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Regulations for Licensed Financial Services Providers in the Republic of the Marshall Islands
The document outlines various sections and schedules related to licensing fees, penalties, and other requirements for licensed financial services providers in the Republic of the Marshall Islands.
Summary of Key Points
- Licensing and Conditions: Section 8 states that the Commissioner may grant or refuse a license, vary the conditions of a license, suspend, revoke, or vary it for specified reasons.
- Assessment of Civil Money Penalties: Section 13 outlines that any person who contravenes or fails to comply with provisions of the Act shall be guilty of an offense and liable to a fine not exceeding $10,000.
- License Fees and Other Fees: Schedule 1 provides a list of licensed reporting entities (banks) and their corresponding fees for various purposes.
Conditions of a License
According to Section 12(1), the Commissioner may:
- Grant or refuse a license
- Vary the conditions of a license
- Suspend or revoke a license for specified reasons
The Commissioner must inform the licensed financial services provider of his intention to impose new or additional conditions, vary or remove existing conditions, and afford them a period of seven (7) days in which to make representations.
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