Act 13 - Financial Intermediaries Regulatory Act, 1992-13

PART I
Preliminary

Section
  1. Short title
  2. Interpretation
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    PART 2
    Commercial Banks

    Licensing Requirements

  3. Interpretation
  4. Prohibition
  5. Contents of application
  6. Issue or refusal of license
  7. Grounds of refusal
  8. Restrictions on the granting of licenses to foreign banks
  9. Validity of licence
  10. Conditions of licence
  11. Revocation of licence
  12. Appeal
  13. Alterations in organisation instruments of foreign banks
  14. Disqualification of directors
    Financial Obligations
  15. Capital requirements
  16. Capital adequacy ratio
  17. Reserve Fund
  18. Reserve for bad debts
  19. Dividends
  20. Restriction on banking activities
  21. Disclosure of credit
  22. Disclosure of equity interests in subsidiaries
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    PART 3
    Trust and Finance Companies and Merchant Banks

    Licensing Requirements

  23. Interpretation
  24. Business of trust or finance company or a merchant bank
  25. Prohibition
  26. Contents of application
  27. Issue of licence
  28. Conditions of licence
  29. Application of certain sections
    Financial Obligations
  30. Capital requirements
  31. Power of Central Bank to require company to assign capital to its business in Barbados
  32. Reserve requirements
  33. Application of further sections
  34. Charges
  35. Codes of Conduct
  36. Loan restrictions
  37. Reserve fund
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    PART 4
    Deposit-Taking Companies

    Licensing Requirements

  38. Interpretation
  39. Application
  40. Deposit-taking business restricted to licensed companies
  41. Restrictions
  42. Contents of application
  43. Issue of licence subject to conditions
  44. Revocation of licence
  45. Application of certain sections
    Financial Obligations

  46. Capital requirements
  47. Dividends
  48. Returns
  49. Protection of deposits
  50. Power of Minister through Central Bank to fix asset ratio
  51. Display of financial statement
  52. Application of section 14
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    PART 5
    Audit and Inspection


  53. Interpretation
  54. Financial reporting
  55. Confidentiality
  56. Publication of financial statements
  57. Appointment of auditor
  58. Examination in certain cases
  59. Production of documents
  60. Powers after examination
  61. Inspection
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    PART 6
    Winding-up Licensees


  62. Voluntary winding-up
  63. Voluntary winding-up started
  64. Notice of winding-up
  65. Settlement of claims
  66. Distribution of remaining assets
  67. Interruption of winding-up
  68. Seizure in other cases
  69. Duty of Central Bank
  70. Power of High Court
  71. Notice of application
  72. Appointment of custodian
  73. Functions of custodian
  74. Inventory of assets
  75. Effect of seizure
  76. Execution against assets
  77. Re-organisation
  78. Contents of plans
  79. Modification of plans
  80. Compulsory winding-up
  81. Termination of employment
  82. Right of lessor
  83. Settlement of trust accounts
  84. Statements of accounts
  85. Contents of boxes
  86. Claims
  87. Objections
  88. Distribution of assets
  89. Priority of claims
  90. Left over assets
  91. Abandoned Funds
  92. Completion of winding-up
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    PART 7
    Transfer of Licensee's Business


  93. Transfer of business
  94. Supplementary provisions respecting transfer
  95. Exemption from stamp duty and property transfer tax
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    PART 8
    Abandoned property


  96. Abandoned property
  97. Disposal of abandoned property
  98. Sale of abandoned property
  99. Payment into Consolidated Fund
  100. Claims against property
  101. Refusal to pay claims
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    PART 9
    Miscellaneous


  102. Deposit insurance
  103. Delegation of functions
  104. Regulations
  105. Bank branches
  106. Publication of name of licensee
  107. Misleading name
  108. Use of "bank" in name
  109. Insurance business
  110. Operating without a licence
  111. Misuse of name "bank"
  112. Prohibition of advertisements
  113. Failure to submit returns
  114. Offence re confidentiality, balance sheets and audit
  115. Failure to produce documents
  116. Offence re abandoned property
  117. Prosecution
  118. Application and non-application of Act and Part II thereof
  119. Non-application of Companies Act
  120. Designation and exemption of intermediaries
  121. Immunity
  122. Modification of Companies Act
  123. Transitional
  124. Repeal
  125. Commencement

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