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  • GR-3.1 GR-3.1 CBB Non-Objection

    • GR-3.1.1

      Licensees must obtain a letter of no-objection from the CBB to any dividend proposed and prior to submitting a proposal for a distribution of profits to a shareholder vote.

      May 2011

    • GR-3.1.2

      The CBB will grant a no-objection letter 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 the licensee's business volumes, expenses, trend performance and investment environment.

      May 2011

    • GR-3.1.3

      To facilitate the prior approval required under Paragraph GR-3.1.1, licensees subject to Paragraph GR-3.1.1 must provide the CBB with:

      (a) The licensee's intended percentage and amount of proposed dividends for the coming year;
      (b) A letter of no objection from the licensee'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
      May 2011