Regulations

(1) The Central Bank, after consultation with licensees, may by regulations published in the Gazette, prescribe requirements and standards with respect to the following matters (provided that such requirements and standards shall be the same for each bank and type of financial institution, as the case may be)– (a) minimum licensing requirements; (b) adequacy ratios and solvency requirements and capital ratios in relation to licensees, financial holding companies and members of the financial group; (c) classification of loans and other assets; (d) provisioning for doubtful loans and other (e) treatment of interest; (f) related party transactions; (g) loan concentrations; 32 (h) risks relating to self-dealing; (i) profiting from insider information; (j) liquidity requirements and ratios in relation to licensees, financial holding companies and members of the financial groups; (k) treatment of credit exposures in relation to licensees, financial holding companies and members of the financial group; (l) treatment of assets and investments in relation to licensees, financial holding companies and members of the financial group; (m) (n) corporate governance; (o) information required in published financial (p) fees and commissions charged to customers by banks; (q) license fees for banks and institutions; and (r) any other matter as may be determined by the Central Bank from time to time, or as may be necessary or expedient for the better carrying out of the provisions of this Act. (2) Repealed. 33 (3) A person who contravenes any regulations made under this section commits an offence and where the person– (a) is an individual, the person is liable on summary conviction to pay a fine not exceeding one hundred thousand dollars or to imprisonment for a term not exceeding three years, and in the case of a continuing offence, to an additional fine not exceeding ten thousand dollars for every day during which the offence continues; (b) is a company– (i) every director and officer of such company is liable on summary conviction to a fine not exceeding one hundred thousand dollars or to imprisonment for a term not exceeding three years and in the case of a continuing offence to an additional fine not exceeding ten thousand dollars for every day during which the offence continues; and (ii) the company is liable on summary conviction to a fine not exceeding one hundred thousand dollars and in the case of a continuing offence to an additional fine not exceeding ten thousand dollars for every day during which the offence continues. (4) All regulations made by the Central Bank under this Act shall be subject to the approval of the Minister. 34 (5) All regulations made under this Act shall be laid before the National Assembly as soon as may be after the making thereof and shall be subject to negative resolution. Draft