Licences for international financial services and managing services

(1) Notwithstanding any other Act, rule, regulation or law to the contrary– (a) no person shall provide, carry on, transact or hold himself out as providing, carrying on, or transacting any of the international financial services in or from within Belize unless that persons holds a valid licence granted by the Commission under this Act; and (b) no person shall provide, carry on, transact or hold himself out as providing, carrying on, or transacting any managing services unless that person holds a valid licence granted by the Commission under this Act. (2) Any person who contravenes sub-section (1) commits an offence and shall be liable on summary conviction, if the offender is a natural person, to a fine not exceeding one hundred thousand dollars, or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment; and if the offender is other than a natural person, to a fine not exceeding two hundred thousand dollars. (3) Where any person is convicted of an offence under this Act and such offence is a continuing offence, the offender shall be liable, in addition to the penalty prescribed above, to an additional fine not exceeding five hundred dollars for every day for which the offence continues. (4) Where any offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any director, chief executive officer, manager, secretary or other similar officer or servant of the body corporate, such director, chief executive officer, manager, secretary or other similar officer or servant shall be deemed to have committed an offence against this Act and shall be liable to be proceeded against and punished accordingly, in addition to or together with the body (5) Applications for a licence to provide, transact, or carry on either international financial services or managing services shall be made in the first instance to the Director General, 14 accompanied by such fee and documents, as may be prescribed by the Commission by regulations made under this Act. (6) The Commission may by regulations prescribe qualifications required for persons who may be licensed for any of the international financial services or for managing services. (7) Subject to sub-section (8)– (a) every licence granted for international financial services shall be valid for a period of at least 3 years commencing 1st January of the year in which it is issued and shall be subject to renewal; or (b) every licence granted for managing services shall be valid for a period of at least 3 years commencing 1st January of the year in which it is issued and shall be subject to renewal. (7A) Every licence granted under this section– (a) shall state the duration of a licence; (b) maybe for a fixed period not exceeding 3 years; (c) expires if the holder of the licence ceases to be a person eligible under this Act to apply for the (d) if issued for a fixed period may be renewed periodically in accordance with sub-section (7B); (e) may be varied in accordance with sub-section (7C); or (f) may be requested by the Commission for the reasons stated in sub-section (7D). (7B) For the purposes of sub-section (7A)(d)– (a) an application for a renewal shall be made in writing to the Director General in the first instance and must be accompanied by the prescribed fee; (b) if the Commission is satisfied that the applicant continues to meet the requirements for the issue of a licence, the Commission shall renew the licence; (c) if an application for the renewal of a licence has been made before the expiry of the licence but has not been dealt with by the Commission when the licence is due to expire, the licence continues in force until the application for renewal is dealt with and any renewal in such a case shall be taken to have commenced from the day when the licence would have expired but for the renewal. (7C) For the purposes of sub-section (7A)(e)– (a) the Commission, having informed the licence holder of its intended course of action and having offered them reasonable opportunity to be heard or to make written representations, may at any time– (i) vary the duration of the licence; (ii) vary, add to, or remove terms, conditions or limitations of the licence; or 16 (iii) attach conditions to the licence; (b) if the Commission considers that the licence ought to be amended, it shall give the holder of the licence a written notice of show cause which– (i) sets out the proposed amendment; (ii) states the reasons for the proposed amendment; and (iii) invites the holder to show within 21 days why the licence should not be amended; (c) the Commission may amend the licence if, after considering all representations made within 21 days, it considers that the licence must be amended either as suggested in the show cause notice, or in any other appropriate manner; (d) if the Commission decides to amend the licence, the Commission shall give the licence holder a written notice stating– (i) how the licence has been amended; and (ii) that the holder of the licence may appeal to the Minister within 28 days; (e) despite paragraphs (b), (c) and (d), the Commission may amend a licence by written notice to the holder of the licence without proceeding under those sub-sections if the licence is amended only– (i) for a formal or clerical reason; (ii) in a manner that does not adversely affect the interests of the holder; or (iii) at the holder’s request. (7D) For the purposes of sub-section (7A)(f)– (a) the Commission may, by written notice, require the holder of a licence to return the licence to the Commission within 14 days to enable the Commission to alter the licence to show an amendment to it; (b) the holder of a licence shall comply with a notice under this section unless he has a reasonable excuse failing which he may be subject to the prescribed punishment for professional misconduct; and (c) the amendment of a licence under sub-section (7A)(e) does not depend on the alteration of the licence under this section. (7E) The Commission’s authority to undertake review for fit and proper as well as for compliance shall not be affected by the grant of licence for a period of three years. (8) The Commission may for good and proper cause and after giving the licensee an opportunity to make representations, cancel or suspend a licence granted under this Act. (9) Any person who is aggrieved by the decision of the Commission to grant, refuse, amend, cancel or suspend a licence, may, within twenty-one days, apply to the Minister for a review, and the decision of the Minister thereon shall be final. (10) Every person who, at the commencement of this Act, provides, carries on or transacts any of the international financial services shall, if he intends to continue to do so, apply 18 to the Commission and obtain a licence within one month of such commencement, failing which he commits an offence under sub-sections (1) and (2). (11) For the purposes of this section, every company or other entity incorporated and existing under the Laws of Belize shall, if providing, carrying on or transacting any of the international financial services anywhere outside Belize, be deemed to be providing such services from within Belize.