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Swaziland Banking Regulations: Proposed Agreement for Transfer of Financial Institution to Foreign Company

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The Swaziland Financial Services Authority (FSA) has published a proposed agreement outlining the terms and conditions for the transfer of ownership of a financial institution to a foreign company. The agreement aims to ensure the stability of the country’s financial system and protect depositors’ interests.

Proposed Agreement Terms

  • No person licensed to conduct banking business in Swaziland may participate in a conglomerate without prior written authorization from the FSA.
  • A conglomerate is defined as a group of financial institutions, or a group that includes a financial institution and other entities such as insurance companies or pension funds.

Licensing of Agents and Annual Fees

  • The proposed agreement outlines the requirements for obtaining a licence to act as an agent of a foreign financial institution in Swaziland.
  • The applicant must provide full particulars of their authority to act as an agent, the business they propose to carry on, and the manner in which and places where they propose to carry on such business.
  • A licence shall be granted for a period not exceeding one year and may be renewed upon application to the FSA made prior to the expiry of the period for which the licence was granted.

Consequences of Non-Compliance

  • Failure to comply with the terms and conditions of the proposed agreement or the licensing requirements may result in:
    • Revocation of a licence
    • Suspension of business activities
    • Fines of up to E25,000 per day of contravention

Publication and Effective Date

  • The proposed agreement is expected to be published in the Gazette and a newspaper of general circulation in Swaziland.
  • The effective date of the proposed agreement has not been specified.

Invitation for Comments

The FSA invites comments on the proposed agreement from stakeholders before it comes into effect.

Contact Information

For more information, please contact:

Swaziland Financial Services Authority [insert contact details]

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