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(1A) An application under subsection (1) shall be \u2014 (a) in writing; (b) accompanied by any prescribed information, particulars and details; and (c) accompanied by the prescribed non-refundable application fee. (1B) The Authority may grant a licence to an applicant under subsection (1) if satisfied that the carrying on of the business will not be against the public interest and the licence granted may be subject to any terms and conditions the Authority considers necessary. (1C) The Authority shall forward the application fee to the Financial Secretary for the benefit of the revenue.\u201d; (b) in subsection (5) as follows \u2014 (i) by deleting the words \u201cunder subsection (1)\u201d and substituting the words \u201cunder subsection (1B)\u201d; and (ii) by deleting the words \u201cAny conditions imposed pursuant to this subsection may, at any time, be varied or revoked by the Authority.\u201d; and (c) by inserting after subsection (5) the following subsection \u2014 \u201c(5A)Any conditions imposed pursuant to subsection (1B) may be varied or revoked by the Authority with notification as may be reasonable under the circumstances.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 27 of the Banks and Trust Companies Act (2021 Revision) - regulations 3. 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AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the Banks and Trust Companies (Amendment) Act,\n2024.\n(2) This Act comes into force on such date as may be appointed by Order made by\nthe Cabinet.\n2.\nAmendment of section 6 of the Banks and Trust Companies Act (2021\nRevision) - application to be made to Authority\n2.\nThe Banks and Trust Companies Act (2021 Revision) is amended in section 6 as\nfollows \u2014\n(a)\nby repealing subsection (1) and substituting the following subsections \u2014\n(Act 10 of 2024)\nI Assent,\nJane Owen\nGovernor\nDate: 18th December, 2024\n\nSection 3\nBanks and Trust Companies (Amendment) Act, 2024\n\nPage 6\nAct 10 of 2024\nc\n\n\u201c(1) A person who is desirous of carrying on banking business or a\ncompany that is desirous of carrying on trust business from within\nthe Islands shall apply to the Authority for the grant of a licence.\n(1A) An application under subsection (1) shall be \u2014\n(a)\nin writing;\n(b) accompanied by any prescribed information, particulars and\ndetails; and\n(c)\naccompanied by the prescribed non-refundable application fee.\n(1B) The Authority may grant a licence to an applicant under subsection\n(1) if satisfied that the carrying on of the business will not be against\nthe public interest and the licence granted may be subject to any terms\nand conditions the Authority considers necessary.\n(1C) The Authority shall forward the application fee to the Financial\nSecretary for the benefit of the revenue.\u201d;\n(b) in subsection (5) as follows \u2014\n(i)\nby deleting the words \u201cunder subsection (1)\u201d and substituting the\nwords \u201cunder subsection (1B)\u201d; and\n(ii) by deleting the words \u201cAny conditions imposed pursuant to this\nsubsection may, at any time, be varied or revoked by the Authority.\u201d;\nand\n(c)\nby inserting after subsection (5) the following subsection \u2014\n\u201c(5A)Any conditions imposed pursuant to subsection (1B) may be\nvaried or revoked by the Authority with notification as may be\nreasonable under the circumstances.\u201d.\n3.\nAmendment of section 27 of the Banks and Trust Companies Act (2021\nRevision) - regulations\n3.\nThe Banks and Trust Companies Act (2021 Revision) is amended in section 27(1)(a)\nby deleting the words \u201cunder section 6(1)\u201d and substituting the words \u201cunder section\n6(1A)(b), 6(1A)(c)\u201d.\n\nBanks and Trust Companies (Amendment) Act, 2024\nSection 4\n\nc\nAct 10 of 2024\nPage 7\n\n4.\nTransitional\n4.\nNotwithstanding section 2 of this amending Act, the application fee for an application\nfor which a decision is pending on the day immediately preceding the commencement\nof this amending Act shall be refundable.\nPassed by the Parliament the 11th day of December, 2024.\nHon. 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