Regulatory Alerts2015-12-04
Added · Updated
Guide to Authorization Annex 1: Sample Letter of Comfort
The Monetary Authority issued this guide to provide a sample Letter of Comfort for applications seeking authorization as an Authorized Institution under the Banking Ordinance. The document outlines a template where a parent bank confirms its shareholding intentions, commitment to regulatory compliance, and policy to provide necessary financial support to ensure the subsidiary meets its obligations. It further requires the letter to be formally authorized by a Board of Directors resolution with a copy enclosed.
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