Duty of managing agent

(1) Where an IFS practitioner deals with a managing agent, the IFS practitioner and the managing agent shall have a written contractual relationship (hereinafter referred to as the “Service Agreement”) requiring the managing agent to comply with the (a) fulfilling of substantial economic presence required of the IFS practitioner; (b) maintaining of principal corporate records and other records prescribed by regulations; (c) providing assistance in any annual audits of financial statements of the IFS practitioner; (d) ensuring that operations of the IFS practitioner are in compliance with the laws of Belize; (e) meeting the records and record-keeping requirements; (f) facilitating the inspection of records by the IFS practitioner or by any person authorised for inspection purposes; (g) employing senior executive officers who meet the prescribed qualifications to undertake duties on behalf of the managing agent; and (h) any other terms and conditions of service, including remuneration and other consideration, confidentiality, amendment, termination, resignation and indemnification agreed upon by the IFS practitioner and the (2) The managing agent shall be responsible for the requirements specified in this section with respect to substantial economic presence, where the Service Agreement expressly states the responsibility of the managing agent. CAP. 273:01. (3) Where an IFS Practitioner relies on a managing agent to undertake its obligations under the Economic Substance Act, the IFS Practitioner shall maintain ultimate responsibility for fulfilling its obligations with respect to substantial economic presence.