Regulatory Alerts2018-01-15
Added · Updated
Proposed Amendments to the Banking Act
The Financial Services Commission proposes amendments to the Banking Act that exempt banks from ex-ante reporting for concurrent businesses registered or authorized under other legislation and remove investment limits on low-risk debt securities such as municipal bonds. Additionally, banks are required to accumulate at least ten percent of their cash dividends as an earned surplus reserve until the aggregate amount reaches half of their capital, in accordance with the Commercial Act. These proposed changes are open for public comment until February 25, 2018.
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