Commencement

These Regulations shall come into force on the 1st day of July, 2001. MADE by the International Financial Services Commission this 23rd day of May, 2001. (SYDNEYCAMPBELL) (Chairman) International Financial Services Commission APPROVED by the Minister responsible for International Financial Services this 12th day of June, 2001. (RALPH FONSECA) Minister responsible for International Financial Services FIRST SCHEDULE [Regulation 19] REPORT FORM FOR SUSPICIOUS TRANSACTION Reference of Reporting Institution Reference of Supervisory Authority Date Date of original report* Name of reporting institution Name of reporting officer SUBJECT OF REPORT Surname Forename Date of birth Nationality 1*. Address(es) P.O Box P.O. Box Telephone No. Telephone No. Fax No. Fax No. E-mail E-mail * Delete if applicable 2*. Company name Business address Registered office (if different) Authorised signatory(ies) Name(s) Address(es) Director(s) Name(s) Address(es) Beneficial owner(s) Name(s) Address(es) TYPE OF IDENTIFICATION EVIDENCE HELD Identification document Number Date of issue Place of issue Name of other bank(s) or financial institution(s) involved in transaction† Reason for suspicion: (Please include the name and amount of the transaction(s), the source and determination of funds and any other relevant additional information) † Delete if inapplicable SECOND SCHEDULE [Regulation 28] FIT AND PROPER STANDARD Explanatory Notes I. The “fit and proper” assessment is both an initial test undertaken during consideration of an application for licensing, registration or other authorisation, and a continuing and cumulative test which is applied to the ongoing conduct of an IFS Practitioner’s business, taking account of an IFS Practitioner’s history of compliance with all applicable laws, regulations and guidelines and the nature of its relationship with the Commission. II. In this Schedule, “applicant” means a person or any other entity applying for a licence under the Act or any Regulations made thereunder. Application of fit and proper status. 1. An assessment of “fit and proper” status will be applied to a company and to the key individuals (directors and managers) who are responsible for managing and controlling the company’s business and the assessment will also take account of, among other things, the nature and scope of the business proposed or being done; financial soundness; internal organisation and record keeping and systems of managerial control. Individual assessment 2.–(1) With regard to an individual, the assessment will take account of whether he or she has sufficient skills, knowledge and experience to properly carry out his or her duties and responsibilities specific to the business proposed or being done. (2) The assessment will also take into account a person’s reputation and character and will include such matters as whether he has a criminal record convictions for dishonesty being especially relevant. (3) Regard will also be had to bankruptcy proceedings and any regulatory action taken against an individual or a company, whether in Belize or elsewhere. Onus on individual 3.–(1) The onus will always be on the applicant, individual or IFS Practitioner, as the case may be, to provide satisfactory evidence that he is and continues to be a “fit and proper” person. (2) Evidence merely of a minimum standard will not be sufficient and positive evidence will be required that the company or individual meets a high standard as justified by the positions of trust, in respect of the money or other assets of an investor, that the company and the individual occupy. 4.–(1) The assessment will have regard to the performance of an individual in the exercise of his duties and responsibilities. Assessment of performance. (2) Incompetence or imprudence in the conduct of an institution’s business or conduct that has threatened the interests of existing or future customers, whether by reason of action or failure to act, will reflect adversely on those responsible. 5.–(1) It may be determined that a person does not fulfil the “fit and proper” standard on the basis of several instances of conduct which, taken individually, might not lead to that conclusion. Fulfillment of fit an proper standard. (2) It may also subsequently be determined that an IFS Practitioner or a key employee of an IFS Practitioner does fulfil the “fit and proper” standard on the basis of information that was not available or that was not made available at the time of licensing. 6. The withholding by an applicant or an IFS Practitioner of information which is relevant to the “fit and proper” assessment will certainly have a negative effect on the assessment of the individual or company and it should also be noted that willfully Withholding of information providing false or misleading information when applying for a licence is an offence under the Act. Additional information. 