APPLICATION GUIDELINES FOR LICENCE TO CARRY OUT INTERNATIONAL BANKING BUSINESS UNDER SECTION 228 OF THE INTERNATIONAL BUSINESS CORPORATIONS ACT
1. Introduction
An IBC intending to carry on international banking business is required to have a licence under section 229 of the International Business Corporations Act. The articles of incorporation of such corporations will have to provide that the corporation is restricted from carrying on any international banking business unless the Board has granted approval for a licence.
2. Procedure for obtaining the licence:
A person who intends to carry on an international banking business has to submit to the Financial Services Regulatory Commission (Commission) an application in the prescribed form, along with the articles of incorporation or articles of continuance, as the circumstances require, and a non-refundable annual fee of $15,300. These documents along with the License application, Articles and Memorandum, are required to be submitted in triplicate. The decision to grant a licence is taken by the Board of the Commission.
3. Due Diligence Requirements
In order for approval to be granted we are required to conduct due diligence search on the director(s)/ senior management, the cost of which must be borne by the applicant. The cost normally ranges between US$3000 to US$5000 depending on the extent of the check. This cost must be paid to the Commission, prior to approval by the Board of the Commission. During the examination of the application the Commission may also carry out such investigation and inquiry as is required of the financial circumstances of the applicant corporation and of its affiliates or associates. In particular, the examination focuses on the financial status and history of the applicant corporation and any of its directors, affiliates and associates; the character and experience of the directors or proposed directors; the adequacy of its capital; the needs of the public or persons it intends to serve, its earnings prospects and prospects as an employer within Antigua and Barbuda.
4. Capital Requirements:
Regulation 4 (1) of Statutory Instrument No.42 of 1998 of the IBC Act prescribes the minimum paid-up capital of US$5,000,000 for establishing an international banking corporation. This regulation also requires that out of the stated capital requirement of US$ five million US$1.5 million or its Eastern Caribbean dollar equivalent should be deposited in a hypothecated account at a domestic licensed financial institution in Antigua and Barbuda. The hypothecation agreement must provide that the funds cannot be withdrawn from the bank without the express permission of the Financial Services Regulatory Commission
5. Fees:
The annual License fee is US$15,000, to be paid on subsequent anniversaries of the incorporation.
6. Time taken to process an application:
The law requires that the Commission must issue or refuse a licence within three months of the receipt of the application, or if additional information is required by the Commission, then within fourteen (14) days of the receipt of the additional information. The Commission may attach terms and conditions to the licence, if required in public interest.
7. Conditions of licence:
It is a condition of the licence that the prescribed annual fee be paid on time. The licencee is prohibited from establishing any subsidiary or branch within or outside Antigua and Barbuda or offer or provides any services on the Internet without approval of the Commission. The licensee is also required to establish a physical presence in Antigua and Barbuda and submit financial returns to the Commission as prescribed in Section 242 of the IBC Act. In addition, Section 61 of the IBC Act requires that the directors of a banking corporation be natural persons, and at least one director must be a citizen and resident of Antigua and Barbuda.
8. Revocation of licence:
The Commission may revoke the licence if a licencee does not commence the international banking business within six months of the issuance of the licence; contravenes a condition of the licence; is convicted of an offence under the IBC Act, or the Money Laundering (Prevention) Act or ceases to carry on the international banking business for which the licence was issued.
9. Onsite Inspection:
A licensed institution is subject to annual onsite examination by the Commission. The cost of the examination has to be borne by the licensed institution.
10. Assessment Criteria
The Commission is guided by the concept of consolidated supervision contained in the Core Principles for Effective Banking Supervision, released by the Basel Committee on Banking Supervision. In order for it to be able to assess its ability to supervise, examine and regulate the licensee effectively, the Commission will need to examine the proposed corporate structure and corporate affiliations. Therefore, applicants for licences must provide information on the nature and extent of the current and proposed financial services activities of the major shareholders and their affiliates (other than the proposed licensee), and on the nature and degree of supervision applied to those activities.
