Certificate of Good Standing

(3) It is not a defence to an offence under the Act or Regulations to show that the IFS practitioner or managing agent did not know, or could not reasonably have been aware of or have prevented the offence committed by the employee or agent or had taken reasonable steps to prevent the commission of the 40.–(1) The Director General shall, upon request by any person, issue a certificate of good standing under his hand and seal certifying that an IFS practitioner or managing agent licensed under this Act is of good standing if the Director General is satisfied that the IFS practitioner or managing agent– (a) is in possession of a valid licence issued under this Act; and (b) has paid all fees, licence fees and penalties due and payable. (2) The certificate of good standing issued under sub-section (1), must contain– (a) a statement as to whether the IFS practitioner or managing agent has any outstanding requests for merger, consolidation, wind-up and dissolution or other arrangement; and (b) any other statement which the Commission approves by administrative order. SCHEDULE1 INTERNATIONAL FINANCIAL SERVICES COMMISSION ACT International Financial Services [Section 2] 1. Formation or management of international business companies or other offshore entities. 2. Formation or management of international (or offshore) trusts and the provision of international trustee services. 3. International insurance services. 4. International asset protection and management. 5. International collective investment schemes (such as mutual funds, unit trusts, etc.). 6. Money transmission services. 7. Payment processing services. 8. Trading in foreign exchange. 9. Trading in financial and commodity-based derivative instruments and other securities (e.g., futures, options, interest rates, foreign exchange instruments, shares, stock, contracts for differences, etc.). 10. Money brokering. 11. Money lending and pawning. 1This Schedule was inserted by Act No. 8 of 2007. 42 12. Money exchange. 13. Safe custody services. 14. Accounting services. 15. Brokerage, consultancy or advisory services in any of the above services.