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2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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Banking (Licences) Regulations (Statutory Instrument 215/2021)

Statutory Instrument 215/2021 .. in force 30 December 2021

ARRANGEMENT OF REGULATIONS

1.	Citation
2.	Interpretation
3.	Application for licence
4.	Refusal of application
5.	Obsolete application
6.	Alterations of facts disclosed in application
7.	Standard condition
8.	Authority on receipt of notice
Schedule

Commencement [30 December 2021]

Banking (Licences) Regulations (Statutory Instrument 215/2021)

1. Short title and commencement

2. Interpretation

3. Requirement for licence

4. Examination of books of person carrying on banking business without a licence

5. Appointment of receiver for failure to hold licence

6. Repayment of funds obtained without licence

7. Application for licence

8. Grant or denial of licence

9. Licence fees and penalty for default

10. Permissible activities

11. Conditions for licence

12. Variation of conditions for licence

13. Register of licensed financial institutions

14. Revocation of licence

15. Requirement to inform Minister for finance

16. Restricted words, names, and practices

17. Display of licence certificate

18. Offices and branches deemed one licensed financial institution

19. Authorisation of location and approval of new business premises

20. Ownership or control of licensed financial institutions

21. Written application for approval

22. Criteria for approval for ownership or control

23. Granting of approval

24. Person with control to be fit and proper

25. Grounds for disapproval of a transfer

26. Prohibition against selling below supervisory threshold

27. Group holdings to be deemed holdings of single member

28. Quarterly reports on ownership and control

29. Report by foreign licensed financial institution on change of control

31. Prohibition against transfer and acquisition of interest

32. Non-applicability of this Part to government or other persons

33. Variation of supervisory thresholds

34. Approval of application for licence by financial holding company

35. Requirement for licensing of financial holding companies

36. Application for licence by financial holding companies

37. Considerations to grant licence to financial holding company

38. Grant or denial of licence to financial holding company

39. Conditions for licence to financial holding company

40. Restriction on activities of financial holding companies

41. Limitation of risk to licensed financial institution

42. Revocation of licence of financial holding company

43. Actions of fundamental change requiring approval

44. Minimum paid-up or assigned capital

45. Maintenance of reserve fund

46. Adequacy of capital

47. Additional capital in respect of special risks

48. Liquidity requirement

49. Limit on exposures

50. Restrictions on exposures to related parties

51. Restrictions on lending to employees

52. Prohibition of advances against security of own shares

53. Prohibition on engaging or investing in trade and outsourcing

54. Financial subsidiaries permitted

55. Restrictions on investments in real property

56. Time limit for compliance with financial requirements

57. Maintenance of specified assets

58. Record keeping and reporting required

59. Annual audit, report and publication of financial statements and results

60. Appointment of external auditor

61. Duties of external auditor

62. Remuneration of external auditor

63. Immediate reports to Central Bank

64. Resignation or removal of external auditor

65. Request for copies of reports

66. External auditor to report to Central Bank

67. No liability for breach of duty

68. Failure to comply with request

69. Audited financial statements

70. Central Bank examination

71. Consolidated supervision

72. Prudential requirements

73. Reporting of group structures

74. Disclosure and access to books and records by Central Bank Examiner for examination

75. Central Bank's powers of remedial action

76. Additional Central Bank remedial actions

77. Remedial actions against directors, officers, employees or significant shareholders

78. Additional Central Bank powers of remedial action against directors, officers, employees or significant shareholders

79. Supplemental powers

80. Failure to comply with remedial actions

81. Effective date of order, warning, agreement, direction

82. Suspension of persons charged with criminal offence etc.

83. Dismissal of criminal case not a bar to Central Bank action

84. Persons convicted may be prohibited from banking business

85. Appointment of observer

86. Actions required for adequately capitalised licensed financial institutions or affiliates suffering losses

87. Actions required for undercapitalised licensed financial institutions, or affiliates

88. Notification of removal of directors and officers

89. Submission of returns and production of information as required by the Central Bank

90. Central Bank may request further information

91. Extension of period for providing information

92. Disclosure of basis for charges and fees

93. Restriction on advertising likely to mislead the public

94. Agreement or arrangement with foreign supervisory authority

95. Furnishing of statement or return to participating governments

96. Prohibition against providing false, misleading statements

97. Minimum criteria for determining whether a person is fit and proper

98. Criteria for determining whether a person is fit and proper to be a significant shareholder

99. Determining whether business carried out in prudent manner

100. Requirement for fit and proper policy

101. Notification to Central Bank of appointment of officers and directors

102. Responsibility of board for corporate governance

103. Removal and disqualification of director or officer

104. Right to make representation

105. Notice of confirmed removal

106. Person to be removed from office

107. Effective date of removal

108. Failure to comply with a direction

109. Failure to comply with section 103

110. Declaration and registration of related interest and conflict of interest by director

111. Responsibility for deceiving statements and obstruction of audit or authorised examination

112. Management's duty of compliance with the requirements of the laws

113. Liability of directors, officers and partners

114. Grounds for appointing an official administrator

115. Notice of appointment of official administrator

116. Effective date of appointment

117. Persons qualified to be official administrator

118. Period of appointment

119. Replacement and removal of official administrator

120. Official administrator to be fit and proper

121. Declaration of conflict of interest

122. Transactions to be approved by Central Bank

123. Failure of official administrator to disclose interest

124. General powers of the official administrator

125. Central Bank oversight of official administration

126. Suspension of dividends

127. Moratorium and effect of official administration on proceedings

128. Suspension of contractual early termination rights

129. Taking control of the licensed financial institution

130. Inventory and plan of action to resolve the licensed financial institution or licensed financial holding company

131. Capital increase by existing shareholders

132. Recapitalization by new shareholders

133. Mergers, sales and other restructurings

134. Mandatory restructuring of liabilities

135. Misconduct by shareholders, directors, officers or others

136. Expenses of the official administration

137. Termination of official administration

138. Grounds of receivership

139. Qualifications and compensation for receiver

140. Commencement and notice of receivership

141. Central Bank oversight of receiver

142. General powers of receiver

143. Transfer of assets and liabilities

144. Effects of receivership

145. Taking control of the licensed financial institution or licensed financial holding company

146. Repudiation of contracts

147. Avoidance of pre-receivership transfers

148. Obligations of lessors of licensed financial institution or licensed financial holding company premises and utility providers