The specific factors that the Commission will consider in assessing the level of risk posed by the corporate structure and its impact on the ability of the Commission to supervise (referred to as “supervisability”) are outlined below.
(a) Activities of the Licensee
· The financial services activities of the bank or trust company
(b) Systemic Importance of the Licensee
· The absolute size or intended role of the bank or trust company relative to the size of the financial sector of the Antigua and Barbuda.
(c) Predominant Nature of the Group’s Financial Activities
· The extent of the applicant’s financial services activities, having regard to the:
- complexity of the corporate structure of the group;
- strategic direction of the group and the nature of the planned financial services of the group;
- potential for prudential concerns such as contagion, connected lending among members of the group, etc.;
- existence and extent of financial services activities within the group that are in regionally separate locations; and
- branding to be used by the licencee and the extent that it is different and distinct from the branding used for the other activities of the group, so as to identify possible contagion concerns.
(d) Independence of Licensee
The extent to which the bank or trust company is an independent and self-sustaining operation with the authority to make decisions independent of the group. In making this determination, the Commission will consider:
1 the extent to which directors on the board of the licencee are independent from the boards of the other entities in the group; and
2 the extent to which the management of the bank is unique to the licencee
(e) Regulatory Oversight of the Group
· The extent to which the regulatory and supervisory practices of the Home Supervisors and the supervisors of the affiliates within the corporate group conform to Basel Core Principles.
11. Information Requirements
The Commission has identified the key information that the applicant should submit in support of an application. This information is requested to ensure that the principal shareholders are strongly committed to the licencee, that it has, and will continue to have, sufficient capital, and that it has adequate controls in place to support its operations from the outset, thereby reducing the likelihood of failure. Key information required when filing a draft application includes:
(a) Ownership and Financial Strength
(i) name of applicant;
(ii) name of jurisdiction and date of incorporation or establishment of the applicant;
(iii) address of principal place of business and head office of the applicant;
(iv) copy of constating documents and amendments, and company by-laws certified by legal counsel with any restriction noted (include name and address of the legal counsel);
(v) current organization chart for the applicant and its ultimate parent, if any, and all entities in the corporate group, showing:
1 all entities in the control chain (with percentage owned) between the applicant and its ultimate parent and the affiliates of the parent and applicant; and
2 entities in which the applicant beneficially owns 10 per cent or more of the voting rights
(vi) details of any information on any voting agreement or other arrangements that involve persons exercising direct or indirect control over the applicant or its ultimate parent;
(vii) list of names of all persons owning a significant interest in the applicant (more than 5 per cent of any class of voting shares or 10 per cent of any class of non-voting shares), including date of birth, address, occupation, and citizenship, as well as the percentage of shares held;
(viii) details of any shares or ownership interests of the applicant held by a government or a political subdivision, and agent or agency thereof, together with a summary of their involvement with the applicant;
(ix) summary of the financial and other activities carried on by the applicant and its affiliates, including a list of jurisdictions in which they operate;
(x) foreign-owned financial institutions should provide information on the type and scope of supervision that applies in its home jurisdiction and whether it is subject to comprehensive consolidated supervision and regulation. It should advise whether the regulatory authority, where the applicant principally carries on its financial business, is aware of the applicant’s intention of owning an offshore bank or trust company, and whether the applicant needs regulatory approval from the home regulator to establish it. The contact details of the regulator and, if applicable, the process and timing of the regulatory approval in the home jurisdiction should also be included;
(xi) copy of the audited consolidated financial statements of the applicant and of the ultimate parent, if applicable, for the last five years (balance sheet, income statement, statement of cash flow) and a copy of the latest annual report;
(xii) details of whether the applicant has been the subject of any criminal convictions or breaches of statutory or other administrative or regulatory enactments; and
(xiii) evidence that the nature and sufficiency of the applicant’s financial resources are such that it would be capable of providing continuing support to the licensee or would have access to financial resources to enable it to do so.
