Regulatory Alerts2011-06-22
Added · Updated
Exchange Control (Amendment) Regulations 2001
These Regulations amend the principal Exchange Control Regulations by substituting the term 'Central Bank' for 'Controller' and 'Clerk of the Court' throughout the text. They introduce new Parts IX and X to establish a licensing regime for cambios, requiring operators to obtain a licence from the Central Bank and meet specific fit and proper criteria, including a minimum capitalisation of US$250,000. The amendments also define application procedures, fees of US$500 for applications and US$5,000 for annual licences, licence validity periods, and grounds for revocation or suspension. Additionally, Part X authorizes the Central Bank to enter into out-of-court settlements with persons alleged to have violated the regulations.
More like this from CBB
We email you every new CBB publication the day it's published.