Fair Reporting of Credit Regulations 2016

169 No. 18 GOVERNMENT OF FIJI GAZETTE SUPPLEMENT THURSDAY, 26th MAY 2016 [Legal Notice No. 38] FAIR REPORTING OF CREDIT ACT 2016 (ACT NO. 11 OF 2016) ________ Fair Reporting of Credit Regulations 2016 IN exercise of the powers conferred upon me by section 23 of the Fair Reporting of Credit Act 2016 and following consultation with the Reserve Bank of Fiji, I hereby make these Regulations— Short title and commencement 1.—(1) These Regulations may be cited as the Fair Reporting of Credit Regulations 2016. (2) These Regulations come into force on the date the Act comes into force. Interpretation 2.—(1) For the purpose of these Regulations— “Act” means the Fair Reporting of Credit Act 2016; “associate”, in relation to a person, means— (a) a business partner of the person; (b) if the person or another person who is an associate of the person under another paragraph receives benefits or is capable of benefiting under a trust, the trustee of the trust; EXTRAORDINARY [Legal Notice No. 37] FAIR REPORTING OF CREDIT ACT 2016 (ACT NO. 11 OF 2016) ________ Commencement Notice IN exercise of the powers conferred upon me by section 1(2) of the Fair Reporting of Credit Act 2016, I hereby appoint 27 May 2016 as the commencement date of the Fair Reporting of Credit Act 2016. Dated this 26th day of May 2016. A. SAYED-KHAIYUM Attorney-General and Minister for Finance

170 (c) a person, whether a company or not, who— (i) acts, or is accustomed to act; or (ii) under a contract or an arrangement or understanding, whether formal or informal, is intended or expected to act, in accordance with the directions, instructions or wishes of, or in concert with, the first mentioned person or of the first mentioned person and another person who is an associate of the first mentioned person under another paragraph; or (d) if the person is a company, another company if the other company is a related entity or a related body corporate of the person; “related body corporate” means, where a body corporate is a holding company of another body corporate, or a subsidiary of another body corporate, or a subsidiary of a holding company of another body corporate, the first mentioned body and the other body are related to each other; and “related entity”, in relation to a body corporate, means any of the following— (a) a promoter of the body; (b) a director or member of the body corporate or of a related body corporate; (c) a body corporate that is related to the first mentioned body; (d) a beneficiary under a trust of which the first mentioned body is or has at any time been a trustee; (e) a body corporate, one of whose directors is also a director of the first mentioned body; or (f) a trustee of a trust under which a person is a beneficiary, where the person is a related entity of the first mentioned body because of any other application or applications of this definition. (2) In these Regulations, words and phrases have the same meaning as under the Act, unless the context otherwise requires. Application for licence 3.—(1) For the purpose of section 5 of the Act— (a) the application form is set out in Schedule 1; and (b) the application processing fee is $3,000 (exclusive of value added tax). (2) The application processing fee under subregulation (1)(b) is non-refundable. (3) The Bank may require additional information from the applicant for processing an application.

171 Granting of licence 4.—(1) For the purpose of section 7(2) of the Act, a licence granted by the Bank— (a) must only be granted to an applicant upon receipt of the licence fee of $30,000 (exclusive of value added tax); (b) must be in the form set out in Schedule 2; (c) must be granted for a term of 10 years from the effective date of the licence; (d) may be subject to terms and conditions as determined by the Bank; and (e) may be renewed upon an application made to the Bank. (2) Pursuant to subregulation (1)(e), an application for the renewal of a licence must be— (a) made using the application form set out in Schedule 1; and (b) accompanied by the renewal of licence fee of $30,000 (exclusive of value added tax). Qualifications and other specifications to be satisfied by a director or shareholder 5.—(1) A director or shareholder of a company referred to in section 6(1)(a) of the Act must satisfy the qualifications and specifications specified in subregulations (2), (3) and (4). (2) A director or shareholder of a company must not have any interest, whether beneficial or non-beneficial, direct or indirect, in any lending institution, credit information provider or credit report recipient. (3) A director or shareholder of a company is deemed to have an interest in a lending institution, credit information provider or credit report recipient if the director or shareholder’s associate has an interest, whether beneficial or non-beneficial, direct or indirect, in the lending institution, credit information provider or credit report recipient. (4) A director or shareholder of a company must not— (a) have been convicted of an offence that— (i) concerns the making, or participation in making, of decisions that affect the whole or a substantial part of the business of a company; (ii) concerns an act that has the capacity to affect significantly a company’s financial standing; (iii) is a contravention of the Act and is sentenced to a term of imprisonment exceeding 12 months; or (iv) involves fraud, dishonesty or breach of trust and is punishable by imprisonment for a term of at least 3 months; (b) have been convicted of an offence against the law of any other country that is punishable by imprisonment for a term exceeding 12 months in Fiji if the offence was committed in Fiji; or (c) have been declared to be of unsound mind by any court of law in Fiji or any other country.