In cases where a licensee will be directly or indirectly held by one or a few individuals, the Commission will require additional personal information including, as a minimum, each individual’s place and date of birth, current address, and curriculum vitae. The Commission will also require personal financial information that demonstrates clearly that a proposed shareholder has, or has access to, the necessary financial resources to provide ongoing financial support to the licensee.
For each individual, provide details of any material regulatory actions, criminal convictions or breaches of statutory or other administrative/regulatory enactments against the individual.
(b) Business Plan
A three-year business plan, including:
(i) the reasons why the applicant wants to establish an offshore bank or trust company;
(ii) an analysis of target markets and opportunities that the proposed licencee will pursue and the plans to address them;
(iii) an analysis of competitors, showing both threats and opportunities and plans to address them;
(iv) the reasons why the applicant believes that the licensee will be successful and the overall strategy for achieving this success. The strategy should set out key assumptions made;
(v) an overview of business to be conducted by the proposed licensee and the services to be offered;
(vi) pro forma financial statements, including balance sheet, income statement, and cash flow statement, for the first three years of operations (both pessimistic and optimistic versions). Identify and discuss key assumptions used, including start-up costs, detailed capital calculations, as applied by the Commission including a description and any amount of off-balance sheet activities. Major assets, liability, income and expense categories should be identified.
(vii) overview of the investment and lending policies, standard and procedures in respect of the licensee’s portfolio of investments and loans.
(viii) A detailed explanation of the “Know Your Customer” policies and procedures.
(ix) source of initial and future capital for expansion, in the form of a capital plan and funding policies, including an estimate of future capital requirements. The capital should meet the business requirements of the licensee.
(x) proposed by-laws;
(xi) projected staff complement and an organization chart showing reporting lines for senior positions and key responsibilities and a description of the functions the individuals will perform;
(xii) where an internet platform (e-commerce) would form the key delivery structure of the licencee, the risk impact that this technology would pose, for both the applicant and its clients, must be identified and addressed to the satisfaction of the Commission. The business plan must address:
§ how customers, employees and vendors will be authenticated and authorized to prevent repudiation and fraud;
§ The physical and logical network security, including security of the web site;
§ security of customer information;
§ management of systems capacity;
§ encryption of communications;
§ provision of EDP audits; and
§ continuing and contingency costs related to the development and maintenance of IT plans;
(xiii) description of any material outsourcing arrangements in the group, with partners, or with third parties, that may be anticipated, including any data processing functions that may be conducted outside the licensing territory;
(xiv) the intended financial year end for the licensee;
(xv) detailed provisioning policies and a description of the general allowances that are anticipated in executing its business plan; and
(xvi) contingency plans resulting from variations associated with key assumptions used in developing the business plan (provided sensitivity analysis showing the results on the business plan under various scenarios).
(c) Management
(i) Information on each senior executive officer of the licencee directly responsible for oversight of the operations, and on each director, is required in order to address the statutory provisions relating to incorporation. The information should include:
1 full name and address;
2 title;
3 birthplace and date of birth;
4 citizenship;
5 description of the principal business of the individual (if not a full-time employee of the licensee);
6 details of any material regulatory actions, criminal convictions or breaches of statutory or other administrative/regulatory enactments against the individual or institution, for which he/she was a senior office; and
(ii) for each director and senior executive officer who will work in the licensee, submit a completed Personal Questionnaire.
(iii) the name and address of the external audit firm and partner;
(iv) the name and address of the legal counsel.
(d) Corporate Governance, Risk Management, Control Policies and Processes
As part of the licensing process, applicants must provide a description of the proposed major risk management and control processes and policies for the new licencee. A review of these processes will enable the Commission to have reasonable assurance that the licencee will be able to comply with the governing statues, regulations and guidelines. The scope of the work will depend on the size and the risk profile of the institution. In this regard, the applicant should provide the following:
(i) Strategic Plan: with details of the underlying assumptions supporting the plan. The plan should elaborate on anticipated changes in its business environment.
