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  • Authorisation of a Subsidiary

    • AU-4.2.4

      Licensees wishing to establish a new subsidiary undertaking must submit to the CBB the following information as part of their request:

      (a) Proposed name of subsidiary;
      (b) Country of incorporation;
      (c) Legal structure;
      (d) Proposed issued capital;
      (e) Proposed shareholding structure;
      (f) Purpose of establishing the subsidiary;
      (g) Draft incorporation documents of the subsidiary;
      (h) Board resolution approving the establishment of the subsidiary; and
      (i) Any other information or documentation requested by the CBB.
      January 2013

    • AU-4.2.5

      Licensees wishing to acquire a new subsidiary undertaking must submit to the CBB the following information as part of their request:

      (a) Annual report, including audited financial statements of the subsidiary being acquired;
      (b) Purpose of acquiring the subsidiary;
      (c) Memorandum and Articles of Association of the subsidiary;
      (d) Board resolution approving the acquisition of the subsidiary; and
      (e) Any other information or documentation requested by the CBB.
      January 2013

    • AU-4.2.6

      Licensees should ensure adherence with Rules contained in:

      (a) Chapter CA-1 and in particular with the gearing ratio requirements contained in Paragraph CA-1.1.4;
      (b) The minimum liquidity requirements outlined in Chapter LM-1; and
      (c) The reporting requirements for close links contained in Paragraph GR-6.1.3

      when considering the impact of a subsidiary on these requirements.

      January 2013