Powers of the Commission

(1) Subject to the provisions of this Act, the Commission shall have power to do all things necessary for the carrying out of its duties under this Act. (2) Without prejudice to the generality of the provisions of sub-section (1), the Commission may10 (a) grant licences, permits or authorities for the carrying on of international financial services; (aa) carry out on-site inspections of any entity carrying on international financial services or (ab) grant permits, approvals or authorities enabling persons to act as (ac) determine the terms, and of issued to IFS Practitioners additional to those provided for in section 32(1), but not in a manner inconsistent with this Act or the regulations; (ad) determine the terms, and limitations of licences issued to persons to act as managing agents additional to those provided for in section 32(2), but not in a manner inconsistent with this Act or the (ae) undertake any review necessary to ensure compliance with the Act; (af) identify breaches and penalties and set the procedures for investigation and determination of alleged breaches, for which administrative sanctions pursuant to section 33 may be imposed; CAP. 270. (ag) set guidelines, procedures or prescribe any matter or thing required by the Commission under the International Business Companies Act; (b) purchase, lease or otherwise acquire and hold any property (real or personal) required for the purposes of the Commission and dispose of any such property no longer required for such purposes; (c) contract with any person for the supply to, or by the Commission of any goods, services or personnel; (d) pay expenses properly incurred by the (e) employ such persons (including advisors and consultants) as the Commission thinks fit for the proper discharge by the Commission of its duties; (f) establish and maintain schemes or make such other arrangements as it thinks fit for the payment of pensions or other benefits to its employees; (g) compile, prepare, print, publish, issue, circulate and distribute, whether for payment or otherwise, such papers, leaflets, magazines, periodicals, books and other literary matter as may be conducive to the attainment of the objects of the or the advancement of its functions; (h) make regulations to carry out its duties under this Act. (3) The Commission may– (a) by administrative notice in writing, specify the CAP. 273:01. mode of fulfillment of the substantial economic presence requirement pursuant to 12 the Economic Substance Act and may specify categories of international financial services for which persons holding a valid licence granted by it must comply with a specific mode of fulfillment; (b) cause any administrative notice issued under paragraph (a) to be printed and distributed and may make such arrangements as it thinks fit for its distribution. (4) Any mode of fulfillment in respect of substantial economic presence specified under sub-section (3)(a) may include– (a) the requirement for directors to conduct business from an office physically located in Belize; (b) the requirement for categories of persons holding a licence granted by the Commission to be physically present in Belize in order to conduct its business; CAP. 273:01. (c) notwithstanding section 7 of the Economic Substance Act, the prohibition from outsourcing of core income generating activities by categories of persons holding a licence granted by the Commission; or CAP. 273:01. (d) any other requirement which does not substitute or reduce the standard set by the Economic Substance Act.