Regulatory Alerts2015-01-01
The Banking Services (Amalgamations and Transfers) (Banks and Merchant Banks) Regulations, 2015
The Supervisory Committee of Jamaica issued these Regulations to establish the legal framework for the amalgamation and business transfer of deposit-taking institutions under the Banking Services Act. The rules mandate that applicants submit detailed joint schemes to the Committee, obtain shareholder approval via special resolution, and ensure no capital repayment occurs during share conversions or cancellations. Furthermore, the regulations govern the cancellation of existing licenses and concessions upon approval and specify the conditions under which the Committee may approve transfers involving the acquisition of effective control.
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