CRD Welcome Package

Actions of fundamental change requiring approval 43. (1) Unless the approval of the Central Bank is first obtained no licensed financial institution or licensed financial holding company shall: (a) transfer the whole or any substantial part of its assets or liabilities in the Currency Union other than in the ordinary course of its business; (b) purchase or acquire the business or undertaking of another financial institution; (c) effect a reduction of its paid up capital established under section 44; (d) alter its name as set out in its licence; (e) enter into a merger or consolidation in the Currency Union; and (f) in the case of a local licensed financial institution or licensed financial holding company, amend the instrument or charter under which it was formed in the Currency Union.

(2) Every foreign financial institution shall notify the Central Bank of any amendment to the instrument or charter under which it is formed, within sixty days of such amendment.

(3) Every licensed financial institution or licensed financial holding company shall provide the Central Bank with any bye-law adopted or any amendment to an existing bye-law within thirty days of the adoption or amendment.

(4) In considering approval of any proposed action under subsection (1), the Central Bank shall be guided by the criteria specified in section 8.

36