Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697807710909.pdf (Jamaica)
THE CREDIT REPORTING ACT, 2010 The Credit Reporting Regulations, 2010 In exercise of the power conferred upon the Minister by section 19 of the Credit Reporting Act, 2010, and every other power hereunto enabling, the following regulations are hereby made:­ Citation.

1.

These regulations may be cited as the Credit Licence application form, fees and support­ ing documents.

Schedule.

Reporting Regulations, 2010.

2.


(1) An application for a licence under section 4(1) of the Act shall be in accordance with the form set out in the Schedule.
(2) For the purposes of section 4(1) of the Act (al the prescribed application fee is twenty-five thousand dollars; (b) the prescribed particulars are the particulars specified in the form set out in the Schedule, together with ­ (i) the Articles of Incorporation, or Memorandum of Association and Articles of Association, as the case may be, and Certificate of Incorporation of the applicant company; and (ii) the applicant company's audited financial statements for the three financial years immediately preceding the application or, in the case of a company in operation for less than three years, the company's audited 2 opening balance sheet and audited financial statements for each financial year of its operations.
Licence fee.

(3) With the approval of the Minister, the supervising authority may, by order published in the Gazette amend the form set out in the Schedule.

3.

For the purposes of sections 4(5) and 5(2) of the Act, the prescribed licence fee is one hundred thousand dollars.

Capital requirements.

4.


- (ll For the purposes of section 4(3) (cl of the Act, a licence shall not be granted unless capital has been subscribed to an amount not less than the Jamaican dollar equivalent of one hundred thousand United States dollars (at the prevailing rate of exchange on the date of the application, as determined by the supervising authority) .
(2) With the approval of the Minister, the supervising authority may, by order published in the Gazette, vary the amount specified in paragraph (ll.

(3) An order under paragraph (2) may specify different amounts which shall apply to specified classes of applicants based upon an assessment of risk.

Insurance requirements.

5.


It shall be a term and condition of every licence that the licensee maintain sufficient liability insurance coverage to cover potential claims by consumers, and to address any other pertinent risks to its operations.

Form of Auditor's report.

6.
For the purposes of section 7 (1) (a) (iii) of the Act, the auditor's report on the credit bureau's operations shall include the auditor's assessment of, and recommendations on 3 (a) the efficacy and reliability of the credit bureau's systems, procedures and policies relating to collecting, compiling, securing, analysing, disseminating and otherwise dealing with credit information; (b) the efficacy and reliability of the credit bureau's policies for the identification, assessment and management of risk and the procedures employed by the credit bureau in connection therewith; (c) the credit bureau's level of compliance with the laws governing credit bureaus, and the supervisory directions and guidance issued by the supervising authority; (d) the efficacy and reliability of the credit bureau's internal audit and control functions (e) the security and reliability of personal information stored, and of credit information stored or disclosed, by the credit bureau; and (f) any other matters which, in the view of the auditors may substantially affect the operations or viability of the credit bureau.
Witnesses' expenses.

7.

(1) For the purposes of section 27(2) (d) of the Act, witnesses attending at the request or summons of the investigator shall be entitled to be paid their expenses at a rate of one thousand dollars per day.

(2) The Minister may by order published in the Gazette increase any amount payable as witnesses' expenses under paragraph (1).

4 SCHEDULE (Regulation 2) Application Form for the Establishment of a Credit Bureau Section A: The Applicant Company 1.

Name of applicant company 2.


Address of registered office 3.

Telephone No(s) Facsimile No.

4.

E-mail address and website 5.

Name and contact information of person having conduct of the application on behalf of the applicant company (contact person) .

6.

Relationship of contact person with applicant company Section B: Particulars of Applicant Company 7.

Date of incorporation: dd/mrn/yyyy] ... 1 ... 1 ..... .

8.

Place of incorporation: _____________________________ 9.
Companies Act Registration/Incorporation No: 5 10.

Date of commencement of operations 11.

Financial Year-End 12.

Income Tax Registration Number 13.

GeT Registration Number (if applicable) 14.

Which, if any, other regulated activity does the applicant engage in?

(Please tick appropriate box) o Banking o Financial Advisory o o Other (specify) __________________________________ Insurance 15.
If the applicant engages in regulated activity, provide the name and contact details of the authority responsible for regulating such activity.

16.

Does the applicant engage in any other commercial activity?

Specify: 17.

Name and contact details of the applicant's attorneys 18.

Name and contact details of external auditors 19.

Name and contact details of the applicant's bankers 6 Section C: Members, Directors and Managers of the Applicant Company 20.
Shareholding structure: (Provide details of the shareho1ding structure of the applicant company, including types of shares and the proportions of shareho1dings held by shareholders and connected persons within the meaning of section 2 of the Income Tax Act).

21.

Board structure: (Provide details on proposed composition, board committees, membership and mandates).

