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  • LR-3.3 LR-3.3 Withdrawal of a License

    • Voluntary Surrender

      • LR-3.3.1

        All requests for the voluntary surrender of a license are subject to BMA approval. Such requests must be made in writing to the Executive Director of Banking Supervision, setting out in full the reasons for the request and how the voluntary surrender is to be carried out.

      • LR-3.3.2

        Conventional bank licensees must satisfy the BMA that their customers' interests are to be safeguarded during and after the proposed voluntary surrender.

      • LR-3.3.3

        The BMA will only approve a voluntary surrender where it has no outstanding regulatory concerns and any relevant customers' interests would not be prejudiced. A voluntary surrender will not be accepted where it is aimed at pre-empting supervisory actions by the BMA. Also, a voluntary surrender will only take effect once the licensee, in the opinion of the BMA, has discharged all its regulatory responsibilities to customers.

    • Cancellation

      • LR-3.3.4

        Cancellation of a license requires the BMA to issue a formal notice of cancellation to the person concerned. The notice of cancellation must describe the BMA's rationale for the proposed cancellation.

      • LR-3.3.5

        Failure to meet the relevant conditions contained in Chapter LR-2 can lead to cancellation of a license. The BMA generally views cancellation of a license as appropriate only in the most serious of circumstances, and generally tries to address supervisory concerns through other means beforehand. Further guidance is contained in Module EN (Enforcement), regarding the BMA's approach to enforcement and on the process for issuing a notice of cancellation and the recipient's right to appeal the notice.

      • LR-3.3.6

        Normally, where cancellation of a license has been confirmed by the BMA, the BMA will only effect the cancellation once a licensee has discharged all its regulatory responsibilities to customers. Until such time, the BMA will retain all its regulatory powers with regards to the licensee, and will direct the licensee such that no new regulated banking activity may be undertaken whilst the licensee discharges its obligations to customers.