149. Protection of payment, clearance, and settlement systems

150. Determination of claims

151. Authority to disallow claims

152. Claims relating to eligible financial contracts

153. Priorities in payment of claims

154. Unclaimed funds

155. Safe deposits and unclaimed property

156. Termination of receivership and final reporting to the Central Bank

157. Receiver to notify Central Bank of fraudulent activities

158. Voluntary liquidation

159. Cessation of business operations

160. Notice to depositors of voluntary liquidation

161. Rights of depositors and creditors in voluntary liquidation

162. Distribution of assets

163. Insufficiency of assets in discharge of obligations in voluntary liquidation

164. Audited accounts, and conclusion of liquidation

165. Review of bank resolutions under Parts 9 or 10

166. Non-application of Companies Act, Cap. 13.01

167. Abandoned property

168. Report, publication and disposal of abandoned property

169. Abandoned property to vest in the Crown

170. Safe deposit boxes

171. Sale of contents of a safe deposit box

172. Handling of proceeds of sale of abandoned property

173. Claims on abandoned property

174. Failure to file report or to pay property

175. Banking business vesting order

176. Supplementary provision as to transfers

177. Transfers to be subject to stamp duty

178. Secrecy of information

179. Administrative penalties

180. Administrative penalties to be placed to the credit of Central Bank

181. Schedule 3 offences

182. Working days of licensed financial institutions and licensed holding company

183. Regulations

184. Prudential standards

185. Court's powers in legal claims against Central Bank

186. Bridge financial institutions and asset management vehicles

187. Participating Government financing of transfers of deposits

189. Non-application of Aliens (Licensing) Act

190. Provisions applicable to credit institution, class of credit institution and financial group

191. Amendment of Schedules

192. Repeal and savings

193. Transitional

PART 1 PRELIMINARY

1. Short title and commencement

2. Interpretation

PART 2 LICENCES

3. Requirement for licence

4. Examination of books of person carrying on banking business without a licence

5. Appointment of receiver for failure to hold licence

6. Repayment of funds obtained without licence

7. Application for licence

8. Grant or denial of licence

9. Licence fees and penalty for default

10. Permissible activities

11. Conditions for licence

12. Variation of conditions for licence

13. Register of licensed financial institutions

14. Revocation of licence

15. Requirement to inform Minister for finance

16. Restricted words, names, and practices

17. Display of licence certificate

18. Offices and branches deemed one licensed financial institution

19. Authorisation of location and approval of new business premises

PART 3 OWNERSHIP STRUCTURES

20. Ownership or control of licensed financial institutions

21. Written application for approval

22. Criteria for approval for ownership or control

23. Granting of approval

24. Person with control to be fit and proper

25. Grounds for disapproval of a transfer

26. Prohibition against selling below supervisory threshold

27. Group holdings to be deemed holdings of single member

28. Quarterly reports on ownership and control

29. Report by foreign licensed financial institution on change of control

31. Prohibition against transfer and acquisition of interest

32. Non-applicability of this Part to government or other persons

33. Variation of supervisory thresholds

34. Approval of application for licence by financial holding company

PART 4 FINANCIAL HOLDING COMPANIES

35. Requirement for licensing of financial holding companies

36. Application for licence by financial holding companies

37. Considerations to grant licence to financial holding company

38. Grant or denial of licence to financial holding company

39. Conditions for licence to financial holding company

40. Restriction on activities of financial holding companies

41. Limitation of risk to licensed financial institution

42. Revocation of licence of financial holding company

43. Actions of fundamental change requiring approval

PART 5 FINANCIAL REQUIREMENTS AND LIMITATIONS

44. Minimum paid-up or assigned capital

45. Maintenance of reserve fund

46. Adequacy of capital

47. Additional capital in respect of special risks

48. Liquidity requirement

49. Limit on exposures

50. Restrictions on exposures to related parties

51. Restrictions on lending to employees

52. Prohibition of advances against security of own shares

53. Prohibition on engaging or investing in trade and outsourcing

54. Financial subsidiaries permitted

55. Restrictions on investments in real property

56. Time limit for compliance with financial requirements

57. Maintenance of specified assets

58. Record keeping and reporting required

PART 6 AUDIT AND INFORMATION

