Regulatory Alerts2013-01-01
Transfer of Business Including Deposit-Taking Regulations 2013
The Financial Supervision Commission issued the Transfer of Business Including Deposit-Taking Regulations 2013 to establish procedural requirements for applications to the High Court sanctioning relevant transfer schemes. The regulations mandate that applicants submit independent auditor reports, publish public notices, and notify customers and members within seven days of filing. Additionally, applications must include specific details regarding account situs, corporate structure changes, data handling, and depositor compensation schemes.
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