CRD Welcome Package

(10)

Where a local licensed financial institution: (i)

opens a place of business elsewhere than in the Currency Union without the prior approval of the Central Bank under subsection (4); closes a place of business outside of the Currency Union without giving notice under subsection (5),

(ii)

it is liable to a penalty of two hundred and fifty thousand dollars.

PART III OWNERSHIP STRUCTURES

Ownership or control of licensed financial institutions 20. Subject to section 32, except with the written approval of the Central Bank, no person, acting directly or indirectly, alone or together with one or more persons, shall hold or acquire: (a) shares in a local licensed financial institution which, together with any existing direct or indirect holdings of that person, would exceed the supervisory thresholds of ten, twenty or fifty per cent of the share capital; (b) in the case of a local licensed financial institution not having a share capital, more than the supervisory thresholds of ten, twenty or fifty per cent of the total voting rights of all the members entitled to vote at a general meeting of the local licensed financial institution. 21. Any person seeking written approval of the Central Bank pursuant to section 20 shall apply in writing and shall submit to the Central Bank the information in a form that the Central Bank may specify. Written application for approval

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