Banks and Trust Companies (New Appointments) Regulations, 2005

THE BAHAMAS
PUBLISHED BY AUTHORITY
NASSAU 20th July, 2005

MINISTRY OF FINANCE
5.1. No. 62 of 2005
THE BANKS AND TRUST COMPANIES
REGULATION ACT
(CHAPTER 316)
THE BANKS AND TRUST COMPANIES
(NEW APPOINTMENTS) REGULATIONS, 2005 The Governclr of the Central Bank of The Bahamas in exercise of the powers conferred b~f section 24 of the Banks and Trust Companies Regulation Act, makes the following regulations - Citation. 1. -rhese Regulations may be cited as the Banks and Trust Companies (New Appointments) Regulations, 2005. Interpretation. 2. In these Regulations - "licensee" means any person who holds a licence granted under section 4 of the Act; Ch.316 "the Act" means the Banks and Trust Companies Regulation Act. Appoin1:ment of 3. No licensee shall appoint or replace a director or executive officer director or exec- without the prior wri"tten approval of the Governor. utive officer. Application 4. A licensee who desires to appoint or replace a director or for executive officer shall, before appointing or replacing any such director or officer, as the case may be, apply to obtain the prior written approval of appointment

2 or replacement. the Governor for the appointment or replacement of the director or executive officer. and shall provide the following information with respect to each proposed director or executive officer:
(a) full name, date of birth, nationality, and domicile; (b) curriculum vitae incorporating personal data, educational background, professional education and training, a list of professional activities and scope of responsibilities, including details of the level and number of subordinates managed; (c) a completed "Confidential Statement By Individuals Who Are Proposing To Hold The Position of Director and/or Executive Officer of a Bank or Trust Company licensed by the Central Bank of The Bahamas"; (d) two character references in original form from sources satisfactory to the Governor; (e) one financial reference in original form from financial institutions acceptable to the Governor; (f) a police or other certificate in original form, acceotable to the Governor, confirming that the person has not been convicted of a serious crime or any offence involving dishonestv:

3 for those executive officers who are to be appointed, the proposed job description; and such other information as is requested by the Governor. The (,overnor may impose a fine not exceeding five thousand 5. Fine. Jollars where a licensee fails to comply with the provisions of these Regulations. Made this 18th day of July, 2005. Signed WENDY M. CRAIGG Governor of the Central Bank of The Bahamas