172 Minimum amount of credit information reporting 6.—(1) For the purpose of section 15 of the Act, the minimum amount of credit information that may be reported to a credit reporting agency or credit report recipient is a payment of more than $300 that has been overdue for at least 60 days. (2) The minimum amount of credit information specified in subregulation (1) excludes any default charges or fees, including default interest. Annual compliance report 7. For the purpose of section 20(4) of the Act, an annual compliance report must include— (a) the number of credit reports issued to a credit report recipient; (b) a summary of each complaint received by the credit reporting agency, including the length of time taken for each complaint to be resolved; and (c) any other information required by the Bank. Qualifications and specifications to be satisfied for registration under section 22 of the Act 8.—(1) A person who wishes to be registered as a credit information provider or credit report recipient under section 22 of the Act, must satisfy the qualifications and specifications specified in subregulation (2). (2) An applicant must not— (a) have been convicted of an offence that— (i) concerns the making, or participation in making, of decisions that affect the whole or a substantial part of the business of a company; (ii) concerns an act that has the capacity to affect significantly a company’s financial standing; (iii) is a contravention of the Act and is sentenced to a term of imprisonment exceeding 12 months; or (iv) involves fraud, dishonesty or breach of trust and is punishable by imprisonment for at least 3 months; (b) have been convicted of an offence against the law of any other country that is punishable by imprisonment for a term exceeding 12 months in Fiji if the offence was committed in Fiji; or (c) have been declared to be of unsound mind by any court of law in Fiji or any other country. (3) For the purpose of section 22(1), a person is not considered a credit report recipient if the information requested is obtained under section 14(a) of the Act. Application for registration 9.—(1) The application form for registration as a credit information provider is set out in Schedule 3. (2) The application form for registration as a credit report recipient is set out in Schedule 4.

173 (3) The application fee for registration as a credit information provider or credit report recipient, as the case may be, is $1,000 (exclusive of value added tax). (4) The application fee under subregulation (3) is non-refundable. (5) The Bank may require additional information from an applicant for the registration of a credit information provider and credit report recipient. (6) A person must obtain the written consent of a person for the purposes of the Act in the form set out in Schedule 5. (7) Subject to regulation 13, any registration under this regulation is valid for a term of 12 months. Prior approval of the Bank required for alterations 10.—(1) A licensed credit reporting agency, a registered credit information provider and a registered credit report recipient must obtain the prior approval of the Bank for any alteration to the information or documentation provided to the Bank for the purpose of an application for a licence or registration. (2) Any credit reporting agency, credit information provider or credit report recipient who contravenes subregulation (1) commits an offence and is liable upon conviction to a fine not exceeding $400 or to imprisonment for a term not exceeding 6 months, or to both. (3) The Bank may suspend or revoke the licence of a credit reporting agency, or deregister a credit information provider or a credit report recipient if the credit reporting agency, credit information provider or credit report recipient contravenes subregulation (1). Variation of forms and licence 11. The forms and licence prescribed in schedules 1 to 4 may be varied by the Bank as the circumstances require. Duties of credit information provider and credit report recipient 12. A credit information provider and credit report recipient must comply with— (a) the provisions of the Act and any regulations or rules made under the Act; (b) directions given by the Bank; and (c) other duties imposed by a code of conduct issued by the Bank. Deregistration of credit information provider and credit report recipient 13. The Bank may deregister a credit information provider or credit report recipient if the Bank is satisfied that the credit information provider or credit report recipient has contravened— (a) the provisions of the Act or any regulations or rules made under the Act; (b) any directions given by the Bank; or (c) any code of conduct issued by the Bank.

