Circular CN-BSD/2016/4: General Licensing Requirements to Open a Branch, a Subsidiary or a Representative Office

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY
MALDIVES

Circular no: CN-BSD/2016/4

14th March 2016

To: All Banks

Dear Sir,

General licensing requirements to open a Branch, a Subsidiary or a Representative Office

We refer to Section 4 of Maldives Banking Act 2010, where banks are required to obtain licence from MMA, prior to opening a branch, subsidiary, or representative office. In order to facilitate granting of such licence, banks operating in Maldives are required to provide not less than 30 days' written notice to the MMA, along with the following information related to the proposal:

1. the organizational structure,
2. information on the management,
3. internal control measures,
4. business plan describing the objectives and intended business activities, together with feasibility study,
5. public need: information to support the demand for a new branch, subsidiary or representative office,
6. in the case of foreign banks, approval from the home country regulator.

Yours sincerely,

Neeza Imad
Assistant Governor, Financial Stability

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