22.
Group Structure and regulatory standings: (Where the applicant company is owned by another corporate or non-natural person, provide details of ­ (a) (b) the group structure (including a group chart), details of shareho1dings along the ownership chain, and details of the ultimate natural person or persons who hold the ultimate beneficial interest in the applicant company; and the regulatory standings of all other credit bureaus operated by that other corporate or non-natural person, whether those credit bureaus are located in Jamaica or another jurisdiction).
23.

Qualification, competence, knowledge and experience: (Attach resumes of all current directors, senior managers, and shareholders holding shares amounting to 10% or more of the voting shares in the applicant company).

24.

Fit and Proper requirements: (Attach completed Fit and Proper Questionnaires in relation to all current directors, senior managers, and shareholders holding 10% or more of the voting shares in the applicant company).

25.
25.

Organizational structure: (Provide a chart showing the management and employee structure of the applicant company).

Section D: Operations 7 26. Business plan and feasibility study: (Provide a business plan and feasibility study which forecasts the operations of the credit bureau for the next three years, and which explicitly includes details as to how the business will be funded and operated and the products and services to be offered.
Also provide details of all assumptions supporting the forecasts): 27.

Capital structure: (Provide details of the initial capital structure of the applicant company, including opening balance sheets (if applicable), audited financial statements for the last three years (if applicable), paid up capital, and types of issued shares.)

28.
28.

Technological capacity: (Provide details of the information technology platforms, software programs (including encryption standards), security measures and other physical infrastructure, and any other means by which the applicant intends to collate, analyse, store, secure, distribute or otherwise deal with credit information and other customer information received from credit information providers or other sources).

29.
29.

Disposal Procedures: (Provide details of the proposed procedures for treatment or disposal of credit information that is established to be inaccurate, ineligible to be treated as credit information, or no longer current,).

30.
Policy and Procedure Manuals: (Provide copies of the applicant company's manuals or other documents or proposals outlining its policies and procedures as regards • Security of customer information • Integrity and accuracy of customer information • Customer dispute resolution • Compliance with all applicable laws and regulatory requirements • operational risk management (including legal and reputational risks); • Capital and financial resource management • Employee screening and integrity procedures (both initial and ongoing) • Contingency planning and business continuity} .
31.

Arrangements with credit information providers: 8 (provide details of all arrangements made or agreements entered into with credit information providers for the provision of credit information to the applicant company once it licensed as a credit bureau.

If there are no such arrangements or agreements in place, provide a copy of the proposed terms of the agreements that the applicant company expects to govern agreements and arrangements with credit information providers).

32.
32.

Storage of oredit information in another juris­ diotion: (Advise whether the applicant company is seeking approval, under section 12 (1) (c) of the Act, to store credit information in another jurisdiction.
If so, provide details of the proposed arrangements for such storage, including ­ (a) details of the proposed storage facility, including its name, address, ownership, management and service features; (b) details of the terms and conditions governing the applicant company's use and storage of credit information at the proposed storage facility; (d) (c) details of the security measures that will be applied to credit information stored at the proposed storage facility; the methods proposed for transmission of the credit information into and out of the proposed storage facility the proposed arrangements for the management and administration of the proposed storage facility; (e) (f) details of the law and other legal requirements that may govern the use and storage of credit information and personal information in that jurisdiction; (g) details of any supervisory regime that (h) may apply to the use and storage of credit information and personal information in that jurisdiction; the arrangements proposed to enable an authorized officer to have access to the credit information stored there by the applicant company, as required by section 12 (4) (b) of the Act.)
33.

Sooring methodology: (Advise whether the applicant company intends to offer credit scoring services upon licensing and, if so, provide details of the methodology for credit scoring proposed to be used).

34.

Insurance: (provide details of any insurance policies taken out, or proposed to be taken out, by the 9 applicant company, including the nature and scope of coverage and the risks covered}, Section E: Declaration We hereby apply, under section 4 of the Credit Reporting Act, bureau.
for a licence as a credit We cer'tify that, to the best of information and belief, all the given in this application and contained in supporting statements and documentation submitted is true and correct.
our knowledge, information The supporting statements include the documents of incorporation, the resumes and completed Fit and Proper Questionnaires for each individual manager, director, and $hareholder with ten percent or more of the shareholding; the business plan and feasibility study, with details of sources of funding; the most recent audited reports and requisite financial statements; and all other manuals, procedural or policy documents required by this application, We consent to the supervising authority obtaining information from any source as permitted by the laws of Jamaica or any other jurisdiction for the purpose of verifying information furnished in this application.
Name and address of applicant Name of Managing Director (or person in charge applicant's affairs) of the Date Name of Company Secretary Signature Date Company Seal Date Name Justice of the Peace Signature Date 10 Minister of Finance and the Public Service