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Banking Regulations of the Republic of the Marshall Islands: Financial Services Provider License Requirements
The Banking Regulations of the Republic of the Marshall Islands outline the requirements for obtaining and maintaining a financial services provider license. In this article, we will break down the key points related to financial services provider licenses.
Section 12: Financial Services Provider License
Key Points
- The Commissioner may specify terms when issuing a license to a financial services provider.
- No person can be granted a license with a name that might mislead or confuse clients.
- A licensed financial services provider must pay the license fee and any associated fees, as specified in Schedule 1 of these Regulations.
- Business restrictions: A licensed financial services provider cannot engage in any business other than what is specified on their license.
- License validity: A license remains valid unless revoked, suspended, or varied in accordance with Section 128 of the Act.
- Renewal requirements: The application for license renewal must be made before the expiration date, along with the license fee and any associated fees.
- Displaying the license: A copy of the license must be displayed conspicuously at all business locations.
- Commissioner’s power to impose conditions: The Commissioner may impose new or additional conditions on a licensed financial services provider, vary or remove existing conditions, or add to them.
Section 13: Assessment of Civil Money Penalties
Key Points
- Conviction and fines: Any person who contravenes or fails to comply with the Act or any rule, regulation, order, direction, or requirement made or given in the Act shall be guilty of an offense and liable to a fine not exceeding $10,000.
- Enforcement proceedings: The Banking Commissioner will refer all violations under the Act to the Office of the Attorney General for enforcement proceedings in the High Court of the Republic of the Marshall Islands.
Schedule 1: License Fees and Other Fees
Fees Associated with Financial Services Providers
- Annual license fee
- Branch opening or closing fee
- Agency or office opening or closing fee
- Representative office fee
- Subsidiary corporation establishment fee
- Paid-up capital reduction fee
- Independent financial auditor appointment fee
- Director or principal officer change fee
- Sale, transfer, or disposal of capital stock fee
Note that this is a complex and detailed document, and the above summary only highlights some of the key points.