Banks and Trust Companies (Amendment) Regulations 2014

Link to law: http://laws.bahamas.gov.bs/cms/images/LEGISLATION/SUBORDINATE/2014/2014-0033/BanksandTrustCompaniesAmendmentRegulations2014_1.pdf
Published: 2015-01-01

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EXTRAORDINARY

OFFICIAL GAZETTE
THE BAHAMAS
PUBLISHED BY AUTHORITY

NASSAl i 1'1 July, 201-J (A)

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BANKS AND TRUST COMPANIES (AMENDMENT)
REGULATIONS, 2014

Arrangement of Sections

Section
1. Citation ................................................................................................................ 2
2. Amendment of the Third Schedule to Ch. 316 ..................................................... 2

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S.T. No. 33 of2014

BANKS AND TRUST COMPANIES REGULATION
ACT

(CHAPTER 316)

BANKS AND TRUST COMPANIES (AMENDMENT)
REGULATIONS, 2014

The Minister in exercise of the powers conferred by section 27(3) of
the Banks and Trust Companies Regulation Act, makes the following Regulations-

1. Citation.

(l) These regulations may be cited as the Banks and Trust Companies
(Amendment) Regulations, 2014.

(2) These Regulations shall come into force on the 111 day of January, 2015.

2. Amendment of the Third Schedule to Ch. 316.

The Third Schedule to the Banks and Trust Companies Regulation Act (Ch. 316)

is amended in paragraph ( 1) by -

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(a) the deletion of sub-paragraphs (e) and (f) and the substitution of the
following-
"(e) Grant of licence to carry on banking business or to carry on

both banking business and trust business without any
limitation on the persons with or for whom such respective
business may be carried on, where the licensee-
(i) has been declared by the Controller of

Exchange pursuant to the Exchange Control
Regulations to be resident in The Bahamas; and

(ii) has not been appointed as mentioned
in sub-paragraph (a) or (c)
ofthis paragraph .............................................. 70, 000

(f) Continuance in being on the first day of January in any year
as a person licensed as mentioned in sub-paragraph (e) of
this paragraph ............................................................. 70, 000";

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(b) the insertion immediately after existing sub-paragraph (f) of new
sub-paragraphs as follows -
"(g) Grant of licence to carry on trust business without any

limitation on the persons with or for whom such respective
business may be carried on, where the licensee -
(i) has been declared by the Controller of

Exchange pursuant to the Exchange Control

Regulations to be resident in The Bahamas; and
(ii) has not been appointed as mentioned

in sub-paragraph (a) or (c)
of this paragraph ............................................. 52, 500;

(h) Continuance in being on the first day of January in any year
as a person licensed as mentioned in sub-paragraph (g) of
this paragraph ............................................................. 52, 500";

(c) in existing sub-paragraph (g) -

(i) the deletion immediately after the word "business" of the
words "or trust business";

(ii) in sub-sub-paragraph (ii), the deletion of the number
"52,500" and the substirution of the number "70,000";

(d) in existing sub-paragraph (h), the deletion of the number "52,500"
and the substitution of the number "70,000";

(e) the insertion immediately after existing sub-paragraph (h) of new
sub-paragraphs as follows -
''(k) Grant of licence to carry on trust business without any

limitation on the persons with or for whom such respective
business may be carried on, where the licensee -
(i) has been declared by the Controller of

Exchange pursuant to the Exchange Control
Regulations not to be resident in
The Bahamas; and

(ii) has not been appointed as mentioned
in sub-paragraph (a) or (c)
of this paragraph .. ................. , ......................... 52, 500;

(I) Continuance in being on the first day of January in any year
as a person licensed as mentioned in sub-paragraph (k) of
this paragraph ............................................................ .52, 500";

(f) in existing sub-paragraphs (i), (j), (k) and (1), the deletion of the
number "22,500" and the substitution of the number "30,000";

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(g) in existing sub-paragraphs (m) and (n), the deletion of the number
"7,500" and the substitution ofthe number"lO,OOO";

(h) in existing sub-paragraphs (o) and (p), the deletion of the number
"1 ,500" and the substitution of the number ''2,000";

(i) in existing sub-paragraph (q), the deletion of the number"7,500"
and the substitution of the number "$5,250";

U) in existing sub-paragraph (r), the deletion of the number "7,500"
and the substitution of the number "3,750";

(k) in existing sub-paragraphs (s) and (t), the deletion of the number "7,
500" and the substitution of the number "$10,000";

(I) the re-lettering of the sub-paragraphs in the appropriate alphabetical
order.

Made this 1'1 day of July, 2014.

Signed
PERRY G. CHRISTIE

Minister responsible for Finance
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