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  • GR-5.1 GR-5.1 Key Provisions

    • GR-5.1.1

      Condition 3 of the BMA's licensing conditions specifies, amongst other things, that conventional bank licensees must satisfy the BMA that their controllers are suitable and pose no undue risks to the licensee. (See Paragraph LR-2.3.1.)

    • GR-5.1.2

      Applicants for a conventional bank license must provide details of their controllers, by submitting a duly completed Form 2 (Application for authorisation of controller). (See sub-paragraph LR-3.1.5(a)

    • GR-5.1.3

      Conventional bank licensees must obtain prior approval from the BMA for any of the following changes to its controllers (as defined in Section GR-5.2):

      (a) a new controller;
      (b) an existing controller increasing its holding from below 20% to above 20%;
      (c) an existing controller increasing its holding from below 33% to above 33%;
      (d) an existing controller increasing its holding from below 50% to above 50%; and
      (e) an existing controller increasing its holding from below 75% to above 75%.

    • GR-5.1.4

      For approval under Paragraph GR-5.1.3 to be granted, the BMA must be satisfied that the proposed increase in control poses no undue risks to the licensee. A duly completed Form 2 (Controllers) must be submitted as part of the request for a change in controllers.

    • GR-5.1.5

      If, as a result of circumstances outside the conventional bank licensee's knowledge and/or control, one of the changes specified in Paragraph GR-5.1.3 is triggered prior to BMA approval being sought or obtained, the conventional bank licensee must notify the BMA as soon as it becomes aware of the fact and no later than 7 days.

    • GR-5.1.6

      Conventional bank licensees are encouraged to notify the BMA as soon as they become aware of events that are likely to lead to changes in their controllers. The criteria by which the BMA assesses the suitability of controllers are set out in Section GR-5.3. The BMA aims to respond to requests for approval within 30 calendar days. The BMA may contact references and supervisory bodies in connection with any information provided to support an application for controller. The BMA may also ask for further information, in addition to that provided in Form 2, if required to satisfy itself as to the suitability of the applicant.

    • GR-5.1.7

      Conventional bank licensees must submit, within 3 months of their financial year-end, a report on their controllers. This report must identify all controllers of the licensee, as defined in Section GR-5.2.