59. Annual audit, report and publication of financial statements and results

60. Appointment of external auditor

61. Duties of external auditor

62. Remuneration of external auditor

63. Immediate reports to Central Bank

64. Resignation or removal of external auditor

65. Request for copies of reports

66. External auditor to report to Central Bank

67. No liability for breach of duty

68. Failure to comply with request

69. Audited financial statements

PART 7 SUPERVISION

70. Central Bank examination

71. Consolidated supervision

72. Prudential requirements

73. Reporting of group structures

74. Disclosure and access to books and records by Central Bank Examiner for examination

76. Additional Central Bank remedial actions

77. Remedial actions against directors, officers, employees or significant shareholders

78. Additional Central Bank powers of remedial action against directors, officers, employees or significant shareholders

79. Supplemental powers

80. Failure to comply with remedial actions

81. Effective date of order, warning, agreement, direction

82. Suspension of persons charged with criminal offence etc.

83. Dismissal of criminal case not a bar to Central Bank action

84. Persons convicted may be prohibited from banking business

85. Appointment of observer

86. Actions required for adequately capitalised licensed financial institutions or affiliates suffering losses

87. Actions required for undercapitalised licensed financial institutions, or affiliates

88. Notification of removal of directors and officers

89. Submission of returns and production of information as required by the Central Bank

90. Central Bank may request further information

91. Extension of period for providing information

92. Disclosure of basis for charges and fees

93. Restriction on advertising likely to mislead the public

94. Agreement or arrangement with foreign supervisory authority

95. Furnishing of statement or return to participating governments

96. Prohibition against providing false, misleading statements

PART 8 CORPORATE GOVERNANCE

97. Minimum criteria for determining whether a person is fit and proper

98. Criteria for determining whether a person is fit and proper to be a significant shareholder

99. Determining whether business carried out in prudent manner

100. Requirement for fit and proper policy

101. Notification to Central Bank of appointment of officers and directors

102. Responsibility of board for corporate governance

103. Removal and disqualification of director or officer

104. Right to make representation

105. Notice of confirmed removal

106. Person to be removed from office

107. Effective date of removal

108. Failure to comply with a direction

109. Failure to comply with section 103

110. Declaration and registration of related interest and conflict of interest by director

111. Responsibility for deceiving statements and obstruction of audit or authorised examination

113. Liability of directors, officers and partners

PART 9 OFFICIAL ADMINISTRATION

114. Grounds for appointing an official administrator

115. Notice of appointment of official administrator

116. Effective date of appointment

117. Persons qualified to be official administrator

118. Period of appointment

119. Replacement and removal of official administrator

120. Official administrator to be fit and proper

121. Declaration of conflict of interest

122. Transactions to be approved by Central Bank

123. Failure of official administrator to disclose interest

124. General powers of the official administrator

125. Central Bank oversight of official administration

126. Suspension of dividends

127. Moratorium and effect of official administration on proceedings

128. Suspension of contractual early termination rights

129. Taking control of the licensed financial institution

130. Inventory and plan of action to resolve the licensed financial institution or licensed financial holding company

131. Capital increase by existing shareholders

132. Recapitalization by new shareholders

133. Mergers, sales and other restructurings

134. Mandatory restructuring of liabilities

135. Misconduct by shareholders, directors, officers or others

136. Expenses of the official administration

137. Termination of official administration

PART 10 RECEIVERSHIP AND COMPULSORY LIQUIDATION

138. Grounds of receivership

139. Qualifications and compensation for receiver

140. Commencement and notice of receivership

141. Central Bank oversight of receiver

142. General powers of receiver

143. Transfer of assets and liabilities

144. Effects of receivership

145. Taking control of the licensed financial institution or licensed financial holding company

146. Repudiation of contracts

147. Avoidance of pre-receivership transfers

148. Obligations of lessors of licensed financial institution or licensed financial holding company premises and utility providers

