Terms, conditions and limitations

(1) The following shall be the standard terms, conditions, or limitations of every licence issued under this Act in respect of a licence to provide, carry on or transact international financial (a) to adhere to the Act and regulations; CAP. 104. (b) to adhere to the Money Laundering and Terrorism (Prevention) Act; (c) to provide international financial services within the scope and nature of activities for which the licence relates; (d) to take reasonable steps to ensure that any broker, introducer, or white label business has the required authorisations, licences or registrations for the jurisdictions it operates in; (e) to have systems and procedures to maintain relevant records pertaining to the international financial service and provide the Commission with the records required to monitor effectiveness; (f) where applicable, to provide the managing agent with reports, communications, and other documents to enable it to properly discharge its record-keeping requirements; (g) to have adequate and effective systems, policies, processes and controls to ensure compliance with obligations; (h) to notify or request approval of the Commission of material changes to the governance and compliance arrangements as soon as practicable; and (i) to remain fit and proper at all times during which the licence remains valid. 34 (2) The following shall be the terms, conditions, or limitations of every licence issued under this Act in respect of a licence to provide managing services– (a) to adhere to any code of conduct established by the Commission; (b) to adhere to the Act and regulations; (c) to ensure that prior approval of the Commission is obtained for the senior executive officers appointed for governance and management to take on additional services in respect of IFS practitioners; (d) to be solvent at all times; (e) to ensure adequate financial resources, specifically that– (i) cash flow forecasts are valid, updated and approved by the members, Board of Directors or partners; (ii) if opening cash balance is less than forecasts, examine whether this affects the ability to comply with financial resource requirement and take necessary corrective actions; (iii) the managing agent is in a position to meet its cash requirements; and (f) to comply with the prescribed capital requirement. CAP. 273:01. (3) The Commission may attach terms, conditions and limitations, including that of meeting substantial economic presence in accordance with the Economic Substance Act, to a licence to provide international financial services or managing services additional to those provided for in this section but not in a manner inconsistent with the Act or the regulations. (4) Any additional terms, conditions or limitations attached to a licence by the Commission under sub-section (2) shall be set out in the licence.