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Comprehensive Legislative Framework for Banking Regulation in the Cook Islands

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Key Provisions

The following are the key provisions of the legislative framework for banking regulation in the Cook Islands:

  • Licensing: A person or company must obtain a license from the Commission to carry on banking business in the Cook Islands.
  • Terms and Conditions: The Commission can impose terms and conditions on a license, which the licensee must comply with.
  • Annual Fee: Licensees must pay an annual fee to the Commission, which is due on or before each anniversary of the license issue date.
  • Revocation or Suspension: The Commission can revoke or suspend a license if the licensee fails to comply with terms and conditions, pays late fees, or engages in other misconduct.
  • Appeals: A licensee can appeal a decision of the Commission to revoke or suspend its license to the Court.

Prudential Supervision

The Commission is responsible for undertaking prudential supervision of banking business to maintain stability and confidence in the financial system of the Cook Islands. This includes:

  • Reviewing Banking Business: The Commission must review banking business to ensure compliance with internationally accepted standards.
  • Implementing International Standards: The Commission must implement internationally accepted standards for prudential supervision of banking business.

Winding Up

If a licensee is being wound up voluntarily, the Commission may request the Attorney-General to apply to the Court for an order that the licensee be wound up, either by the Court or subject to the supervision of the Court.

Conclusion

Overall, this legislation provides a comprehensive framework for banking regulation in the Cook Islands, ensuring stability and confidence in the financial system.