(ii) Policies on Major Risk Categories: Identify the applicant’s major risk areas and the policies and control procedures to monitor risk tolerance and risk management. Among the major risks are market, credit, operational, technology, liquidity, legal, regulatory, and strategic. Provide details of any risk management and control processes that are integrated with those of the operations of the parent. Include a description of the applicant’s anti-money laundering procedures.
(iii) Board of Directors and Committees: Describe the composition of the Board and whether there will be committees, their mandates and responsibilities. Particular consideration should be given to audit committees. Describe the applicant’s conflict of interest policy and, if applicable, the oversight that will be provided by the parent’s management committees. The corporate governance practices adopted by the licencee will likely depend on its size, complexity, the nature of its significant activities and the risks associated with these.
(iv) Internal Audit: Describe the applicant’s system of internal controls and its process for evaluating those controls. Involvement of any internal audit groups from the parent company to assess internal controls of the licencee should also be documented.
(v) Compliance: Describe the process the applicant will follow to ensure compliance with its governing legislation, regulations and the guidelines issued by Commission. Include the name of the senior office responsible for compliance. Make specific mention of anti-money laundering processes.
(vi) Systems and Business Resumption: Describe in overview form, the applicant’s computer systems, including type of hardware and software, and the functions for which they will be used. Include any plans for e-commerce, addressing the related risk controls to be used. A business resumption plan for data recovery should be included.
(vii) Funding and Liquidity: Provide draft policies and procedures that have been tailored for the licencee with respect to funding and liquidity risk management.
(e) Other Requirements
In addition, the following are required:
(i) a Support Principle acknowledgement letter from the ultimate controlling shareholder(s), with respect to supporting the operations and capital needs of the licencee. This acknowledgement will be effected by the provision of a letter duly signed by a senior officer;
(ii) details of whether any regulatory authority has refused an application for incorporation of a financial institution by the proposed applicant.
Other requirements may apply, depending on the nature of the application and the specific risks that the application poses. These requirements will be discussed with an applicant in each case (e.g., e-commerce and its inherent technological risks).
12. The Review Process
The Commission will review the draft application and, as required, will contact the applicant to discuss its completeness, status, and outstanding issues. Where necessary, the Commission may request additional information to complete the application assessment. The Commission will not consider an application complete until all requested information is received and it is in a form satisfactory to the Commission. Delays in regulatory approval often result from incomplete information being filed.
13. Submission of Formal Application
Once the requirements for incorporation have been met, the applicant should submit a formal application. This application should include:
(i) a formal letter of application;
(ii) a certified copy of resolution of the Board of Directors of the applicant, approving the application;
(iii) the signed Support Principle acknowledgement letter from the ultimate controlling shareholder(s), with respect to supporting the operations and capital needs of the licencee; and
(iv) if applicable, a no objection or consent letter from the regulator in the home jurisdiction. The Commission may request the completion of a questionnaire by the home supervisor.
14. Incorporation and authorization
The applicant will get incorporated after the application for licence has been approved in principle. Incorporation does not entitle the applicant to commence business until a licence has been issued.
If you need further assistance, please do not hesitate to contact the Commission at the following address:
Supervisor of International Banks and Trust Corporations
Financial Services Regulatory Commission
First Caribbean Financial Centre
Old Parham Road
PO Box 2674
St. John’s, Antigua
Tel: (268) 481-1170, 1171, 1172; Fax (268) 461-1182, 463-0422
Email: anuifsa@candw.ag,
Website: antiguaifsa.com
APPLICATION FOR LICENCE TO CARRY OUT INTERNATIONAL BANKING BUSINESS UNDER SECTION 228 OF THE INTERNATIONAL BUSINESS CORPORATIONS ACT
Please complete all sections as fully as possible attaching appendices where appropriate.
