Banks and Trust Companies (Restriction on Use of Banking Names and Descriptions) Regulations

Link to law: http://laws.bahamas.gov.bs/cms/images/LEGISLATION/SUBORDINATE/2002/2002-0038/BanksandTrustCompaniesRestrictiononUseofBankingNamesandDescriptionsRegulations_1.pdf
Published: 2001-05-04

Banks and Trust Companies (Restriction on Use of Banking Names and Descriptions) Regulations
CH.316 –6] BANKS AND TRUST COMPANIES REGULATION






STATUTE LAW OF THE BAHAMAS LRO 1/2010

(b) projected budgets (capital and current), covering
the same time frame, including balance sheet and
income statement;

(c) appropriate arrangements for the maintenance of
records in The Bahamas; and

(d) arrangements for premises.

6. Applicants are required to provide full details, to
the satisfaction of the Governor, of the source of funds to
comprise the initial capital of the bank or trust company.

7. Applicants are required to provide:
(a) the name and address of the auditor(s) of the

proposed licensee; and
(b) where appropriate, details of arrangements for

review of the operation of the branch or
representative office.

8. A corporate applicant which is a bank or trust
company not licensed in The Bahamas is required to
provide written confirmation by the relevant home country
supervisory authority that the requirements prescribed by
section 4(4)(b), (c), (d), (e) and (f) of the Banks and Trust
Companies Regulation Act have been or will be met, as the
case may be.

BANKS AND TRUST COMPANIES (RESTRICTION
ON USE OF BANKING NAMES AND

DESCRIPTIONS) REGULATIONS

(SECTION 20)
[Commencement 4th May, 2001]

1. These Regulations may be cited as the Banks and
Trust Companies (Restriction on Use of Banking Names
and Descriptions) Regulations.

2. In these Regulations —
“Governor” means the Governor of the Central Bank

of The Bahamas appointed under paragraph 1 of
the Schedule to the Central Bank of The Bahamas
Act;

“restricted words” means “bank”, “trust”, “trust
company”, “trust corporation”, “savings” or
“savings and loan” or any of their derivatives
either in English or in any other language.

Sources of capital
funding.

Statutory
auditors.

Consolidated
supervision.





Ch. 316.

S.I. 38/2002.

Citation.

Interpretation

Ch. 351.

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3. Where a person who is not a bank or trust
company —

(a) desires to use or continue to use any of the
restricted words in the description or title under
which such person is carrying on business in or
from within The Bahamas; or

(b) desires to do anything pursuant to section 7(1)
and 7(2) of the Banks and Trust Companies
Regulation Act, which requires the Governor’s
approval,

such person shall apply to the Governor for approval
pursuant to section 7(3) of the Banks and Trust Companies
Regulation Act and shall supply to the Governor the
information, documents and particulars set out in the
Schedule to these Regulations.

SCHEDULE (Regulation 3)
Applications made pursuant to section 7(3) must be

submitted in the English language and are to contain the
following minimum information:

1. (1) In the case of a company making application
to use or continue to use any of the restricted words, which
company shall in these Regulations be referred to as
“corporate applicant”, the following information is
required:

(a) name of the corporate applicant;
(b) address of head office of the corporate applicant

including mailing address;
(c) proposed corporate name or other usage

containing any of the restricted words;
(d) address of the proposed entity in The Bahamas;
(e) purpose of the proposed usage of the restricted

words;
(f) a description of planned business activities;
(g) history, activity, present structure and

organisation; and
(h) annual reports (including audited consolidated

financial statements) of the corporate applicant
for the three consecutive financial years
immediately preceding the date of the application.

Use of restricted
names or
description.

Ch. 316.

Ch. 316.

General
information.

CH.316 –8] BANKS AND TRUST COMPANIES REGULATION






STATUTE LAW OF THE BAHAMAS LRO 1/2008

(2) In the case of individuals or a group making
application to use or continue to use any of the restricted
words, the following information is required:

(a) name of each individual making application and,
in the case of a group, the name of the group and
the name of each member of the group;

(b) business and personal address of each individual
applicant and business address of group
applicant;

(c) proposed business name or other usage
containing any of the restricted words;

(d) address of the proposed entity in The Bahamas;
(e) purpose of the proposed usage of the restricted

words by the applicant(s);
(f) a description of planned business activities; and
(g) where the application is made by a group:

(i) date of formation, history, present structure
and organisation of the group applicant, and
details of all business activities of the group;

(ii) detailed comments regarding the position
within the group, of any dominant
member(s) of the group;

(iii) details of any other beneficial interests in the
group.

2. (1) Corporate Applicants are required to provide:
(a) list of and background information on all direct or

indirect shareholders who represent individually
or as a group 5% or more of the voting rights
and/or shares of the applicant at the time of
application whether or not the shares of the
applicant are publicly traded;

(b) copy of the act, charter, certificate of
incorporation and Memorandum and Articles of
Association of the applicant, as may be
appropriate, verified by statutory declaration
made by a director or the secretary duly
authenticated under public seal of the jurisdiction
in which the applicant has been incorporated;

(c) organisational chart showing the structure of the
direct and indirect shareholding of the applicant

Ownership.

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analysed according to holdings of voting rights
and/or shares; and

(d) particulars concerning the composition of the
direct and/or indirect structure of the ownership
of the corporate entity, including an
organisational chart showing the structure of the
direct and/or indirect shareholdings analysed
according to holdings of voting rights and/or
shares.

(2) Individual applicants, and each member of a
group applicant, are required to provide the following:

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

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

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

(d) one financial reference in original form from a
financial institution acceptable to the Governor;
and

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

3. The name and address of the auditor(s) of the
applicant are to be provided.

Statutory
auditors.
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