Banks and Trust Companies (New Appointments) Regulations

Link to law: http://laws.bahamas.gov.bs/cms/images/LEGISLATION/SUBORDINATE/2005/2005-0062/BanksandTrustCompaniesNewAppointmentsRegulations_1.pdf
Published: 2005-07-20

Banks and Trust Companies (New Appointments) Regulations
CH.316 – 30] BANKS AND TRUST COMPANIES REGULATION






STATUTE LAW OF THE BAHAMAS LRO 1/2008

BANKS AND TRUST COMPANIES (NEW
APPOINTMENTS) REGULATIONS

ARRANGEMENT OF SECTIONS

SECTION

1. Citation.
2. Interpretation
3. Appointment of director or executive officer.
4. Application for appointment or replacement
5. Fine.



BANKS AND TRUST COMPANIES (NEW
APPOINTMENTS) REGULATIONS

(SECTION 24)
[Commencement 20th July, 2005]


1. These Regulations may be cited as the Banks and

Trust Companies (New Appointments) Regulations.
2. In these Regulations —
“licensee” means any person who holds a licence

granted under section 4 of the Act;
“the Act” means the Banks and Trust Companies

Regulation Act.
3. No licensee shall appoint or replace a director or

executive officer without the prior written approval of the
Governor.

4. A licensee who desires to appoint or replace a
director or executive officer shall, before appointing or
replacing any such director or officer, as the case may be,
apply to obtain the prior written approval of the Governor
for the appointment or replacement of the director or
executive officer, and shall provide the following
information with respect to each proposed director or
executive officer:

(a) full name, date of birth, nationality, and domicile;

S.I. 62/2005

Citation.

Interpretation

Ch. 316.

Appointment of
director or
executive officer.

Application for
appointment or
replacement

BANKS AND TRUST COMPANIES REGULATION [CH.316 – 31






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

(b) curriculum vitae incorporating personal data,
educational background, professional education
and training, a list of professional activities and
scope of responsibilities, including details of the
level and number of subordinates managed;

(c) a completed “Confidential Statement By
Individuals Who Are Proposing To Hold The
Position of Director and/or Executive Officer of a
Bank or Trust Company licensed by the Central
Bank of The Bahamas”;

(d) two character references in original form from
sources satisfactory to the Governor;

(e) one financial reference in original form from
financial institutions acceptable to the Governor;

(f) a police or other certificate in original form,
acceptable to the Governor, confirming that the
person has not been convicted of a serious crime
or any offence involving dishonesty;

(g) for those executive officers who are to be
appointed, the proposed job description; and

(h) such other information as is requested by the
Governor.

5. The Governor may impose a fine not exceeding
five thousand dollars where a licensee fails to comply with
the provisions of these Regulations.

Fine.
Read Entire Law on laws.bahamas.gov.bs