7. In carrying out an assessment, the Commission will not be restricted only to the information which is provided by the applicant but regard will also be had to any matter which might not be directly related to the business of an IFS Practitioner. For example, the Commission will wish to be informed of any legal proceedings which have been or are about to be instigated against an applicant or a key individual. Consideration of key relationships. 8. Account will also be taken of key relationships that an applicant or IFS Practitioner has or proposes to establish, such as with banks and auditors. Associations with accountants, lawyers and other finance companies who are themselves acknowledged to be of experience and in good standing by others in the marketplace or subject to prudent regulation and supervision in other jurisdictions will provide comfort. Conversely, an association with a company that has been carrying on its business in contravention of the laws of any country or jurisdiction (such as an unlicensed bank or investment adviser) could adversely affect the assessment of the “fit and proper” status of its business associates. Key elements of the “fit and proper” assessment 9. The four key elements that are relevant to the “fit and proper” assessment are (1) Integrity (a) Integrity involves the proper discharge of the responsibilities which come from being in a position of trust with regard to the investments and savings of others. (b) Integrity concerns a company’s managers and employees behaving honourably towards customers, creditors, other companies in the market and regulatory bodies, whether in Belize or elsewhere. (c) Integrity embraces behaviour which has an impact upon the community and the jurisdiction at large (e.g., avoiding the knowing assistance of money laundering) and is reflected by the general ethos and corporate culture of an applicant or IFS Practitioner. (d) It involves dealing openly and honestly with the Commission and informing the Commission of anything which is relevant to the Commission’s duties. (e) Conversely, a desire to cover up deficiencies in the conduct of business would indicate a lack of integrity and such action may also indicate a lack of knowledge and would have a bearing on the assessment of competence. (2) Financial Stability, Solvency and Financial Control (a) This test seeks to ensure a degree of stability in respect of the financial affairs of the IFS Practitioner by requiring the maintenance of solvency and prudent financial control. (b) It involves the proper organisation and control of a company’s financial position and requires clear and robust financial recording and reporting systems and effective managerial oversight. (c) Solvency involves ensuring that IFS Practitioners are able to meet their liabilities when they fall due and it is also about maintaining adequate cover to enable IFS Practitioners to survive periods of market weakness or slack trading conditions. (d) Financial stability also concerns the proper control of the financial risks involved in an IFS Practitioner’s business. (e) Financial control requires that proper care and control is taken to protect customers’ money and assets. (3) Skill, Competence and Managerial Control (a) This test seeks to ensure that an IFS Practitioner and his employees act to the highest standards of market practice and act in a way that upholds the best interests of investors and the reputation of Belize. (b) It involves the demonstration of a soundly and prudently run business, one which is adequately resourced and well-organised and one which maintains adequate records and well-defined and documented operating and compliance procedures. (c) It also involves (i) directors, managers and employees having adequate knowledge of and control over the business being done; (ii) managers ensuring that the business is operated in an efficient and reliable manner; (iii) managers and senior executives ensuring that the affairs of IFS Practitioners are properly organised; and, (iv) managers ensuring that employees are not required to perform duties or assume responsibilities that are unreasonable with regard to their skills and experience. (d) It requires an IFS Practitioner to establish clear internal managerial reporting lines, especially for compliance matters, and to ensure that his business is operated in full compliance with all statutory rules and regulations in force in Belize and any rules and regulations which may apply in any other country where the IFS Practitioner is doing business. (e) It requires an IFS Practitioner to demonstrate that his managers and employees have knowledge relevant to the business proposed or being done. Recognised professional qualifications and membership of professional institutions will be particularly relevant. Operational staff should be adequately trained and acquainted with the nature and risks of the financial instruments and the products with which they deal. (f) It includes the provision of or participation in structured training programmes which are designed to ensure that relevant skills and knowledge are transferred within the business of the IFS Practitioner and the community. (4) Track Record and Viability– (a) This test seeks to ensure that an applicant and the individuals involved have sound and proven experience in carrying on the business for which they are seeking a licence. (b) It seeks to ensure that an IFS Practitioner’s business plans are viable and realistic and that he will have a good probability of continuance in the future. (c) It seeks to ensure that an applicant or IFS Practitioner has soundly-based and legitimate reasons for wishing to do such business in Belize. (d) It requires an applicant to establish a considered business plan, which takes account of his company’s projected financial position, its profitability and its resource requirements. Maintenance of the “fit and proper”. 