174 Offences 14.—(1) Any person who knowingly provides any false or incorrect information in any of the applications referred to in these Regulations or contravenes any of the provisions of these Regulations commits an offence and is liable upon conviction to a fine not exceeding $400 or to imprisonment for a term not exceeding 6 months, or to both. (2) A credit reporting agency, credit information provider or credit report recipient that fails to comply with any directions given by the Bank or any code of conduct issued by the Bank commits an offence and is liable upon conviction to a fine not exceeding $400 or to imprisonment for a term not exceeding 6 months, or to both. Made this 26th day of May 2016. A. SAYED-KHAIYUM Attorney-General and Minister for Finance

175 SCHEDULE 1 (Regulation 3(1)(a)) ________ THE RESERVE BANK OF FIJI Regulation 3(1)(a) of the Fair Reporting of Credit Regulations 2016 APPLICATION OR RENEWAL OF APPLICATION FORM FOR LICENSING OF A CREDIT REPORTING AGENCY The applicant must submit the completed application form, together with the required application processing fee to the Reserve Bank of Fiji. PART 1—APPLICANT’S INFORMATION

1. Name of the applicant company:
2. Address of registered office:
3. Telephone number:
4. Fax number:
5. Website address:
6. Postal address:
7. Tax identification number (TIN): (Enclose certified copy)
8. Date of registration: (Enclose certificate of registration)
9. Business name, if applicable: (Enclose certificate of registration)
10. Type of application: (Tick appropriate box)  Application for licence  Application for renewal of licence

176 PART 2—PARTICULARS OF DIRECTORS

1. Name:
2. Address:
3. List experience and qualifications: (Include previous positions held, if any)
4. Percentage of shareholding in the company, if any:
5. Directorship in other companies, if applicable:

Has the director been convicted of an offence that concerns the making, or participation in making, of decisions that affect the whole or a substantial part of the business of a company? Yes No 7. Has the director been convicted of an offence that concerns an act that has the capacity to affect significantly a company’s financial standing? Yes No 8. Has the director been convicted of an offence that is a contravention of the Act and is sentenced to a term of imprisonment exceeding 12 months? Yes No 9. Has the director been convicted of an offence that involves fraud, dishonesty or breach of trust and is punishable by imprisonment for a term of at least 3 months? Yes No 10. Has the director been convicted of an offence against the law of any other country that is punishable by imprisonment for a term exceeding 12 months in Fiji if the offence was committed in Fiji? Yes No 11. Has the director been declared to be of unsound mind by any court of law in Fiji or any other country? Yes No

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1. Name:
2. Address:

List experience and qualifications: (Include previous positions held, if any) 4. Percentage of shareholding in the company, if any: 5. Directorship in other companies, if applicable: 6. Has the director been convicted of an offence that concerns the making, or participation in making, of decisions that affect the whole or a substantial part of the business of a company? Yes No 7. Has the director been convicted of an offence that concerns an act that has the capacity to affect significantly a company’s financial standing? Yes No 8. Has the director been convicted of an offence that is a contravention of the Act and is sentenced to a term of imprisonment exceeding 12 months? Yes No 9. Has the director been convicted of an offence that involves fraud, dishonesty or breach of trust and is punishable by imprisonment for a term of at least 3 months? Yes No 10. Has the director been convicted of an offence against the law of any other country that is punishable by imprisonment for a term exceeding 12 months in Fiji if the offence was committed in Fiji? Yes No 11. Has the director been declared to be of unsound mind by any court of law in Fiji or any other country? Yes No (Attach additional pages, if required)

178 PART 3—PARTICULARS OF SHAREHOLDERS

1. Name of shareholder:
2. Address:
3. Percentage of shareholding in the company:
4. Does the shareholder hold shares beneficially or non-beneficially?

