International Banks Regulations

International Banks

SAINT LUCIA

STATUTORY INSTRUMENT, 2000, No. 97

[ 15th April, 2000 ]

The Minister responsible for International Financial Services in exercise of the powers conferred by section 56 of the International Banks Act, No. 43 of 1999 makes these Regulations:

Short title

1. These Regulations may be cited as the International Banks Regulations, 2000.

Interpretation

2. In these Regulations —

"Act" means the International Banks Act, 1999.

Application for licence

3. An application for a licence pursuant to section 4 of the Act shall be in the form as prescribed in Form 1 of the First Schedule.

Licence

4.— (1) A Class "A" international banking licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 2A of the First Schedule.

(2) Class "B" international banking licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 2B of the First Schedule.

Notice of Change

5. A notice of change of particulars pursuant to section 6 of the Act shall be in the form as prescribed in Form 3 of the First Schedule.

Notice of Revocation

6. A notice of revocation pursuant to section 20 of the Act shall be in the form as prescribed in Form 4 of the First Schedule.

Fees

7. The fees payable pursuant to the Act shall be as prescribed in the Second Schedule.

Deposits and investment

8.— (1) For the purposes of section 11 of the Act, an eligible company may deposit or invest the sum of US$100,000 by any of the following methods:

(a) treasury bills issued by the Government of Saint Lucia;

(b) bonds and debentures issued by the Government of Saint Lucia;

(c) deposits with the Saint Lucia Development Bank;

(d) deposits with a bank licensed under the Banking Act 1991; or

(e) deposits with a financial institution approved by the Minister.

(2) Any eligible company shall provide an undertaking in writing not to dispose of, pledge, hypothecate, release or otherwise encumber the deposit or investment made pursuant to section 11 of the Act without prior notification and approval by the Minister.

FIRST SCHEDULE

Form 1

(Regulation 3)

(International Banks Act, 1999: Section 4)

APPLICATION FOR LICENCE TO CARRY OUT INTERNATIONAL BANKING BUSINESS

Please tick the class of licence applied for. Please complete all parts of the application.

Class A _ fully paid-up capital of US$ one million or equivalent in approved currency.
Class B _ fully paid-up capital of US$250,000 or equivalent in approved currency.

Part 1 _ Applicant details

Name of Applicant

International Business Company No.

Date of Incorporation

Registered Office of Applicant

Business address of Applicant

Contact person for this application

Telephone

Fax

Share Capital
Authorized

Issued

Paid Up

Method of raising share capital

Amount and nature of loan capital

Part 2 - Additional Information

Please append (where applicable) the following items of information .

Certified evidence of capital requirements.
Name, citizenship, bankers' references and addresses of Shareholders (include names of beneficiaries where shareholders are nominees) with statutory declaration as shown in Part 7. Also amount and type of shares held.
Resumes of each Director and senior management personnel of Applicant, together with Banker's references.
Resumes- shall contain: name, date and place of birth, citizenship details, country of residence and length of residency, private address for past ten years, educational and professional qualifications, employment history, etc.
Constitutional documents - Certified copies of Memorandum and Articles of Association, and Certificate of Incorporation.
Particulars of shareholder loan Include details of all loans to and from shareholders.
Comparative financial statementCopy of applicant's and applicant's parent company's latest audited accounts and group accounts where applicable for three (3) years prior to year of application and the statements of accounts at the end of the month prior to submission of application (Applies to subsidiary or continuing companies)

Business plan - encompassing Background, Business Objectives, Management and Staff Structure, Projected Financial Position. Also include full details of parent subsidiary or relationships where applicable.
Auditors and attorneys-at law confirmation of appointment - Names and address of appointed firms of auditors and attorneys-at-law together with confirmation letter.
Restricted list statement - for restricted licence, include the names and addresses of persons with which business is to be restricted.
Undertaking to provide and set apart fully paid-up capital, before and at the time business commences. Undertaking must expressly provide that Laws of Saint Lucia are to govern validity, interpretation and effects on the rights and obligations of each of the parties.

Part 3 - Applicant Management

Please list all directors of the applicant, identify the Chairman, Chief Executive or Managing Director and any other directors with specific title. Non-executive directors should be distinguished. A completed resume for each person should be appended.
Name and Title	Address	Is a resume attached?
		YES/NO
		YES/NO
		YES/NO

Part 4 _ Details of corporate structure of which applicant forms part

Please provide details of group companies of which the applicant forms part and describe the services provided.
Name of Company	Relationship (Parent, subsidary, group or related company)	Jurisdiction or Domicile	Address	Services provided

Part 5 _ Applicant administration experience (where applicable)

Please provide details of banking business administered by the applicant or group companies over the past seven (7) years.
Name of Banking Business & Jurisdiction/Domicile	No. of Years Administered	Nature of services provided

Part 6 _ REGULATORY RELATIONSHIPS

Please provide name and address all Regulatory Entities to which the applicant or other group companies report or reported over the past five (5) years
Name of Company	Name and Address of Regulatory Authority

Part 7 - Statutory Declaration - To be completed by shareholders, directors and senior management personnel.

