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 ashareholder vote.April 2016GR-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 2016GR-6.1.3
To facilitate the prior approval required under Paragraph GR-6.1.1,
licensees must provide the CBB with:(a) Thelicensee's intended percentage and amount of proposed dividends for the year;(b) A letter of no objection from thelicensee'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