Section 6Part 1 — Banks and Trust Companies ActAmended
Hindrance to effective supervision
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Amended by Supplement No. 8, Gazette No. 55 of 2025 on 19 Dec 2025 — commenced 17 Dec 2025 (Supplement No. 8, Gazette No. 55 of 2025)
Without prejudice to any other power that the Authority may have under this or any other law, the Authority may refuse to grant a licence or may impose conditions on a licensee where, in the Authority ’ s opinion, either —
the structure of an applicant ’ s or a licensee ’ s economic group, if any, will hinder effective supervision; or
the activities of any entity in the Cayman banking group are likely to negatively impact the financial stability of the licensee or prejudice the interests of the licensee ’ s depositors.
The conditions that may be imposed by the Authority under subsection (1) include the condition that t he economic group or the Cayman banking group undergo a restructure.
Referenced By
- Section 5 — Application to be made to Authority
Reference in (5)(a), (5)(b), (5)(c)