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(e) require that some or all of the directors of the licensed financial institution be independent directors.

Revocation of licence of financial holding company 42. (1) The Central Bank may revoke the licence of a licensed financial holding company where: (a) the licensed financial holding company persistently fails to comply with the requirements of this Act, (b) the licensed financial holding company fails to comply with the conditions of its licence, (c) the licensed financial holding company ceases to meet the requirements for licensing as a financial holding company, (d) the Central Bank determines that a licence was granted based on false or inaccurate information, (e) the Central Bank determines that a licensed financial holding company is or is likely to be insolvent, (f) the parent company of the licensed financial holding company loses its authorisation to conduct banking business in its home jurisdiction, or (g) proceedings for bankruptcy, insolvency, or an arrangement with creditors is initiated. (2) Where the Central Bank revokes the licence of a licensed financial holding company, it may: (a) order the divestiture of the licensed financial institution owned by the licensed financial holding company; (b) restrict transactions between the licensed financial institution and the licensed financial holding company and other members of the financial group; or (c) place the licensed financial holding company under official administration or receivership.

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