Section 111
Power of Bank to require submission of application
of Financial Services Act 2013
ActIn forceProvision 111 of 124
Section 111
Where the Bank considers it is necessary for the purpose of maintaining effective regulation and supervision of a licensed person, the Bank may require—
(a)
any other company within the corporate group of the applicant, if the Bank is of the opinion that neither the applicant nor the other company proposed by the applicant under section 110 should be approved as a financial holding company; or
Financial Services 123
(b)
a company which has an aggregate interest in shares of fifty per cent or less in the licensed person but has control over the licensed person, to submit to the Bank an application to be approved as a financial holding company.