CRD Welcome Package

96. (1)

Prohibition against providing false, misleading statements

Where a licensed financial institution or an affiliate fails: (a) to submit returns or to produce information and data required by the Central Bank in accordance with section 89; (b) to provide further information and data to the Central Bank pursuant to section 90; (c) to provide the information and data requested under sections 89 and 90 to the Central Bank in accordance with the extension granted under section 91,

it is liable to a penalty of twenty-five thousand dollars for each failure.

(2) Where a licensed financial institution supplies any statement, return, information or data knowing it to be false or misleading in any material particular it is liable to a penalty of twenty-five thousand dollars.

PART VIII CORPORATE GOVERNANCE

97. (1)

Minimum criteria for determining whether a person is fit and proper

Every person who is, or is likely to be a director, significant shareholder, or officer of a licensed financial institution or licensed financial holding company must be a fit and proper person to hold the particular position which he holds or is likely to hold. (2) In determining whether a person is a fit and proper person to hold any particular position, regard shall be had to: (a) the person’s probity, competence and soundness of judgment for fulfilling the responsibilities of that position; (b) the academic or professional qualifications or effective experience in banking, finance, business or administration or any other relevant discipline of the person concerned;

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