Has the shareholder been convicted of an offence that concerns the making, or participation in making, of decisions that affect the whole or a substantial part of the business of a company? Yes No Not applicable 6. Has the shareholder been convicted of an offence that concerns an act that has the capacity to affect significantly a company’s financial standing? Yes No Not applicable 7. Has the shareholder been convicted of an offence that is a contravention of the Act and is sentenced to a term of imprisonment exceeding 12 months? Yes No Not applicable 8. Has the shareholder been convicted of an offence that involves fraud, dishonesty or breach of trust and is punishable by imprisonment for a term of at least 3 months? Yes No Not applicable 9. Has the shareholder been convicted of an offence against the law of any other country that is punishable by imprisonment for a term exceeding 12 months in Fiji if the offence was committed in Fiji? Yes No Not applicable 10. Has the shareholder been declared to be of unsound mind by any court of law in Fiji or any other country? Yes No Not applicable

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1. Name of shareholder:
2. Address:
3. Percentage of shareholding in the company:
4. Does the shareholder hold shares beneficially or non-beneficially?

Has the shareholder been convicted of an offence that concerns the making, or participation in making, of decisions that affect the whole or a substantial part of the business of a company? Yes No Not applicable 6. Has the shareholder been convicted of an offence that concerns an act that has the capacity to affect significantly a company’s financial standing? Yes No Not applicable 7. Has the shareholder been convicted of an offence that is a contravention of the Act and is sentenced to a term of imprisonment exceeding 12 months? Yes No Not applicable 8. Has the shareholder been convicted of an offence that involves fraud, dishonesty or breach of trust and is punishable by imprisonment for a term of at least 3 months? Yes No Not applicable 9. Has the shareholder been convicted of an offence against the law of any other country that is punishable by imprisonment for a term exceeding 12 months in Fiji if the offence was committed in Fiji? Yes No Not applicable 10. Has the shareholder been declared to be of unsound mind by any court of law in Fiji or any other country? Yes No Not applicable (Attach additional pages, if required)

180 PART 4—COMPLIANCE WITH REGULATIONS

1. Does the applicant or a director or shareholder of the applicant have any interest, whether beneficial or non-beneficial, direct or indirect, in any lending institution, credit information provider or credit report recipient? (If yes, please specify) Yes No
2. Does the applicant or a director or shareholder of the applicant have an associate with any interest, whether beneficial or non-beneficial, direct or indirect, in any lending institution, credit information provider or credit report recipient? (If yes, please specify) Yes No PART 5—QUESTIONS, CONCERNS AND COMPLAINTS
3. Do you have a policy in place to handle questions, concerns and complaints? Yes No

If the answer to the above is “Yes”, does this policy outline your commitment to handle questions, concerns and complaints as well as your internal systems and procedures for resolving questions, concerns and complaints in a timely manner? Yes No PART 6—HUMAN, FINANCIAL AND OPERATIONAL RESOURCES 1. 1.1 Human resources Indicate the number of staff employed 2. 2.1 Financial resources Provide a copy of the applicant’s audited financial statements for the previous 3 years 3. 3.1 Operational resources Do you have adequate access to communication facilities, including telephone, typing, fax and copying facilities? Yes No 3.2 Do you have adequate storage and filing systems for the safe-keeping of all records? Yes No 3.3 Do you have procedures in place and sufficient resources to accept the filing of credit information? Yes No 3.4 Do you have procedures in place and sufficient resources to take reasonable steps to verify the accuracy of any credit information reported to you? (If yes, please specify) Yes No 3.5 Do you have procedures in place and sufficient resources to retain credit information reported to you? Yes No

