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36.   Application for licence by financial holding companies

Revised Laws of Saint Lucia (2022)

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36.   Application for licence by financial holding companies

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    (1)   An application for a licence for a financial holding company shall be made in writing to the Central Bank and shall be accompanied by the non-refundable application fee specified in Schedule 1.

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    (2)   An applicant for a licence under this section shall provide the following information and documents —

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      (a)     the capital resources, including original sources, and capital structure of the proposed financial holding company;

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      (b)     the names, addresses, occupations, business and professional history for the past ten years, certified financial positions, and corporate affiliations of persons who will hold or benefit from shareholdings, directly or indirectly, in the proposed financial holding company, and the respective values of the shares;

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      ©     organizational and managerial structures, including a complete diagram of the group of companies controlled by the proposed financial holding company, identifying all direct and indirect affiliates and associates and the nature of their relationship to the financial holding company;

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      (d)     the particulars of the directors and officers of the proposed financial holding company, including their qualifications, experience, business and professional history for the past 10 years, certified financial position, business interests and performance of the business concerns under their control or management;

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      ©     the feasibility reports including a business plan and financial projections for the first 5 years and the areas of intended activities;

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      (f)     audited financial statements for the past 3 years, if applicable, or for a lesser period as the entity has been in existence if shorter than 3 years;

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      (g)     the measures and structures the company intends to adopt to ensure that its business is conducted in accordance with sound corporate governance principles;

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      (h)     for each director, officer or significant shareholder of the proposed financial holding company, an affidavit disclosing any convictions for offences by a criminal court, personal bankruptcy filings, disqualifications from practicing a profession, or past or present involvement in a managerial function of a body corporate or other undertaking subject to insolvency proceedings, if any;

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      (i)     a certificate showing that the home banking supervisor of the jurisdiction in which it was incorporated, formed or organised has no objection to its application for a licence to do business in the Currency Union; and

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      (j)     any other particulars that the Central Bank may require.

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