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beneficial owner for whom a person holds the shares or other ownership interests; (c) the name and address of any persons that control the local licensed financial institution, acting directly or indirectly, and acting individually or jointly; and (d) any other information as the Central Bank may determine.

Report by foreign licensed financial institution on change of control 29. A foreign licensed financial institution shall submit a report to the Central Bank whenever there is a change of control, as determined by the Central Bank.

30. (1)

Sanctions

In the event that the Central Bank, determines that the provisions of this Part have been violated, the Central Bank may take one or more of the following actions: (a) issue an order requiring the divestment of so much of the offending interest as is necessary to secure compliance with the provisions of section 20; (b) prohibit the payment of dividends in respect of the shares; or (d) prohibit the issue of ‘bonus shares’ or ‘rights issue’ in respect of the shares.

(2) Where the Central Bank has issued an order under paragraph (1) (a), the owner or nominee of the owner of the offending interest shall be prohibited from the exercise of voting rights in respect of the shares.

31. (1)

Prohibition against transfer and acquisition of interest

A director of a local licensed financial institution who knows or ought reasonably to know of a transfer made in violation of this Part and who fails to disclose it to the Central Bank commits an offence and is liable on summary

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