I. Applicant Details
1. Name or proposed name of applicant.
2. Registered office with telephone and fax numbers.
3. Address in Antigua and Barbuda where full business records will be kept:
(As the applicant is not expected to establish physical presence before approval has been granted, you may provide the Antigua and Barbuda address including telephone and fax number of the Registered Agent or Registered Office).
4. The country and location of any intended offices of the bank outside of Antigua and Barbuda and the legal nature of such offices (branch, agency, representative office or other).
II. Ownership Details
5. (a) List all names (including any previous names), addresses and nationalities of all beneficial shareholders and ultimate beneficial shareholders (current & proposed) together with the number and class of shares (to be) held directly or on their behalf
(b) For each person in (a) above attach statements of their financial condition.
6. In those cases where shares are beneficially owned by a corporate body or bodies, or the company is part of a group, the chain of connection (group organisation chart showing all associated and affiliated companies) to the ultimate beneficial owners must be attached.
Attached Yes No N/A
7. Provide the latest audited financial statements of the applicant and immediate parent (and if applicable the consolidated accounts of the group).
Attached Yes No
8. Where a trust is involved in the ownership chain, provide:
1 A copy of the trust deed
2 Names and current address of the beneficiaries
3 Names and current addresses of the settlors
4 Names and current addresses of the trustees.
5 The relationship of the settlors to the beneficiaries
Attached Yes No N/A
9. Detail below the proposed authorised and issued share capital and the method of capitalisation.
10. Detail the origin of source(s) of funds to support the bank.
III. Applicant’s Personnel
11. Provide a list detailing the names and addresses of the current and proposed Board of Directors and senior management (controllers, directors, officers, managers, consultants and administrators etc.) showing their respective positions with the applicant.
12. Where the beneficial owner and controller are different, please provide a short narrative outlining the relationship between the two.
Resident Agent
13. Name and address of the proposed Resident Agent
Personal Information
14. Personal Information is required for all individual beneficial owners (having ownership of 5% or more of any class of stock, and whether natural or legal persons), current and proposed directors and senior management (controllers, directors, officers, managers, consultants and administrators etc.), and resident agents. This must be submitted in the prescribed format.
Attached Yes No
IV. Third Party Service Providers
15. List below any third party service providers including but not limited to intermediaries, sales or marketing agents, outsourcing etc. State any connection between the applicant (including proposed directors and officers of the applicant) and any person or organisation remunerated directly or indirectly (e.g. brokers, etc) by the company.
V. Accounts and Audit
16. For new companies, to what date will the company make up its first set of audited accounts, and what date will it use annually thereafter?
17. What accounting standards will apply to the accounts of the company?
18. Who will be the auditors of the company? Give their details like the name, address, telephone and fax number, including the name of a contact person.
19. List the names and addresses of the correspondent banks in which the company has accounts or in which the company intends to have accounts.
20. The name, address, telephone and fax number for the principal law firm(s) used by the company in Antigua & Barbuda and/or abroad, including in each case the name of a contact person.
VI. General
21. Have any of the parties connected with this application ever applied, either individually or in conjunction with others, for authority to transact business in any other jurisdiction? If so please give details.
22. What local (Antigua and Barbuda) resources will be required during the formative years in the way of staff and accommodation (offices and personnel) - direct and indirect (additional staff required by managers etc)?
23. Assuming this application is successful, what economic benefit will Antigua and Barbuda gain from the company? Please quantify if possible. Existing companies should also provide this information for their last financial year.
24. Furnish a copy of the Auditors’ acceptance to act as auditor of the applicant (on headed paper including the name and address of the auditor)
Attached Yes
25. Attach a copy of the applicant’s Memorandum & Articles of Association
Attached Yes No To Follow
26. Documentation: Attach all documents listed in the checklist.
27. Fee: Ensure that the appropriate fee is enclosed with the application.
I/We hereby apply for authorisation under Part III of the International Business Corporation Act, 1982 for carrying on international banking business, as defined in section 4 (2) of that Act.