I, [....................... full name ....................]Passport Number [..................]
of [................................. please state full address ...................................] do solemnly and sincerely declare as follows —

That I am a citizen of [..............................................................]
That *I have never been convicted of an offence under the Laws of Saint Lucia of any other State.*(except for minor traffic ofences).
That I am of good character.
That I have never been the subject of any refusal in any related application for registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
That I have never been the subject of any suspension, cancellation or revocation of registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
That no judgment has been rendered against me nor any suit or proceedings are pending against me in any country or jurisdiction which has been based in whole or in part on fraud, theft, deceit, misrepresentation or similar conduct.
I have never been charged, indicted or convicted in any country or jurisdiction for any offence in any criminal or civil proceedings relating to fraud or theft arising out of operating or dealing in mutual funds, collective investment schemes/funds, securities, banking or insurance business.
I have never been declared bankrupt nor have I been a party to bankruptcy or insolvency proceedings.
I have never been subject to proceeding relating to winding-up, dissolution, creditors' arrangement, creditors' compromise or receivership.

I make this Declaration conscientiously believing the same to be true and in accordance with the Statutory Declaration Ordinance (Chapter 118) , and that I am aware that if there is any statement in this Declaration which is false, or which I know to be false or do not believe to be true, I am liable to imprisonment.

DECLARED before me
at
this day of ________________________ Declarant

__________________________
Notary Royal

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FORM 2A

(Regulation 4 (1))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL BANKING BUSINESS
(International Banks Act, 1999: Sections 4 and 7)

This is to certify that__________________________________________ Name of licensee

has been granted a licence to carry on international banking business from Saint Lucia.

The licence granted is of type CLASS "A" and is subject to the following:

The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.
*Conditions specified below.

Dated this __________ day of ______________ ,_______________.

_____________________________
Minister
International Financial Services

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FORM 2B

(Regulation 4 (2))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL BANKING BUSINESS

(International Banking Act, 1999: Sections 4 and 7)

This is to certify that___________________________________________________ Name of licensee

has been granted a licence to carry on international banking business from Saint Lucia.

The licence granted is of type CLASS "B" and is subject to the following:

The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.
The licensee shall not receive or solicit funds by way of trade/business from persons other than those listed on this licence certificate.

The list persons from whom the licensee may solicit funds by way of trade or business is as follows: ______________________________

............................................................................................................
*Conditions specified below.

Dated this __________ day of ______________ ,_______________

________________________
Minister
International Financial Services

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FORM 3

(Regulation 5)

NOTICE OF CHANGE OF PARTICULARS
(International Banks Act, 2000: Section 6)

(To be completed in Duplicate)

Date: ..............................................

To:       Minister for International Financial Services
            Financial Services Supervision Department
            Castries
            SAINT LUCIA

Dear Sir:

We hereby notify you that we have changed the particulars set forth in our application for licence as follows.

Approval is requested for the following changes for the reasons outlined:

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Yours Faithfully,

Name: ...........................................................

Signature: ......................................................

APPROVED, except as maybe set forth in an attachment hereto.

______________________________
Minister
International Financial Services

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FORM 4

(Regulation 6)

NOTICE OF REVOCATION

(International Banks Act, 2000: Section 20)

Name of licensee: .......................................................................................

Licence Number: ........................................................................................

Address: .....................................................................................................

...................................................................................................................

...................................................................................................................

The Minister of International Financial Services hereby notifies the above holder of an International Banking Licence, that its licence has been revoked by the Minister as at […enter date…] under section 20 of the International Banks Act 2000, for the following reasons:

the licensee appears unable to meet its obligations as they fall due.
the licensee is carrying on business in a manner detrimental to the public interest, the interest of its depositors, or other creditors.
a condition exists that would have caused the Minister to refuse to grant the licensee a licence upon application.
the licensee has contravened the provisions of section________ of the International Banks Act.
the licensee has failed to comply with the following condition of its licence.
the licensee has ceased to carry on international banking business.
the licensee has gone into liquidation, is wound up or otherwise dissolved.

The licensee may pursuant to section 20(2) of the International Banks Act apply to the Minister within seven (7) days of the date of this Notice for a reconsideration of his decision to revoke its licence.

The licensee may pursuant to section 51 of the International Banks Act appeal the revocation by lodging an appeal to the High Court of Saint Lucia.

Dated this ............................. day of .....................................,.........

.............................................................

Minister
International Financial Services

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SECOND SCHEDULE

(Regulation 7)

FEES

US$

1. Application fee 500.00

2. Annual licence fee Class "A" 25,000.00

3. Annual Licence Fee Class "B" 15,000.00

Made this 31st day of March, 2000.

PHILIP J. PIERRE,

Minister for International Financial Services.

SAINT LUCIA
PRINTED BY THE GOVERNMENT PRINTER AT THE GOVERNMENT PRINTING OFFICE
CASTRIES
2000

International Banks Regulations

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