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.