FIRST AMENDMENT TO REGULATION NO.: 2015/R-151 (REGULATION ON LIMITS ON LOANS TO RELATED PERSONS)

` ަދުބ 2017 ުރަބްނެސިޑ 27 – 1439 ުރިޚާއްލުޢީބަރ 9 :ުޚީރާތ 163 :ުދަދައ 46 :ްމުއިލޮވ 2017/R-93 :ުރަބްނަނ ުދިއާވަގ FIRST AMENDMENT TO REGULATION NO.: 2015/R-151 (REGULATION ON LIMITS ON LOANS TO RELATED PERSONS) އި ހާ ވަ ުދ ަމޯހ ެގއް ެއތާ ުފަހ މެ ްނޮކ ީނރާ ުކުޢއި ާޝ އި ަގޓު ެޒެގ އް ަތުލޫސުއ އި ާކަތުދިއވާ ަގ  ސް ފީ ޮއ ގެ ާޔއް ިރހޫ ްމޖު ްލުސީއަރ .ވެ ެއ ހު ަވދު ިތަފްސާރުބ އް ތަ ުލޫސުއ ިއާކތަ ުދިއވާ ަގ ާވއް ނު ޮފ ށް ަމރު ުކުޢއި ާޝ އި ަގޓު ެޒެގ ގެ ުހވަ ުދ ަމޯހ  ގު ަމނު ާފުރުކަތުޑޮބ ރު ދު ްނމެ ެގުހވަ ދު ިތަފސް ާރުބ ެގާތްފހަ ރީ ުކ ،ީކަތުގވަ ުހފަ މެ ްނެއ ެގމު ުވްއނު ޮފ ޖެ އް ާރހި ެވދި ،ެލާމ ވާ އް ނު ޮފ ްށަމރު ުކުޢއި ާޝ އި ަގޓު ޒެ ެގ ގެ ހު ަވދު ިތަފްސާރބު ިދައ .ެވނެ ްނިރުކ ެގ 12:00 ގެ ާތުފަހ ާދްނމު ަގނިހ ،ީކަތުގވަ ުހަފމެ ްނއެ ެގމު ުވްއނު ޮފ ްއތަ ުލޫސުއ ިއާކަތުދިއވާ ަގ 333 6334 :ުނޯފ .ެވނެ ްނިރުކ ެގ 12:00 ުރދު ްނެމ ެގހ ު ަވދު ަރާގން ައ  331 0274 :ްސްކެފ ނީ ވާ އް ުނޮފ ިދއެ ްށަމުނިދްށޮކުޢިއާޝ ިއގަ ުޓެޒެގ ްއަތލު ޫސުއ ިއާކަތުދިއވާ ަގ .ވެ ެށައ legalaffairs@po.gov.mv www.gazette.gov.mv :ްޓިއަސްބެވ ް ޓެޒެގ ެގުރާކުރަސިހެވިދ 163 :ުދަދައ 46 :ްމުއިލޮވ ` Maldives Monetary Authority Male’ Republic of Maldives FIRST AMENDMENT TO REGULATION NO.: 2015/R-151 (REGULATION ON LIMITS ON LOANS TO RELATED PERSONS) Regulation no.: 2015/R-151 (Regulation on Limits on Loans to Related Persons) is hereby amended as follows: 1- Amend the definition of “related person” provided under Part I of the Regulation as follows: "related person" – means (a) any administrator of the bank, (b) any person who is related to an administrator by marriage or blood up to the first degree (i.e., spouse of the administrator, and parents and children of the administrator or spouse); and any other person who is dependent on the administrator or the administrator’s spouse for financial support, (c) any person who has a qualifying holding in the bank, and any undertaking in which any such person or any administrator of the bank has a qualifying holding, and any administrator of such person or undertaking, and (d) any undertaking, not subject to consolidation in the preparation of financial statements of the bank, in which the bank holds a qualifying holding; however, where such undertaking is related to the bank through common Government ownership, it is not required to treat the administrators of the undertakings as related to the bank. For purposes of this regulation, a related person includes the holding company of which a bank is a subsidiary, and any other company that is affiliated with the bank or holding company through common ownership, control or management and also any employee of a bank is considered a related person. Two or more persons will be considered to be related if one person has the ability, directly or indirectly, to control the other person/s or to exercise significant influence over the financial and operating decisions of the other person/s, or if both persons are subject to common control or common significant influence. 2- Change PART III (1)(e)(iii)(E) of the aforementioned Regulation as follows: (E) restrict the total outstanding balance of loans made to an employee at concessionary rates to not more than MVR 5,000,000, but in no event shall such total balance exceed 15% of the bank’s capital base; 3- This amendment shall commence upon it being published in the Gazette of the Government of Maldives. 3