I/ We confirm that the details given in this application are correct and in the event that any of the information given herein is found to be false or misleading I/We will be subject to such action as the Commission may deem appropriate, apart from such civil or criminal liability as may accrue under the laws of Antigua and Barbuda.
I/We also undertake to notify the Commission in case of any change in the information furnished herein within a reasonable time but not exceeding 30 days of such change.
|
Signed:…………………………………. (Duly authorised signatory)
|
Signed:…………………………………. (Duly authorised signatory)
|
|
Name:…………………………………… (In BLOCK CAPITALS)
|
Name:…………………………………… (In BLOCK CAPITALS)
|
|
|
|
|
Position Held:…………………………..
|
Position Held:…………………………..
|
|
|
|
|
Date:…………………………………….
|
Date:…………………………………….
|
Checklist of Documents to be submitted with the application
1. Supporting business plan and feasibility study, which should clearly address, inter alia, the following:
a) the rationale on which the application for licence is based;
b) the identified economic needs which the company intends to meet (or which have been identified as not now being adequately met by existing financial intermediaries);
c) the specific service area(s) to be addressed by the company, and growth prospects for the service are over the next five years;
d) specific details as to the exact nature and source of capital financing to be made available to the company for start-up and on-going operations;
e) a certified statement or other proof, of the applicant’s ability to meet the statutory requirements for minimum paid-up capital;
f) management, staffing and operational structure proposed for the company;
g) A certified statement or other proof, of the Owners’/Directors’ net worth.
2. Financial Statements:
a) If the Applicant’s company was in existence and operating prior to the date of application, copies of Audited Financial Statements (Balance Sheet, Profit and Loss, Auditor’s Report and Notes to Accounts) for the five consecutive years immediately preceding its application, except however that where such applicant has been functioning for less than five years, submit a copy of its Audited Financial Statements for each year it has been in operation.
b) Opening “pro forma” balance sheet, where (a) does not apply.
c) Operating projections for the proposed licencee’s first 3 years of business. This should include Balance Sheet, Income Statement and Cash Flow projections prepared in accordance with international accounting standards. Details of any financial and/or economic assumptions on which these projections are based should be clearly indicated.
d) Where applicant is a subsidiary or affiliate of another company, submit in addition to (a) or (b) above, audited financial statements of the Parent Company and all other “connected” companies for the same periods.
3. Certification of Incorporation of a locally incorporated company.
4. Memorandum and Articles of Association (two copies each).
5. Corporate Chart, which should show clearly, the relationship of the proposed licencee to the parent company, subsidiary, and other connected persons, where applicable.
6. Curriculum Vitae for each person whom it is proposed to appoint at the date of commencement of the business as a Director, and Senior Corporate Officer from the rank of manager, and above.
7. Indicate any Director, and Senior Corporate Officer who is or has been involved in litigation or any administrative proceedings, give details.
8. An affidavit sworn to by each director and shareholder, of the legal and beneficial ownership of the shares of the company. The affidavits must contain details of their current and former names, dates and places of birth, nationalities and current residential addresses.
9. Similar information as requested in 6 & 7 above, along with a certified copy of current financial statements of affairs, of any person(s) who directly or indirectly will possess or control five (5) percent or more of the voting power of the company, or ten (10) percent, or more, of the non-voting shares of the company.
PERSONAL PARTICULARS
[To be completed in duplicate by every individual beneficial owner (having ownership of 5% or more of any class of stock, and whether natural or legal persons), current and proposed directors and senior management (controllers, directors, officers, managers, consultants and administrators etc.), and resident agents.]
1. Surname
2. Forename(s)……….……………………..….
3. Private address (with fax and telephone no.)…………………..…………………
———————————————————————————–
4. Business address (with fax and telephone no.)
————————————————————
————————————————————————————-
Date of birth ……………………
Country of birth..………..……………….
7. (a) Nationality ……………………..(b) Passport No. ———————————
(attach a legible copy of the pages from the individual’s passport(s) containing the person’s photograph as well as the passport(s) number and place of issue.)
