2.1 Any Person who intends to operate a Bank as a Restricted Licence Bank must obtain a licence to do so from the Central Bank.

2.2 Licences and licence applications will be subject to the Central Bank Law’s relevant provisions and follow the process as determined by the Central Bank.

2.3 The licence shall contain the terms and conditions deemed appropriate by the Central Bank.

2.4 As part of the licensing process, an applicant for a licence to operate as a Restricted Licence Bank is required to submit a three (3) year business plan to the Central Bank. The proposed level of paid-up capital must be sufficient to cover the expected regulatory capital requirements over the three (3) year period, based on the projected Licensed Financial Activities.

2.5 The holder of a restricted bank licence must commence Licensed Financial Activities, as specified in its licence according to Article (3) of this Regulation, within a maximum of six (6) months from the date of notification of approval of the licence.

2.6 A Restricted Licence Bank wishing to cease, or suspend, any of its Licensed Financial Activities must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.

2.7 Ownership of a Restricted Licence Bank must comply with the requirements set out in the Central Bank Law and relevant Regulations.

2.8 Any changes to the Restricted Licence Bank’s name, legal form, memorandum and articles of association, require prior approval by the Central Bank.

2.9 The commercial or trade name of a Restricted Licence Bank must include either of the following terms: “wholesale bank”; or “investment bank”; or another term which conveys the restricted nature of the Bank’s Licensed Financial Activities, and is approved by the Central Bank. The Central Bank may, in certain circumstances and at its sole discretion, approve the use of a name, which does not meet the aforementioned naming requirements. The commercial and trade name shall not include any term that may indicate any activity other than the Licensed Financial Activities of the Bank in accordance with this Regulation.

2.10 Any holder of a licence, issued under the Central Bank’s Wholesale Commercial Banking Regulation issued by Board of Directors’ Resolution No. 41/4/2007, is deemed licensed under this Regulation on its effective date. On the effective date of this Regulation, any applicable Bank which is not compliant with the Regulation must, within ninety (90) days, provide the Central Bank with a detailed plan for coming into compliance with the requirements herein.