Regulatory Alerts2019-06-26
Waiver of Minimum Number of Shareholders Requirement for Restricted Bank and Trust Company Licences
The Central Bank of The Bahamas has issued a guidance note waiving the statutory requirement that group applicants for restricted bank and trust company licences must consist of at least five individuals. This waiver permits fewer than five shareholders to apply jointly, provided the licensed entity restricts its operations exclusively to the primary shareholder(s) and their immediate family members. The regulator determined that limiting the shareholder base and deposit acceptance to these related parties minimizes systemic risk, as only private capital is exposed in the event of a licence failure.
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