Regulatory Alerts2019-06-26
BTCRA Section 6(1) Exemption Notice for Private Trust Companies
The Central Bank of The Bahamas has granted Private Trust Companies an exemption from Section 6(1) of the Banks and Trust Companies Regulation Act, removing the mandatory prior approval requirement for issuing or transferring shares. This waiver applies on the condition that each company's Registered Representative maintains a current share register of all shareholders at all times. Industry representatives successfully argued that strict Governor approval is unnecessary for PTCs, which manage private family wealth rather than conducting business with the general public.
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