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Banking Legislation in the Cook Islands

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This legislation provides a comprehensive framework for governing banking in the Cook Islands. Below, we’ll break down the key points.

Part 1: Licensing

Issuance and Revocation of Licences

• Section 3: The Commission has the power to issue, vary, or revoke licences for banking business.
• Section 5: A licence remains in force until it’s revoked or suspended by the Commission or surrendered by the licensee.
• Section 10: No assignment or transfer of a licence is allowed; any attempted assignment is null and void.

Part 2: Obligations and Enforcement

Compliance with Licence Terms

• Section 11: Licensees must comply with terms and conditions imposed on their licence, this Act, regulations, prudential statements, and directives.
• Section 12: The Commission can vary or revoke terms and conditions of a licence, impose new ones, or require licensees to implement international standards for banking supervision.

Part 3: Appeals and Surrender

Appeal Process

• Section 15: Licensees can appeal to the Court against a decision to revoke or suspend their licence.
• Section 16: Licensees can surrender their licence if they’ve ceased operations and have repaid deposits held by them or are being wound up voluntarily.

Part 4: Miscellaneous

Commission Functions

• Section 17: The Commission’s functions include banking supervision, reviewing banking business, implementing international standards for prudential supervision of banking business, and recommending amendments to the Act and regulations.