149. Protection of payment, clearance, and settlement systems

150. Determination of claims

151. Authority to disallow claims

152. Claims relating to eligible financial contracts

153. Priorities in payment of claims

154. Unclaimed funds

155. Safe deposits and unclaimed property

156. Termination of receivership and final reporting to the Central Bank

157. Receiver to notify Central Bank of fraudulent activities

PART 11 VOLUNTARY LIQUIDATION

158. Voluntary liquidation

159. Cessation of business operations

160. Notice to depositors of voluntary liquidation

161. Rights of depositors and creditors in voluntary liquidation

162. Distribution of assets

163. Insufficiency of assets in discharge of obligations in voluntary liquidation

164. Audited accounts, and conclusion of liquidation

165. Review of bank resolutions under Parts 9 or 10

166. Non-application of Companies Act, Cap. 13.01

PART 12 ABANDONED PROPERTY

167. Abandoned property

168. Report, publication and disposal of abandoned property

169. Abandoned property to vest in the Crown

170. Safe deposit boxes

171. Sale of contents of a safe deposit box

172. Handling of proceeds of sale of abandoned property

173. Claims on abandoned property

174. Failure to file report or to pay property

PART 13 TRANSFER OF BANKING BUSINESS

175. Banking business vesting order

176. Supplementary provision as to transfers

177. Transfers to be subject to stamp duty

PART 14 MISCELLANEOUS PROVISIONS

178. Secrecy of information

179. Administrative penalties

180. Administrative penalties to be placed to the credit of Central Bank

181. Schedule 3 offences

182. Working days of licensed financial institutions and licensed holding company

183. Regulations

184. Prudential standards

186. Bridge financial institutions and asset management vehicles

187. Participating Government financing of transfers of deposits

189. Non-application of Aliens (Licensing) Act

190. Provisions applicable to credit institution, class of credit institution and financial group

191. Amendment of Schedules

192. Repeal and savings

193. Transitional

SUBSIDIARY LEGISLATION

Banking (Credit Institutions) (Licence Fees) Order – Section 12 (Statutory Instrument 96/1998)

2. Licence fees

Banking (Licence Fees) Order – Section 12 (Statutory Instrument 36/2004)

2. Licence fees

Banking (Credit Institution Capital Requirement) Order – Section 13 (Statutory Instrument 54/1994)

2. Minimum capital requirements

Banking (Dealing in Shares) Order – Section 16 (Statutory Instrument 97/2001)

2. Dealing in shares

Banking (Disclosures in Statement of Accounts) Regulations – Section 33 (Statutory Instrument 7/1994)

2. Interpretation

3. Disclosures to be made in statement of accounts

PART 2 LIABILITIES

PART 4 PROFIT AND LOSS ACCOUNT

PART 5 ADDITIONAL INFORMATION

Banking (Abandoned Property) Regulations – Section 183 (Statutory Instrument 188/2021)

2. Interpretation

3. Publication of abandoned property

4. Report on abandoned property

5. Custody of abandoned property

6. Delivery of contents of a safe deposit box

7. Sale of contents of a safe deposit box

8. Deduction of expenses

9. Handling of proceeds from sale of contents of a safe deposit box

10. Abandoned property remaining unsold

11. Claim on abandoned property

12. Claim on contents of a safe deposit box

13. Notice of settled claim

14. Retention of customer records

15. Prohibited items

16. Completion of forms

Banking (Capital Adequacy and Capital Ratios) Regulations (Statutory Instrument 151/2007)

PART 1 PRELIMINARY

Banking (RBTT Bank Caribbean Limited) Banking Business Vesting Order – Section 175 (Statutory Instrument 55/2015)

2. Interpretation

3. Vesting of banking business

4. Approved business premises

Banking (FirstCaribbean International Finance Corporation (Leeward and Windward) Ltd. and FirstCaribbean International Bank (Barbados) Limited) Banking Business Vesting Order – Sections 175(3) and (5) (Statutory Instrument 115/2019)

2. Interpretation

3. Transfer of liabilities and assets

4. Corporation tax

Banking (Republic Bank (EC) Limited and the Bank of Nova Scotia) Banking Business Vesting Order – Section 175(3) and (5) (Statutory Instrument 143/2019)

2. Interpretation

3. Vesting of banking business

Banking (Royal Bank of Canada) Banking Business Vesting Order – Section 175 (Statutory Instrument 66/2021)

1. Citation and commencement

2. Interpretation

3. Vesting of banking business

2. Interpretation

3. Application for licence

4. Refusal of application

5. Obsolete application

6. Alterations of facts disclosed in application

7. Standard conditions

8. Authority on receipt of notice