CM-6.1.3
Past version: Effective from 01 Oct 2015 to 30 Sep 2016
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Banks must also obtain the CBB's written no-objection before writing off any of the following:
(a) Claims on approved persons of the bank;
(b) Claims which are guaranteed by an approved person of the bank;
(c) Claims on any other connected counterparties of the bank (as defined under paragraph CM-4.4.10);
(d) [This Subparagraph was deleted in October 2015];
(e) Claims on any business entity for which the bank or any of its approved persons is a related party such as a board member, a shareholder owning 5% or more, a person assuming a managerial role, a guarantor; and
(f) Claims on any controller of another CBB licensee (as defined in Section GR-5.2 — definition of Controller).
Amended: October 2015
Amended: July 2011
Amended: January 2011
Amended: April 2008
October 2007
Amended: July 2011
Amended: January 2011
Amended: April 2008
October 2007