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the satisfaction of the requirements in subsection (2), the following requirements are satisfied: (a) the foreign financial institution is subject to supervision and regulation that is satisfactory to the Central Bank, including supervision on a consolidated basis within its home country, and (b) arrangements satisfactory to the Central Bank for cooperation, coordination, and information-sharing with the home country supervisor are in place. (4) Within six months of its receipt of a completed application for a licence, the Central Bank shall either: (a) grant the licence and may place any restrictions as the Central Bank considers to be prudent in respect of the licence; or (b) refuse to grant the licence, if the Central Bank is of the opinion that it would be undesirable in the public interest to grant the licence or the criteria for approving a license are not met.

(5) Upon payment of the initial licence fee specified in Schedule I, a licence granted by the Central Bank under this section is valid until revoked.

(6)

A licence granted under this section is not transferable or assignable.

Licence fees and penalty for default 9. (1) Every licensed financial institution and licensed financial holding company shall pay an annual licence fee as specified in Schedule I. (2) All licence fees paid under this Act shall be payable to the Central Bank not later than the thirty-first day of January in each year or such later date as may be specified by the Central Bank, except that where a licence is issued, or a branch is opened for the first time, after the first quarter in any year, the fee

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