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  • GR-5.4 GR-5.4 Approval Process

    • GR-5.4.1

      Following receipt of an approval request under Paragraph GR-5.1.3, the BMA will issue a written notice of objection if it is not satisfied that the person concerned is suitable to become a controller of the conventional bank licensee. The notice of objection will specify the reasons for the objection and specify the applicant's right of appeal.

    • GR-5.4.2

      Notices of objection have to be approved by an Executive Director of the BMA. The applicant has 30 calendar days from the date of the notice in which to make written representations. The BMA then has 30 calendar days from the date of the representation in which to consider any mitigating evidence submitted and make a final determination. See Module EN (Enforcement).

    • GR-5.4.3

      Where a person has become a controller by virtue of his shareholding in contravention of Paragraph GR-5.1.3, or a notice of objection has been served to him under Paragraph GR-5.4.1 and the period of appeal has expired, the BMA may, by notice in writing served on the person concerned, direct that his shareholding shall, until further notice, be subject to all or any of the following restrictions:

      (a) no voting right shall be exercisable in respect of those shares; and
      (b) except in a liquidation, no payment shall be made of any sum due on the shares from the conventional bank licensee, whether in respect of capital, dividend or otherwise.