181 3.6 Do you have procedures in place and sufficient resources to issue a report to any person who requires it for a purpose contemplated in the Fair Reporting of Credit Act 2016? (If yes, please specify) Yes No 3.7 Do you have sufficient resources to comply with accounting and reporting requirements under the Fair Reporting of Credit Act 2016? Yes No 3.8 Do you have sufficient resources to ensure compliance with the requirements of the Fair Reporting of Credit Act 2016 and the regulations made thereunder? Yes No 3.9 Do you have a proposed business plan to operate a credit reporting agency? (If yes, please attach the proposed business plan) Yes No 3.10 If the answer to any of the above is “No”, please provide a credible plan to acquire or develop these resources or procedures. (Attach additional pages if required) PART 7—DECLARATION Give the following declarations signed by two directors or one director if there is only one director: I/We hereby apply for a licence to operate as a credit reporting agency. I/We hereby undertake to comply with the provisions of the Fair Reporting of Credit Act 2016, the regulations made thereunder and the guidelines, directives, circulars and instructions issued by the Reserve Bank of Fiji. I/We warrant that I/We have truthfully and fully answered the questions above and provided all the information, which might reasonably be considered relevant for the purpose of obtaining a credit reporting agency licence. I/We declare that the information supplied in the application form is complete and correct. For and on behalf of ..................................................... Name of the applicant company ..................................................... ..................................................... Director Director Name in Block Letters:............................. Name in Block Letters:......................... Date:........................... Date:........................... The Reserve Bank of Fiji may require additional information if it deems necessary

182 SCHEDULE 2 (Regulation 4(1)(b)) ________ THE RESERVE BANK OF FIJI Regulation 4(1)(b) of the Fair Reporting of Credit Regulations 2016 CREDIT REPORTING AGENCY LICENCE This is to certify that..................................................... of ................................................., having satisfied the conditions set out in the Fair Reporting of Credit Act 2016 is hereby granted this Credit Reporting Agency Licence by the Reserve Bank of Fiji. This licence is effective on the ...... day of....................... 20........ and must, unless previously revoked, expire on the ...... day of....................... 20........ This licence is subject to the following terms and conditions (if applicable): This licence may be suspended or revoked pursuant to section 9 of the said Act, if the Reserve Bank of Fiji is satisfied that the credit reporting agency has failed to comply with the terms and conditions of this licence or has contravened the provisions of the said Act or any regulations or rules made under the said Act. Dated this ……day of ………………. 20……….. .................................................... GOVERNOR OF THE RESERVE BANK OF FIJI

183 SCHEDULE 3 (Regulation 9(1))

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THE RESERVE BANK OF FIJI Regulation 9(1) of the Fair Reporting of Credit Regulations 2016 APPLICATION FORM FOR REGISTRATION OF A CREDIT INFORMATION PROVIDER The applicant must submit the completed application form, together with the required documentation and application fee to the Reserve Bank of Fiji. PART 1—APPLICANT’S INFORMATION

1. Name of the applicant:
2. Address:
3. Address of registered office, if applicable:
4. Telephone number:
5. Fax number:
6. Website address, if applicable:
7. Postal address:
8. Tax identification number (TIN): (Enclose certified copy)
9. Date of registration, if a company: (Enclose certificate of registration)
10. Business name, if applicable: (Enclose certificate of registration)

184 PART 2—OPERATIONAL RESOURCES 1. Do you have adequate access to communication facilities, including telephone, typing, fax and copying facilities? Yes No 2. Do you have procedures in place and sufficient resources to take reasonable steps to verify the accuracy of any credit information provided to you? (If yes, please specify) Yes No 3. Do you have procedures in place and sufficient resources to retain credit information? Yes No 4. Do you have procedures in place and sufficient resources to issue a report to any person who requires it for a purpose contemplated in the Fair Reporting of Credit Act 2016? (If yes, please specify) Yes No 5. If the answer to any of the above is “No”, please provide a credible plan to acquire or develop these resources or procedures. (Attach additional pages if required) PART 3—QUESTIONS, CONCERNS AND COMPLAINTS

