Limits for unsecured credit and credit facilities
15.—(1)  No licensed trust company shall grant any unsecured advance, unsecured loan or unsecured credit facility —
(a)to a director of the licensed trust company, other than a director who is its employee; or
(b)to any other officer or an employee of the licensed trust company (including a director who is its employee) which in the aggregate, and on which the outstanding at any one time, exceeds $3,000 or such other amount as may be prescribed.
(2)  In this regulation —
“director”, in relation to a licensed trust company, means a director of the licensed trust company and includes the spouse, father, step-father, mother, step-mother, son, step-son, daughter, step-daughter, brother or sister, of a director;
“unsecured credit facility” includes —
(a)any advance, loan or credit facility made by the licensed trust company to its officer or employee, as the case may be, without security, whether it has been drawn down or not;
(b)in respect of any advance, loan or credit facility made by the licensed trust company to its officer or employee, as the case may be, with security, any part thereof which at any time exceeds the market value of the assets constituting that security or, where the Authority is satisfied that there is no established market value for those assets, the value of those assets based on a valuation approved by the Authority; and
(c)any guarantee or performance bond entered into by the licensed trust company, or the provision of any security by the licensed trust company, in connection with any loan, advance or credit facility made by another party to its officer or employee, as the case may be.
(3)  Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.