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Bahamas Statutory Instruments |
MINISTRY OF FINANCE |
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S.I. No. 21 of 2005 |
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THE BANKS AND TRUST COMPANIES |
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REGULATION ACT |
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(CHAPTER 316) |
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THE BANKS AND TRUST COMPANIES |
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(FOREIGN CURRENCY POSITION) |
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REGULATIONS, 2005 |
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The Governor of the Central Bank of The Bahamas in exercise of the powers conferred by section 24 of the Banks and Trust Companies Regulation Act, makes the following regulations - |
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1.
These Regulations may be cited
as the Banks and Trust Companies (Foreign Currency Position)
Regulations, 2005.
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Citation. |
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2.
In these Regulations -
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Interpretation. |
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"Central Bank" means the Central Bank of The Bahamas established pursuant to section 3 of the Central Bank of The Bahamas Act |
Ch. 321. |
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"licensee" means any Bank or Trust company which is incorporated in The Bahamas and which holds a licence granted under section 4 of the Act; |
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"the Act" means the Banks and Trust Companies Regulation Act. |
Ch. 316. |
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3.
The larger of the sum of net
short or long positions in all foreign currencies, including all
outstanding spot and forward foreign
exchange contracts, all on and
off balance sheet assets and liabilities of a licensee at the
appropriate spot exchange rates, shall
not exceed ten percent of
the licensee's capital base.
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Foreign currency position, |
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4.
On becoming aware of a
contravention of regulation 3, a licensee shall immediately notify
the Inspector of that contravention and
provide him with such
particulars of that contravention in such form as the Inspector
shall determine.
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Notification to Inspector. |
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5.
The Inspector may, by notice
in writing served on a licensee, require the licensee to take such
remedial action as he considers appropriate
for the purpose of
having the licensee comply with regulation 3.
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Remedial action. |
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6.
The Inspector may, by notice
in writing served on a licensee, vary the limit specified in
regulation 3 in relation to that licensee.
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Variation of foreign currency limit. |
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7.
The Governor may impose a fine
not exceeding five thousand dollars where a licensee fails to
comply with the provisions of these Regulations.
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Fine. |
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Made this 13th day of April, 2005. |
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Signed |
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JULIAN FRANCIS |
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Governor of the Central Bank of The Bahamas |
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