Conditions

The conditions under which a person shall be exempt under regulation 5 are that– (a) the recognised manager is subject to the control, whether by majority shareholding or otherwise, of a person who is entitled to provide investment management services (by whatever name called) under the laws of a recognised country or jurisdiction; (b) that person is of sound repute and is in good standing with the competent authority in the recognised country or jurisdiction; (c) the business carried on by the recognised manager in Belize is delegated to a manager or administrator (referred to in these Regulations as “the responsible licence holder”) who is licensed under the Act; (d) there is a contractual agreement between the recognised manager and the responsible licence holder which includes a provision that the licence holder takes responsibility for compliance by the recognised manager with any relevant laws, regulations or directions which apply in Belize.