FINANCIAL INSTITUTIONS ACT, 2004

ARRANGEMENT OF SECTIONS

Section

PART I – PRELIMINARY

1. Short title

2. Interpretation

PART II - LICENCES

3. Licences

4. Activities

5. Application for licence

6. Granting of licence

7. Terms and conditions of licence

8. Display of licence

9. Licensee to comply with rules, directions, etc.

10. Licence fee

11. Approval for branches

12. Restriction on use of words

13. Revocation of licence

14. Power of the Central Bank to prohibit operations of licensee

15. Urgent action

16. Appeals

17. Suspension of business on revocation of licence

18. Surrender of licence

19. Revocation and variation of approval for branch business

20. Unlicensed banking

21. Central Bank’s powers of investigation

PART III - CAPITAL REQUIREMENTS, RESERVE FUND AND MAINTENANCE OF LIQUID ASSETS

22. Prudential requirements

23. Minimum required capital

24. Reserve fund

25. Liquid assets

26. Local assets

27. Foreign currency exposure

28. Loan classification

29. Large exposures

30. Connected lending

31. Capitalised expenses

32. Other prudential requirements

33. Application on consolidated basis

34. Other duties

PART IV - ACCOUNTS, AUDIT, INFORMATION AND INSPECTION

35. Annual balance sheet, etc.

36. Audit

37. Audit committee

38. Publication and display of balance sheet, etc.

39. Records

40. Periodic statements

41. Disclosure requirements

42. Inspection of financial institutions

PART V - CONTROL OVER MANAGEMENT OF FINANCIAL INSTITUTIONS

43. Persons qualified to be administrators

44. Administrator to declare personal interest

45. Ban on receipt of gifts

46. Acquisition of substantial interest

47. Merger

48. Ban on receipt of deposits

49. Disclosure of information restricted

50. Confidentiality of information

51. Exchange of information

52. Publication of information by Central Bank

53. Central Bank’s powers over unsafe practices

54. Suspension unaffected by appeal

55. Ban on credits against financial institution’s own shares, etc.

56. Prohibited operations

57. Approval for transfer of assets

58. Transactions and dealings of offshore banking business

PART VI - ABANDONED PROPERTY

59. Abandoned property

60. Publication and notice of particulars

61. Reports of abandoned property

62. Right to claim

PART VII - OFFENCES AND PENALTIES

63. Offences and penalties

PART VIII – MISCELLANEOUS

64. Bank holidays

65. Application of Companies Act

66. Amalgamation, winding up, closure etc.

67. Indemnity for the Central Bank, etc.

68. Review by court

69. Regulations

70. Rules of court

71. Non-application of Act

72. Compounding of offences

73. Non-application of certain laws (offshore banking)

74. Non-application of certain provisions (foreign exchange business)

75. Transitional provisions

76. Repeal of Cap 12

77. Repeal of Cap 79

Schedule 1 Amalgamation and transfer

Schedule 2 Winding up of local financial institutions

Schedule 3 Seizure by the Central Bank

Schedule 4 Reorganisation of financial institutions

Schedule 5 Closure of foreign financial institutions

Schedule 6