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  • GR-6 GR-6 Dividends

    • GR-6.1 GR-6.1 CBB Non-Objection

      • GR-6.1.1

        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.

        April 2016

      • GR-6.1.2

        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) the licensee's liquidity.

        April 2016

      • GR-6.1.3

        To facilitate the prior approval required under Paragraph GR-6.1.1, licensees must provide the CBB with:

        (a) The licensee's intended percentage and amount of proposed dividends for the 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 requirements outlined in Section AU-2.5 and liquidity position of the licensee.
        Amended: October 2017
        April 2016