1. Do you have a policy in place to handle questions, concerns and complaints? Yes No

If the answer to the above is “Yes”, does this policy outline your commitment to handle questions, concerns and complaints as well as your internal systems and procedures for resolving questions, concerns and complaints in a timely manner? Yes No PART 4—DECLARATION Give the following declarations: I /We ………………….. hereby apply for registration as a credit information provider. I/We undertake to comply with the provisions of the Fair Reporting of Credit Act 2016, the regulations made thereunder and the guidelines, directives, circulars and instructions issued by the Reserve Bank of Fiji. I /We warrant that I/We have truthfully and fully answered the questions above and provided all the information, which might reasonably be considered relevant for the purpose of registration.

185 I/We declare that the information supplied in the application form is complete and correct. ............................................ Name of applicant (if an individual) ............................................ Signature of applicant

Date: ............................................ OR For and on behalf of ............................................ Name of the applicant company (if a company) ..................................................... ..................................................... Director Director Name in Block Letters:............................. Name in Block Letters:......................... Date:........................... Date:........................... OR For and on behalf of ..................................................... Name of organisation (if neither an individual nor a company) ..................................................... ..................................................... Signatory Position Name in Block Letters:.................................................... Date:................................ The Reserve Bank of Fiji may require additional information if it deems necessary

186 SCHEDULE 4 (Regulation 9(2))

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THE RESERVE BANK OF FIJI Regulation 9(2) of the Fair Reporting of Credit Regulations 2016 APPLICATION FORM FOR REGISTRATION OF A CREDIT REPORT RECIPIENT The applicant must submit the completed application form, together with the required documentation and application fee to the Reserve Bank of Fiji PART 1—APPLICANT’S INFORMATION

1. Name of the applicant:
2. Address:
3. Address of registered office, if applicable:
4. Telephone number:
5. Fax number:
6. Website address, if applicable:
7. Postal address:
8. Tax identification number (TIN): (Enclose certified copy)
9. Date of registration, if a company: (Enclose certificate of registration)
10. Business name, if applicable: (Enclose certificate of registration)

187 PART 2—OPERATIONAL RESOURCES

1. Do you have procedures in place and sufficient resources to retain credit information reported to you? Yes No
2. Do you have adequate storage and filing systems for the safe-keeping of all records, in accordance with the Fair Reporting of Credit Act 2016? Yes No
3. If the answer to any of the above is “No”, please provide a credible plan to acquire or develop these resources or procedures. (Attach additional pages if required) PART 3—DECLARATION Give the following declarations: I /We ………………….. hereby apply for registration as a credit report recipient. I/We undertake to comply with the provisions of the Fair Reporting of Credit Act 2016, the regulations made thereunder and the guidelines, directives, circulars and instructions issued by the Reserve Bank of Fiji. I /We warrant that I/We have truthfully and fully answered the questions above and provided all the information, which might reasonably be considered relevant for the purpose of registration. I/We declare that the information supplied in the application form is complete and correct. ......................................... Name of applicant (if an individual) ......................................... Signature of applicant

Date: ...................................... OR

188 For and on behalf of ..................................................... Name of the applicant company (if a company) ..................................................... ..................................................... Director Director Name in Block Letters:............................. Name in Block Letters:......................... Date:........................... Date:........................... OR For and on behalf of ..................................................... Name of organisation (if neither an individual nor a company) ..................................................... ..................................................... Signatory Position Name in Block Letters:.................................................... Date:................................ The Reserve Bank of Fiji may require additional information if it deems necessary

189 SCHEDULE 5 (Regulation 9(6)) ________ CONSENT FORM I, ........................................................., hereby authorise ................................................ to— (a) submit credit information on me in relation to a credit transaction with ............................. on the …….. day of …………………. 20……., to a credit reporting agency licensed under the Fair Reporting of Credit Act 2016; or (b) obtain credit information on me from a credit reporting agency licensed under the said Act. Price: $1.90 S. NAVUNILAWA, Government Printer, Suva, Fiji – 2016 57/FGGS/16—900 Official Printer Since 1883