Banking Act · 2024 Revised Edition · Part · Licensing of Banks
23. Other categories of licences and fees
Official textFrom Attorney General's Chambers, unchanged
The Authority may also grant —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
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
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).
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).
banking business
“banking business” means business which consists of or includes the receiving of deposits or other repayable funds from the public and the granting of credits for its own account and includes the following activities — (a) financial leasing; (b) money transmission services; (c) issuing and administering means of payment, such as credit cards, charge cards, travellers’ cheques and bankers’ drafts; (d) guarantees and commitments; (e) trading for own account or for account of customers in one or more of money market instruments, foreign exchange, financial futures and options, exchange and interest rate instruments and transferable securities; (f) participation in share issues and the provision of services relating to such issues; (g) advice to undertakings or capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings; (h) money broking; (i) portfolio management and advice; (j) safekeeping and administration of securities; (k) credit reference services; (l) safe custody services; (m) bank assurance; and (n) such other business as may be approved in writing by the Authority with the approval of the Minister;
Every licensee shall pay such annual fee or fees as may be prescribed.
In granting such licence, the Authority may impose such conditions as the Authority considers fit.
Banking 34
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
bank
Defined · s 2“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
banking business
Defined · s 2“banking business” means business which consists of or includes the receiving of deposits or other repayable funds from the public and the granting of credits for its own account and includes the following activities — (a) financial leasing; (b) money transmission services; (c) issuing and administering means of payment, such as credit cards, charge cards, travellers’ cheques and bankers’ drafts; (d) guarantees and commitments; (e) trading for own account or for account of customers in one or more of money market instruments, foreign exchange, financial futures and options, exchange and interest rate instruments and transferable securities; (f) participation in share issues and the provision of services relating to such issues; (g) advice to undertakings or capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings; (h) money broking; (i) portfolio management and advice; (j) safekeeping and administration of securities; (k) credit reference services; (l) safe custody services; (m) bank assurance; and (n) such other business as may be approved in writing by the Authority with the approval of the Minister;
share
Defined · s 2“share”, in relation to an institution, means a share in the share capital of that institution and includes an interest in such share;
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Prohibited Business
Part
Minimum Assets Requirements
Part 7
Part
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part