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  • GR-3 GR-3 Dividends

    • 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, 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.

        January 2014

      • 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 capital requirements, taking into account (as appropriate) trends in the licensee's business volumes, expenses, overall performance and the adequacy of provisions against impaired loans or other assets.

        January 2014

      • GR-3.1.3

        To facilitate the prior approval required under Paragraph GR-3.1.1, licensees 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 liquidity position of the licensee.
        Amended: October 2017
        January 2014