Banking Act · s 23

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23.
Other categories of licences and fees
(1) The Authority may also grant —
(a) a merchant bank licence for the purpose of carrying on merchant banking business, including corporate finance, the underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy and such other fee-based activities as may be specified by the Authority in the licence; or
(b) a restricted banking licence for the purpose of carrying on banking business subject to the restriction that the licensee may not offer, conduct or provide such business except to or for the persons named or described in the undertaking accompanying the application for the licence, as mentioned in section 7(1)(c).
(2) Subject to this Act, the grant of a licence under subsection (1)(a)
or (b) shall be subject to the restriction that the licensee may not offer, conduct or provide banking business except in respect of the services named or described in the undertaking accompanying the application for the licence, as mentioned in section 7(1)(c).
(3) Every licensee shall pay such annual fee or fees as may be prescribed.
(4) In granting such licence, the Authority may impose such conditions as the Authority considers fit.

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s 23Other categories of licences and fees

(1)

The Authority may also grant —

(a)

a merchant bank licence for the purpose of carrying on merchant banking business, including corporate finance, the underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy and such other fee-based activities as may be specified by the Authority in the licence; or

(b)

a restricted banking licence for the purpose of carrying on banking business subject to the restriction that the licensee may not offer, conduct or provide such business except to or for the persons named or described in the undertaking accompanying the application for the licence, as mentioned in section 7(1)(c).

(2)

Subject to this Act, the grant of a licence under subsection (1)(a)

or (b) shall be subject to the restriction that the licensee may not offer, conduct or provide banking business except in respect of the services named or described in the undertaking accompanying the application for the licence, as mentioned in section 7(1)(c).

(3)

Every licensee shall pay such annual fee or fees as may be prescribed.

(4)

In granting such licence, the Authority may impose such conditions as the Authority considers fit.

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