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(d) the capital of the applicant is adequate and the original sources of capital are acceptable and do not include borrowed funds; (e) the applicant’s arrangements for corporate governance, including but not limited to accounting, risk management, and internal control systems and records, are adequate; (f) the applicant is able and willing to comply with the other conditions that the Central Bank may impose; and (g) where the applicant is an authorised foreign financial institution or financial holding company: (i) the foreign financial institution or financial holding company is adequately supervised on a consolidated basis by its home country supervisor; and

(ii)

arrangements satisfactory to the Central Bank for cooperation, coordination, and information-sharing with the home country supervisor are in place.

(2) Upon payment of the initial licence fee specified in Schedule I, a licence granted by the Central Bank under this section is valid until revoked.

(3)

A licence granted under this section is not transferable or assignable.

Conditions for licence to financial holding company 39. The Central Bank may attach conditions to the licence of a financial holding company under this section, including, without limitation, conditions to ensure that: (a) the capital available to the financial group is adequate and will not jeopardize the financial position of the licensed financial institutions within the financial group; (b) no double or multiple gearing or excessive leveraging of capital exists or

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