CRD Welcome Package

Considerations to grant licence to financial holding company 37. In determining whether to grant a licence to an applicant under subsection (1) of section 36, the Central Bank shall: (a) take into account the information referred to in subsection (2) of section 36, and in particular whether the person or persons controlling the proposed financial holding company are fit and proper, or may be persons likely to prejudice the interests of depositors and other customers of the licensed financial institution in question; and (b) determine whether ownership of shares by the person or persons controlling the proposed financial holding company, given their corporate affiliations or structure, will hinder effective supervision under this Act or would be likely to prejudice the interests of depositors and other customers of the licensed financial institution. Grant or denial of licence to financial holding company 38. (1) The Central Bank shall not grant a licence under this section, unless the Central Bank is satisfied that: the feasibility report is based on sound analysis under reasonable assumptions; (b) the proposed officers are fit and proper, that is, that their integrity is established and their qualifications and experience are appropriate for their positions in light of the proposed financial holding company’s business plan and activities, taking into account the size, nature and complexity of the proposed financial holding company; (c) the proposed significant shareholders are fit and proper and the ownership and managerial structure of the proposed financial holding company will not hinder effective supervision, including supervision on a consolidated basis; (a)

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