8. Occupation—————————————————————————————-
9. Position held in the applicant firm——————————————–
10. Shareholding in the applicant firm—————————————————————-
11. Educational Qualifications————————————————————————-
12. Professional training (including details of any banking and related courses) (Attach photocopies of certificates).
……………………………………………………………………………………..……….
…………………………………………………………………………………………..….
13. Working experience in banking. (Give the following details over the past 15 years commencing with the present employment.)
1. Period of employment
2. Name of the employer
3. Address of the employer
4. Nature of employer’s business
5. Position and responsibilities
14. Are you a member of any professional banking association? Give details.
………………………………………………………………………………………………
………………………………………………………………………………………………
15. Are you a director of a banking company? Give details.
………………………………………………………………………………………………
..…….………………………………………………………………………………………
16. Of what other bodies corporate are you a director or partner?
……………………….……………………………………………………………………
…………………………….………………………………………………………………
Good Reputation and Character
(In respect of each question below, where the reply is YES give full details.)
17. Have you at any time been convicted of any offence (other than a traffic offence) by any court whether civil or military? Give details.
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
18. Have you been censured, disciplined or publicly criticised by any professional body to which you belong or belonged or refused entry to any profession? If so give particulars.
…………….…………………………………….…………………………………………
……………….………………………………………….…………………………………
19. Have you been adjudged bankrupt by a Court anywhere? If so give particulars.
………………….……………………………………………….…………………………
…………………….…………………………………………………….…………………
20. State whether you are currently engaged, or have been engaged during the previous five years, in any litigation.
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
21. State whether you have ever been refused or had revoked any licence or authorisation to carry on banking, insurance, broking, fund management or any other finance business.
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
22. State whether you have ever resigned from, been refused or had revoked membership of any association of dealers in securities or other financial instruments or of any stock exchange or of any professional body or decided, after making your application, not to proceed with it
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
23. Have you ever held a practising certificate subject to conditions?
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
24. Have you ever been dismissed or requested to resign from any office or employment, removed from any fiduciary office or position of trust, subject to disciplinary proceedings by your employer or barred from entry to any profession or occupation?
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
25. Has any body corporate, partnership or unincorporated institution with which you are, or have been associated as a director, partner, officer, or manager, or a shareholder owning more than 5% of the voting equity, been the subject of an investigation by a governmental, professional, or other regulatory body?
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
26. State whether you have ever been disqualified from acting as a director of a company, or from acting in the management or conduct of the affairs of any company, partnership or
unincorporated association
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
27. Has any body corporate, partnership or other unincorporated institution with which you were associated as a director, partner, controller or manager, been wound up, gone into receivership, made subject to any administration order, otherwise made any compromise or arrangement with its creditors or ceased trading either while you were associated with it or within one year after you ceased to be associated with it
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
28. State whether, in connection with the formation or management of any body corporate, partnership or unincorporated association, you have been adjudged by a court to be civilly liable for any fraud, misfeasance or wrongful trading or other misconduct by you towards such a body or towards any members or creditors of such a body
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
29. Have you failed to satisfy any debt adjudged due and payable by you under an order of a court or made any compromise arrangement with your creditors within the last 15 years?
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
30. State below any other material information, which you consider relevant to the assessment of your expertise, experience and record.
……………………………….……………………………………………………………
…..……..…………………………….……………………………………………………
31. Attach the following:
1. Two references from well established banks stating the nature and extent of their knowledge of and experience with the person.
2. Two other professional references stating the nature and extent of their knowledge of and experience with the person.
I, ……………………………………..certify that I have supplied the above information and to the best of my knowledge and belief the information is true and complete. I confirm that in the event that any of the information given herein is found to be false or misleading I will be subject to such action as the Commission may deem appropriate, apart from such civil or criminal liability as may accrue under the laws of Antigua and Barbuda.
I also undertake to notify the Commission in case of any change in the information furnished herein within a reasonable time but not exceeding 30 days of such change.
Date:………………………………. Signature:………………………..…………