Fourth Year (AF)&(RD),First Semester Fourth Year (MM), Second Semester C Law 4001, Business Law II Financial Institutions Law, 2016 Central Bank of Myanmar Law, 2013

  

Daw Zar Zar Win

Assistant Lecturer Department of Law

Fourth Year (MM), Second Semester, C Law 4001, Business Law II Financial Institutions Law, 2016 Application for License

Application for License of Myanmar Banking Business Section 8 (a ) of the Financial Institutions Law, 2016 





any person wishing to conduct banking business must apply to the Central Bank for a license in the prescribed form together with the following documents – - document evidencing that proposed applicant - a company or an entity incorporated under the Laws of Myanmar



- a copy of the proposed applicant’s Memorandum of Association - its Articles of Association and any other document associated with its formation



- the proposed location of the principal place of business and ,

- the branch offices of the proposed bank

Fourth Year (MM), Second Semester, C Law 4001, Business Law II Financial Institutions Law , 2016 Application for License Application for License of Myanmar Banking Business Section 8 (a ) of the Financial Institution Law 2016 





copies of the audited balance sheets and profit and loss accounts of the applicant the amounts of the authorized and subscribed capital of the proposed institution a business plan for the proposed institution,



setting out the types of activities envisaged for and the structural organization of the proposed institution



the qualification and experience, business or profession, the financial condition of owners of substantial interest in the proposed institution



the qualification and experience, the directors and chief executive of the proposed institution

Fourth Year (MM), Second Semester, C Law 4001, Business Law II Financial Institutions Law 2016 Application for License Application for License of Myanmar Banking Business 

Section 8 (a ) of the Financial Institution Law 2016



- an authorization of the applicant permitting the Central Bank to carry out



- financial criminal and professional background checks on the applicant - its directors and chief executive and affiliated persons





- an authorization of the owners, directors and chief executive of the proposed institutions permitting the Central Bank to carry out financial criminal and professional background checks on them and affiliated persons

such additional information as shall be prescribed by regulation of the Central Bank.

Fourth Year (MM), Second Semester, C Law 4001, Business Law II Financial Institutions Law 2016 Application for License

Application for License of Foreign Banking Business 

Section 9 of the Financial Institutions Law, 2016



The following documents shall accompany the application by a foreign bank for a license to carry on banking business in Myanmar through a subsidiary or branch-



a credit rating report by an international credit rating agency



a statement of its capital position, its ranking by total assets and capital in its home country and globally



a written undertaking of the foreign bank to provide such funds as may be necessary to meet all its obligations relating to the business activities of its

subsidiary or branch in Myanmar

Fourth Year (MM), Second Semester, C Law 4001, Business Law II Financial Institutions Law 2016 Application for License

Application for License of Foreign Banking Business Section 9 of the Financial Institutions Law, 2016 

A written statement from the bank regulator of the country where the foreign bank maintains its principal place of business certifying that:

The Foreign Bank 

has a valid license to carry on banking business in that country



is authorized under the law of that country to establish a subsidiary or a branch in Myanmar



no facts are known to the regulator showing that any director or officer of the said foreign bank are not fit and proper

Fourth Year (MM), Second Semester, C Law 4001, Business Law II Financial Institution Law 2016 Application for License

Application for License of Foreign Banking Business Section 12 of the Financial Institutions Law , 2016 Any person wishing to carry out banking business shall be

a company incorporated under written Laws in Myanmar and has a valid license issued by the Central Bank



a foreign bank subsidiary or branch with a valid license issued by the Central Bank



a person who is exempted under section 19

Thank You

Reference  Law

of Banking

 Financial

Institutions Law

 (Pyidaungsu

20/2016)

Hluttaw Law No