Voluntary Surrender of a License or Closure of a Branch
AU-4.3.1
In accordance with Article 50 of the CBB Law, all requests for the voluntary surrender of a license or closure of a branch are subject to CBB's prior written approval, before ceasing such activities. Such requests must be made in writing to the relevant Banking Supervision Director, setting out in full the reasons for the request and how the voluntary surrender of the license or branch closure is to be carried out.
January 2014AU-4.3.2
Licensees must satisfy the CBB that theircustomers' interests are to be safeguarded during and after the proposed voluntary surrender or closure of the branch. The requirements contained in Chapter GR-6 regarding cessation of business must be satisfied.January 2014AU-4.3.3
The CBB will only approve a voluntary surrender where it has no outstanding regulatory concerns and any relevant
customers' interests would not be prejudiced. A voluntary surrender will not be accepted where it is aimed at pre-empting supervisory actions by the CBB. Also, a voluntary surrender will only take effect once thelicensee , in the opinion of the CBB, has discharged all its regulatory responsibilities tocustomers .January 2014
