Regulatory Alerts2008-05-08
Directive 2/2008: Procedure for Applications under Sections 37, 52 and 54 of the Banks Act
The Registrar of Banks issued Directive 2/2008 to prescribe the mandatory procedure for banks and controlling companies submitting applications under sections 37, 52, and 54 of the Banks Act. The directive prohibits finalizing contracts or making public announcements regarding such transactions prior to obtaining requisite regulatory approval from the Registrar or Minister of Finance. Compliance requires that all agreements remain conditional on approval, applications be certified by executive officers, and proposed press releases receive prior written consent from the Registrar.
Share