Compliance with Section 75(4) of the Financial Institutions Act, 2008: Quarterly Shareholding Report

CENTRAL BANK OF TRINIDAD & TOBAGO
Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

April 30, 2013

CIRCULAR LETTER TO ALL BANKS AND NON BANKS

REF: CB-OIFI-1224/2013

COMPLIANCE WITH SECTION 75 (4)
OF THE FINANCIAL INSTITUTIONS ACT, 2008 –
QUARTERLY SHAREHOLDING REPORT

Reference is made to Section 75(4) of the Financial Institutions Act, 2008 (the Act) which requires every licensee and every financial holding company to submit to the Inspector at the end of every quarter a list (Quarterly Shareholding Report) of:-

(a) beneficial and nominee shareholders who hold directly or indirectly shareholdings of five per cent or more of its issued share capital; and

(b) any agreement with respect to the voting of shares of the licensee or financial holding company.

In reviewing the submissions by licensees and financial holding companies, the Central Bank has noted that all the information required by section 75(4) is not being provided. In particular, the matters required under sub-section (b), as set out above, is not being reported. It is expected that where there are no such agreements, that an institution would state that none exist.

We take this opportunity to remind you that the Quarterly Shareholding Report should be submitted within 20 working days after the quarter dates of March 31, June 30, September 30 and December 31 respectively of each calendar year.

Your usual co-operation is appreciated and we ask that you kindly acknowledge receipt by signing and returning a copy of this letter.

Yours faithfully

[Signature]
Carl Hiralal
Inspector of Financial Institutions