|
MINISTRY OF FINANCE |
S.I. No. 62 of 2005 |
THE BANKS AND TRUST COMPANIES |
REGULATION ACT |
(CHAPTER 316) |
THE BANKS AND TRUST COMPANIES |
(NEW APPOINTMENTS) REGULATIONS,
2005 |
The Governor of the Central Bank
of The Bahamas in exercise of the powers conferred by section 24 of the Banks
and Trust Companies Regulation Act, makes the following regulations - |
1. These Regulations may be
cited as the Banks and Trust Companies (New Appointments) Regulations, 2005. | Citation. |
| Interpretation |
“licensee” means any person who holds a licence
granted under section 4 of the Act; |
“the Act” means the Banks and Trust Companies
Regulation Act. | Ch. 316 |
3. No licensee shall appoint or
replace a director or executive officer without the prior written approval of
the Governor. | Appointment of director or executive
officer. |
4. A licensee who desires to
appoint or replace a director or executive officer shall, before appointing or
replacing any such director or officer, as the case may be, apply to obtain the
prior written approval of the Governor for the appointment or replacement of
the director or executive officer, and shall provide the following information
with respect to each proposed director or executive officer: | Application for appointment or
replacement |
(a) full name, date of birth,
nationality, and domicile; |
(b) curriculum vitae incorporating
personal data, educational background, professional education and training, a
list of professional activities and scope of responsibilities, including
details of the level and number of subordinates managed; |
(c) a completed “Confidential
Statement By Individuals Who Are Proposing To Hold The Position of Director
and/or Executive Officer of a Bank or Trust Company licensed by the Central
Bank of The Bahamas”; |
(d) two character references in
original form from sources satisfactory to the Governor; |
(e) one financial reference in
original form from financial institutions acceptable to the Governor; |
(f) a police or other certificate in
original form, acceptable to the Governor, confirming that the person has not
been convicted of a serious crime or any offence involving dishonesty; |
(g) for those executive officers who
are to be appointed, the proposed job description; and |
(h) such other information as is
requested by the Governor. |
5. The Governor may impose a
fine not exceeding five thousand dollars where a licensee fails to comply with
the provisions of these Regulations. | Fine. |
Made this 18th day of July, 2005. |
Signed |
WENDY M. CRAIGG |
Governor of the Central Bank of The Bahamas |