10.–(1) Every applicant shall be considered on his own merits and both the company and the key individuals involved will be judged against the principles and standards as set out in these Regulations. (2) All IFS Practitioners shall be subject to a continuous ongoing assessment against the benchmark principles and standards set out in these Regulations. THIRD SCHEDULE [Regulation 33] DISCIPLINARY PROCEEDINGS Application to Commission. 1. An application to the Commission requiring an IFS Practitioner to answer any allegations contained in an affidavit shall be in writing under the hand of the applicant and shall be sent to the Director General of the Commission (“Director General”) together with an affidavit by the applicant stating the matters of fact on which he relies; in support of his application. Requirement of additional information and dismissal of application. 2. Before fixing a date for hearing of the application, the Commission may require the applicant to supply such further information and documents information and relating to the allegations as it thinks fit, and in any case where in the opinion of the Commission, no prima facie case is shown, the Commission may, without requiring the IFS Practitioner to answer the allegations, dismiss the application and notify the applicant and the IFS Practitioner of the dismissal. Notice of hearing. 3. In any case in which, in the opinion of the Commission, a prima facie case is shown, the Commission shall fix a date of hearing, which shall not be more than ninety days of the receipt of the application by the Director General, and the Director General shall serve notice thereof on the applicant and on the IFS Practitioner, and shall also serve on the IFS Practitioner personally a copy of the application and affidavit together with additional information and documents, if any, supplied by the applicant and the notice shall not be less than a twenty-one days’ notice. Requirements of notice 4. The notice shall require the applicant and the IFS Practitioner respectively to furnish to the Director General and to each other a list of all documents on which they respectively propose to rely, and such list shall, unless otherwise ordered by the Commission, be furnished by the applicant and by the IFS Practitioner respectively, at least fourteen days before the date of hearing. Inspection of documents. 5. Either party to the hearing may inspect the documents included in the list furnished by the other, and a copy of any document mentioned in the list of either party shall, on the application of the party requiring it, be furnished to that party by the other within three days after the receipt of the application. Determination of application absence of party thereto. 6. If either or both parties fail to appear the Commission may, upon proof of service of the notice of hearing, proceed to hear and determine the application in his or their absence. Evidence of affidavit. 7. The Commission may, in its discretion, either as to the whole case or as to any particular facts, proceed and act upon evidence given by affidavit Provided that any party to the proceedings may require a deponent to any such affidavit to be summoned to appear before the Commission, unless the Commission is satisfied that the affidavit is purely formal and that the requirement of the appearance of the deponent is made frivolously. Hearing of application and commissions decisions. 8.–(1) The Commission shall hear all applications in private. (2) The Commission may of its own motion, or upon the application of either party, adjourn the hearing upon such terms as to the Commission may appear just. (3) Within ninety days of the conclusion of the hearing, the Commission shall give its decision on the complaint. Service of notice, etc.. 9. The service of any notice or other document required hereunder may be effected by registered letter addressed to the last known place of abode or business of the person to be served, and proof that such letter was so addressed and posted shall be proof of service, and any notice or document required to be given or signed by the Director General may be given or signed by him or by any person duly authorized by the Commission in that behalf. Extension of time 10. Notwithstanding anything to the contrary, the Commission may extend or abridge the time for doing anything under these Regulations. Custody of documents. 