any licensee.
(3) A person who contravenes paragraph (1) or (2) commits an offence and is
liable on summary conviction to a fine of $10,000 or to imprisonment for a term of
one year or to both such fine and imprisonment.
___________

SCHEDULE 1
(Regulation 6)
(Inserted by S.R.O. 47/2007)

APPLICATION FOR SURRENDERING AN
INTERNATIONAL BANKING OR TRUST LICENCE


Applicant: ………………………………………………………………
(Name of institution)

1. In compliance with section 20 of the International Banking and Trust
Companies Act, we hereby give notice of the intention to surrender the licence of the
above-named bank.
2. The surrender of the licence as approved by our Board Resolution Number ….
dated ……………….. .
The reason(s) for surrendering the licence being:
……………..……………………………………………………………………………
……….…………………………………………………………….……………………
……………………………………………………………………..……………………
……………………………………………………………………..……………………
………………………………………………………………………..…………………
………………………………………………………………………..…………………
………………………………………………………………………..…………………
……………………………………………………………………..……………………

3. We submit with this application, the following information:
i) Schedule of deposits and other liabilities;
ii) Schedule, certified by the bank’s external auditors, confirming
that the bank’s assets exceed its liabilities;
iii) Schedule of assets held in trust;
iv) A list of the current Board members and principal officers
together with both their current and forwarding addresses;
v) The physical location where the books and records detailing the
activities of bank for at least the past six years* will be maintained;

vi) The original licence issued by the Financial Services Commission
[where the original licence is lost or misplaced, an affidavit to
swear/affirm that it is lost or misplaced].
4. We hereby declare that:
a) the institution has ceased to carry on its business and—
i) produces evidence that it has repaid all deposits held by it; or
ii) it has transferred all trust assets held or administered by it; or
b) the institution being wound up, is solvent and is able on demand:
i) to repay all deposits accepted by it; or
ii) in the case of an institution holding a trust company licence, to
properly distribute, transfer or otherwise deal will all trust assets
that are or were held or administered by it.




…………………………. ……………….. Date ………………..………….
Chairman/Chief Executive

Name of institution ……………………………………………………………….….


* To comply with Anti-Money Laundering Regulations
__________

SCHEDULE 2
(Regulation 6)
(Inserted by S.R.O. 47/2007)

APPROVAL TO AN APPLICATION FOR SURRENDERING OF AN
INTERNATIONAL BANKING OR TRUST LICENCE


Name of Applicant: ……………………………………………………. Bank Limited


Date of receipt of application: ………………………………..………………………..


The Financial Services Commission has considered your application and
confirm:

Approval for surrender of licence has been granted ……………………………………

Approval for surrender of licence has been refused ……………………………………

Approval for surrender of the licence has been granted subject to the following
conditions:





……………………………
Commissioner __________

INTERNATIONAL BANKING AND TRUST COMPANIES (FEES) REGULATIONS
– SECTION 43
(S.R.O.s. 28/2009 and 58/2010)
Commencement
[24 June 2009]
Short title
1. These Regulations may be cited as the International Banking and Trust
Companies (Fees) Regulations.
Fees
2. The fees and penalties payable under the Act are prescribed as follows—
SCHEDULE
Description US$
(a) the non-refundable fees payable under section 15 for processing an application to commence a banking
business or banking and trust business. ...........................


3,000
(b) the non-refundable fees payable under section 15 for
processing an application for a domestic bank to
commence international banking business or banking
and trust business. ............................................................



500
(c) the annual licence fees payable under section 29 in
respect of a licence to carry on banking business………

21,000
(d) the annual licence fees payable under section 7 and section 29 in respect of a licence to carry on banking
business and trust business. .............................................


23,000
(e) the annual licence fees payable under section 29 and
section 7 for a domestic bank in respect of a licence to
carry on international banking business or banking and
trust business. ..................................................................



2,000
(f) application for approval of mergers or re-organization of a licensed Financial Institution. ................................

200
(g) application for approval of the appointment of a new
director of an existing licensee ........................................

200
(h) (i) letter confirming licensed status of a Financial
Institution ..............................................................

100

(ii) certificate of good standing of licensee ........................ 250
(i) approval for voluntary surrender of the licence by Financial Institution including those in run-off status ........

200
(j) penalty for late submission of returns and accounts—
(i) seven days late ............................................................. 50
(ii) eight days to thirty days late ......................................... 200
(iii) thirty-one days to sixty days late .................................. 500
(iv) after sixty days late ....................................................... 1,000
(k) penalty for late submission of annual licence fees—
(i) seven days late .............................................................. 100
(ii) eight days to thirty days late ......................................... 300
(iii) thirty-one days to sixty days late .................................. 1,000
(iv) after sixty days late ....................................................... 2,000
(l) copies of any documents, per page..................................... 1
(m) certified true copies of documents, per page ...................... 3
(n) to carry out search .............................................................. 5
(Amended by S.R.O. 58/2010)
__________