Regulatory Alerts2023-08-02
Domestic Banks and Financial Institutions (Amendment) (No. 2) Act, 2023
The Belize House of Representatives and Senate enacted this Act to amend the Domestic Banks and Financial Institutions Act by tightening regulations on share acquisitions, mergers, and consolidations. The legislation mandates Central Bank approval for any acquisition exceeding ten percent of voting shares or control, requiring applicants to demonstrate they are fit and proper persons while considering market concentration and public interest. It further establishes strict procedures for mergers and consolidations, including the issuance of Vesting Orders by the House of Representatives, and introduces new schedules and appeal mechanisms to enforce compliance and protect financial stability.
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