11. Custody of all affidavits and other documents filed in connection with an application under these Regulations shall be retained by the Director General until the same are forwarded to the Commission. Privileges and immunities. 12.–(1) IFS Practitioners and witnesses shall have the same privileges and immunities in relation to hearings on applications under these Regulations as in any court of law. (2) A party to an application is entitled to be represented by an attorney. 13.–(1) Where the Commission finds, that an IFS Practitioner has committed a breach of any of these Regulations, the Commission may impose any one or more of the following punishments Power of Commission to punish for breach of Regulations. (a) severe reprimand; (b) suspend the licence of the IFS Practitioner for a period not exceeding six months; (c) revoke such licence; (d) impose a fine not exceeding five thousand dollars. (1A) Notwithstanding subparagraph (1), the Commission may impose the following punishments for the specified professional misconduct63 of 2018. (a) a fine of one thousand dollars for failure to keep Registers pursuant to regulation 7A(1); (b) a fine of one thousand dollars for failure to notify the Director General of any non- compliance with a requirement pursuant to regulation 8(3)(c); (c) a fine of one thousand dollars for failure to obtain a declaration of beneficial owners pursuant to the Trust and Company Service Providers (Best Practices) Regulations; 37 of 2007. (d) a daily administrative penalty of fifty dollars per day or part of a day for each day the registered agent fails to comply with any requirement under the Act. (2) The sanctions mentioned above shall be without prejudice to the penalties that may be imposed by any other law where the conduct involved is also a criminal offence. CHAPTER 272 INTERNATIONAL FINANCIAL SERVICES COMMISSION (CAPITAL REQUIREMENT) REGULATIONS ARRANGEMENT OF REGULATIONS PART I Preliminary 1. Short title. 2. Interpretation. 3. Application. PART II General Capital Requirement 4. Deposit of capital. 5. Excluded countries. 6. Acceptable rating and Capital. 7. Licensee of a group of companies. PART III General 8. Obligation of license. 9. Savings. SCHEDULE CHAPTER 272 No. 2 of 2020. Ch. 272. R.E. 2020. INTERNATIONAL FINANCIAL SERVICES COMMISSION (CAPITAL REQUIREMENT) REGULATIONS (Gazetted 4th January, 2020.) PART I Preliminary 1. These Regulations may be cited as the Short title. INTERNATIONAL FINANCIAL SERVICES COMMISSION (CAPITAL REQUIREMENT) REGULATIONS. Interpretation. 2. In these Regulations“capital requirement” means the requirement in respect of capital which must be met by a person licensed by the Commission; “dollar” or “$” means dollar in the currency of the United States of America; “licence” means the licence issued by the Commission to an IFS Practitioner or to a managing agent; “licensee” means a person to whom a licence is granted under the Act. Application. 3. These Regulations shall apply to an IFS practitioner and a managing agent. PART II General Capital Requirement Deposit of capital. 4.–(1) Prior to the issuance by the Commission of a licence, the applicant company shall satisfy the Commission that it has fully paid-up and unimpaired capital in the amounts set out in the Schedule in respect of the service or activity for which the licence is being applied, and that such capital has been deposited in accordance with these Regulations. (2) The applicant for a licence under these Regulations may deposit its capital in a Bank or other licensed financial institution that is located in a Zone A country. (3) The Commission in satisfying itself that an applicant has fully paid-up and unimpaired capital may consider the acceptance of an undertaking, in writing in the English language, from a bank or other licensed financial institution that funds equivalent to the amount set out in the Schedule has been attributed or pledged as capital which shall not be removed, reduced or encumbered unless authorised, in writing, by the Commission. (4) For the purposes of subregulation (1), a Zone A country means– (a) Belize; (b) any other country that is a full member of the Organisation for Economic Cooperation and Development; (c) any other country that has concluded special lending arrangements with the International Monetary Fund associated with the general arrangements to borrow; or (d) any other country, which the Commission determines to be acceptable for the purposes of a bank or financial institution in that other country qualified to hold the capital deposit of a company intending to or bas been carrying on, transacting or providing international financial services. 5.