Section 12
of International Banking Order, 2000
Section 12
(1)
At least once in each calendar year, every licensee shall give to the Authority written notice of the name of every person who, to the knowledge of the licensee, is, at the date of the notice, a controller of the licensee.
(2)
In relation to each person named in a notice under subsection (1) as a controller of a licensee, the licensee shall state to the best of its knowledge –
(a)
whether he is an indirect ten per cent, twenty per cent, thirty-three per cent or majority controller;
(b)
what percentage of shares of the licensee he holds, either alone or with any associate or associates; and
Incorporating amendments until S 1/2016
(Cleancopy) NANI/Bb_as of 08.05.2019
NOTE: Amendment on P1S1 and P45S2 [24.04.2019]; P3S1, P1S2, P10S2, P11S2, P16S2-P18S2P28S2, P31S2, P34S2, P35S2, P39S2,
16
BLUV as at 14th January 2016
(c)
what percentage of the voting power at a general meeting of the licensee he is entitled to exercise, or control the exercise of, either alone or with any associate.
(3)
The Authority may at any time by notice in writing require a licensee –
(a)
to give such a notice as is referred to in subsection (1); or
(b)
to obtain from any shareholder of the licensee and to transmit to the
Authority information ‒
(i)
as to whether that shareholder holds voting shares in the licensee as beneficial owner or as trustee; and
(ii)
if he holds them as trustee, to indicate as far as it can the person for whom he holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interest.
(4)
A licensee which fails to comply with subsection (1) or with a notice under subsection (3) shall be guilty of an offence and liable on conviction to a fine not exceeding five thousand dollars.
Surrender of licence.