The Bank must provide the Central Bank with such information as is required in relation to Significant Shareholder/s or Controlling shareholder/s. Failure to comply constitutes a breach of the continuous requirements of this Regulation.
Unless and until the situation is regularized to the satisfaction of the Central Bank, a shareholder failing to comply with the reporting requirements of this Regulation must dispose of that part of their shareholding which exceeds five percent (5%) of the Bank’s issued ordinary shares (Excess Shareholding) as prescribed by the Central Bank. They are also prohibited, in relation to such Excess Shareholding, from exercising any related voting right or receiving any related dividend. The Board must ensure that these prohibitions are enforced and that any related dividends are retained by the bank until a final decision has been made by the Central Bank.
A Bank must provide the Central Bank with such information regarding its shareholders as is prescribed in this Regulation or may be required by the Central Bank.
A Bank must immediately notify the Central Bank when it becomes aware of a change or proposed change in a Significant Shareholder or Significant Shareholding, or in a Controlling Shareholder or Controlling Shareholding.
A Bank must immediately notify the Central Bank when it becomes aware of any material information which may negatively affect the suitability of a Significant or Controlling Shareholder.
A foreign bank branch must immediately notify the Central Bank upon becoming aware of any change or proposed change in controlling shareholding or significant shareholding of its parent entity, and provide the Central Bank with such relevant information as it may require.
Nominee shareholders are required, upon request by the Bank, to provide the Bank with the name and any other required details of the beneficial shareholder.
Banks must take into account the identity of beneficial shareholders when reporting to the Central Bank on significant and controlling shareholder/s and Shareholding/s as required by this Regulation.
Banks must obtain from all significant shareholders and controlling shareholders the information required to be submitted to the Central Bank on an annual basis.