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International Monetary Fund

Section 18 does not explicitly require the consent of home supervisor of subsidiaries of non-EU banks, but it is the practice of the Commissioner to do so. In addition to the “fit and proper” tests, BO Section 23 (3) (f) requires that at least two persons direct the business of a bank. Application of this “four eyes” requirement ensures that directors and managers are competent to direct and manage the applicant bank. All banks are subject to continuous supervision, but new entrants would be particularly closely monitored. Assessment Compliant Comments

International Monetary Fund
Gibraltar’s Detailed Assessment Report of the Observance of the Basel Core Principles is examined. The principal risks are reputational risk, both for the Gibraltar authorities and for the banks, as the bulk of the assets managed are off the balance sheet with the investment risk carried by the client. Credit risk is largely limited to residential mortgage lending and is heightened by the rapid rise in prices both in Southern Spain and in Gibraltar itself.

that the Board is required to make under the statute. Two crucial findings are that the applicant bank and any parent foreign bank are each subject to comprehensive consolidated supervision by a home country regulator and that the applicant bank and any parent have provided adequate assurances that the Board will have access to the information that it deems necessary to determine safety, soundness, and compliance with U.S. law. 26 In order for the Board to make these findings, Federal Reserve staff must obtain information on the home country supervision of the

Ricki Tigert Helfer

establish a representative office to be subject to a significant degree of supervision by their home country supervisor as determined with reference to a number of factors…. 12 Even in the case of representative offices, the Fed applies a lower standard for home office supervision if the applicant bank will accept limitations on the activities the representative office may engage in. The Fed stated this standard in an order approving a limited representative office for a Russian bank: (i) The bank commits that the proposed representative office will engage only in


then be subject to U.S. capital standards. This argument found some resonance in Congress. When considering applications by foreign banks to make acquisitions or engage in new U.S. activities, the Board of Governors of the Federal Reserve System had used ambiguous language to describe the process by which it decided whether the applicant banks had sufficient capital to meet U.S. requirements. Frequently, the Federal Reserve would note that, while the capital ratio of an applicant bank might not on its face meet U.S. requirements, after taking into consideration the

International Monetary Fund

fit-and-proper persons (Section 18.2). Short history and business objectives of the applicant bank, including the reasons for wishing to establish a presence in Cyprus. Detailed description of the proposed banking operations, including details of the banking services proposed to be offered and the proposed management structure of the applicant bank. Feasibility study of the bank’s proposed banking operations incorporating projected financial statements for the first five years of its operation. In the case of foreign banking organizations the CBC, in addition to the

International Monetary Fund

basis . The accounting rules support a consolidated view of the balance sheets. However, almost all banks operate on a solo basis without subsidiaries. 79. The BM continues to enhance its home-host relationships and has completed MOU with some countries . During the licensing process there is an exchange of correspondence as information on the applicant bank is requested. In addition, there are frequent communications with Portugal and South Africa, the two main home counterparts to the BM. Given that there are no established country risk guidelines and that almost

International Monetary Fund
The Compliance of the Basel Core Principles welcomes the assessors’ recognition of the overall quality and effectiveness of Cyprus’s banking regulatory and supervisory framework in place, and the resulting high degree of compliance with the Basel Core Principles. Regulation has to be defined to set a frame in which insurance undertakings can operate. Clear objectives and measures should be defined for the Superintendent of Insurance. The International Organization of Securities Commissions Principles was assessed in accordance with the criteria in the Guidance Note.