Skip to main content
Entire section Custom print Text Only Rich Text Print

4.3 Alterations [Article 9.1 (c) of the Regulations]

N 35/2018 STA
  1. 4.3.1The Licensed Person is not permitted to alter the following without obtaining a Letter of No Objection from the Banking Supervision Department with an exception provided under Paragraph 4.3.2 of this Chapter:
    1. a)Legal status of the business;
    2. b)Ownership or Ownership structure;
    3. c)Location of the licensed premises or offices;
    4. d)Paid-up capital; and
    5. e)Value of the bank guarantee favouring the Central Bank.
  2. 4.3.2The Licensed Person may increase its paid-up capital and the value of bank guarantee favouring the Central Bank without obtaining the Letter of No Objection from the Banking Supervision Department in order to comply with the requirements of Paragraphs 2.6.1 (c) and 2.6.2 of Chapter 2. The Licensed Person must notify the Banking Supervision Department upon making such alterations.