GR-4 GR-4 Dividends
GR-4.1 GR-4.1 CBB Prior Approval
GR-4.1.1
Licensees must obtain the CBB's prior written approval to any dividend proposed to be distributed to the shareholders, before announcing the proposed dividend by way of press announcement or any other means of communication and prior to submitting a proposal for a distribution of profits to a shareholder vote.October 2010GR-4.1.2
The CBB will grant approval where it is satisfied that the level of dividend proposed is unlikely to leave the
licensee vulnerable — for the foreseeable future — to breaching the CBB's financial resources requirements, taking into account (as appropriate) trends in thelicensee's business volumes, expenses and performance.October 2010GR-4.1.3
To facilitate the prior approval required under Paragraph GR-4.1.1,
licensees subject to Paragraph GR-4.1.1 must provide the CBB with:(a) Thelicensee's intended percentage and amount of proposed dividends for the coming year;(b) A letter of no objection from thelicensee's external auditor on such profit distribution; and(c) A detailed analysis of the impact of the proposed dividend on the capital adequacy requirements outlined in Module CA (Capital Adequacy) and the liquidity position of the licensee.Amended: October 2017
October 2010