International Financial Services

Cap. 272 · Revised Edition 2020 · 43 sections

s. 1Short title
s. 2Interpretation
s. 3Establishment of the Commission
s. 4Body corporate
s. 5Functions of the Commission
s. 6Powers of the Commission
s. 7Licences for international financial services and managing services
s. 7ADuty of managing agent
s. 8Appointment of Director General
s. 9Appointment of Deputy Director General
s. 10Appointment of junior staff
s. 11Director General to refer certain matters to Commission
s. 11ADuty of officers to maintain confidentiality
s. 12Composition of the Commission
s. 13Meetings of the Commission
s. 14Vacation of seat as a member of the Commission
s. 15Disclosure of interest
s. 16Commission may establish Committees
s. 17Revenues of the Commission
s. 18Establishment of General Fund
s. 19Temporary investment of Funds
s. 20Power to borrow
s. 21Accounts and audits
s. 22Preparation and submission of budget estimates
s. 23Protection of members and officers of the Commission from legal process
s. 23ADocuments and records to be produced on demand
s. 24Service of process
s. 25Restriction on execution
s. 26Exemption from taxes, etc
s. 27Validity of Commission’s acts
s. 28Regulations
s. 29Offence of fraudulent application or false information
s. 30Right of applicant to be heard or make submission if refusal is under contemplation
s. 31Restriction on request to further apply following refusal of application
s. 32Terms, conditions and limitations
s. 33Administrative penalty and right of appeal
s. 34Appeal to the Minister
s. 35Enforcement of administrative penalties
s. 36Confidentiality
s. 37Power to enter company premises and examine documents
s. 38Obstructing an authorized person
s. 39Liability of officers, IFS practitioner and managing agent
s. 40Certificate of Good Standing