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(6) This section shall not apply where a person who controls a licensed financial institution is itself a licensed financial institution under this Act.

(7) No person incorporated or formed under the laws of a jurisdiction outside the Currency Union may be a financial holding company unless that person is a financial institution or a financial holding company subject to authorisation, regulation and supervision in another jurisdiction that is satisfactory to the Central Bank. (8) The Central Bank may exempt a foreign bank or other foreign company that is subject to regulation and supervision in another jurisdiction from the applicability of one or more of the provisions of this Act applicable to financial holding companies, if a foreign bank or other foreign company is subject to supervision and regulation that is satisfactory to the Central Bank, including supervision on a consolidated basis, in its home jurisdiction or another host jurisdiction in which it has substantial operations. An application for a licence for a financial holding company shall be made in writing to the Central Bank and shall be accompanied by the non-refundable application fee specified in Schedule 1. (2) An applicant for a licence under this section shall provide the following information and documents: (a) the capital resources, including original sources, and capital structure of the proposed financial holding company; (b) the names, addresses, occupations, business and professional history for the past ten years, certified financial positions, and corporate affiliations of persons who will hold or benefit from shareholdings, directly or indirectly, in the proposed financial holding company, and the respective values of the shares; Application for licence by financial holding companies 36. (1)

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