–(1) A bank or financial institution in a country that falls under any one or more of the following criteria shall not qualify to hold the capital deposit of a company licensed pursuant to these RegulationsExcluded countries. (a) any country falling within regulation 4(4) (b) or (c) which reschedules its external sovereign debt is precluded from Zone A for a period of five years commencing on the date of its rescheduling; (b) a country whose credit rating for its long-term liabilities in foreign currency is lower than its investment grade credit rating; (c) a country that has no credit rating of long-term liabilities and whose yield to maturity and remaining duration is not comparable with those of its long-term liabilities with an investment grade credit rating; (2) For the purposes of subregulation (1)“investment grade credit rating” means a rating that falls within the range of an investment grade credit rating as defined by a credit rating agencies, namely, Moody's Investors Service, Standard and Poor's, Fitch Ratings, or any other appropriate credit rating agency. 6.–(1) The quality of investment grade credit rating that may be acceptable by the Commission shall be in accordance with the following Acceptable rating and capital. (a) in respect of a high credit quality– (i) Aaa or AAA; (i) Aaa1 or AA+; (iii) Aa2 or AA; (iv) Aa3 or AA-; or (v) Al or A+. (b) in respect of a medium credit quality– (i) A2 or A; (ii) A3 or A-; (iii) Baal or BBB+; (iv) Baa2 or BBB; or (v) Baa3 or BBB. (c) in respect of any other investment grade credit rating, an equivalent high or medium credit quality. (2) The Commission may– (a) accept the capital held in cash or cash equivalents that is a marketable security with the acceptable investment grade credit rating and maturity of less than ninety days; (b) determine by policy the manner by which capital may be retained by the applicant in respect of any category of licence. Licensee of a group of companies. 7.–(1) If the licensee or person to whom a licence is to be granted, is a part of a group of companies, such licensee or person may request the Commission to accept a parent company guarantee from the parent company of the group of companies on behalf of a subsidiary for which a licence is granted or is to be granted. (2) The Commission may grant an approval under subregulation (1) if the following conditions are met– (a) that the parent entity must be– (i) a legal entity established under the laws of Belize or listed on recognized stock exchange acceptable to the Commission; (ii) in existence and continuously operating for at least 3 years from the date of request for the approval; and (iii) able to show audited accounts available for the immediately preceding three years. (b) that the parent entity is a majority shareholder of the licensee; (c) that the parent company guarantee– (i) is issued under a resolution of the Board of Directors of the parent entity; (ii) is legally enforceable in Belize; (iii) reinforces that the parent entity will prevent the licensee's capital from becoming deficient as a result of experiencing a loss on such an exposure (as confirmed by a legal opinion addressed to the licensee); and (iv) is explicit, unconditional, irrevocable and direct agreement; (d) that the parent entity will remedy any breach, fulfill any obligations, or cover any losses incurred by the licensee and if necessary, will assume the full amount of the capital exposure; (e) that the parent entity must be, in the opinion of the Commission, a continuing source of financial strength for the licensee and can at any time assume the exposure itself without putting itself at risk of insolvency; and (f) that the exposure, of the capital requirement, covered by a parent company guarantee should not exceed 25% of the parent's equity. PART III General Obligation of licensee. 8. A licensee, in respect of a Zone A country in which the bank or financial institution holding its capital pursuant to regulation 4 is located, shall– (a) on at least an annual basis, conduct its own assessment of risk of credit worthiness of that country; and (b) provide to the Commission, as soon as possible thereafter, a report on the results of the assessment conducted. Savings. 9.–(1) A licensee existing prior to the date of commencement of these Regulations that has met the capital requirement pursuant to the provisions of the International Financial Services Commission (Licensing) Regulations, which was revoked by Statutory Instrument No. 1 of 2020 may continue to hold its capital established under those provisions, and such capital shall be deemed to have been established under these Regulations. (2) The licensee existing prior to the date of commencement of these Regulations shall ensure that it is in compliance with any provision of these Regulations within one month of the date of commencement of these Regulations. BELIZE: [Reg. 4(1) & (3)] SCHEDULE CAPITAL REQUIREMENTS Service or activity for which the licence is being applied Paid up and unimpaired capital required US$ 1. Formation or management of international business companies or other offshore companies…………………………………………….. …….…..10,000.00 2. Trust formation and management of offshore trusts and provision of trustee services………........................ …………15,000.00 3. International asset protection and management…………………………………………... …………25,000.00 4. Money transmission services…………………………. …………75,000.00 5. Payment processing services…………………............. …………75,000.00 6. Trading in foreign exchange………………….............. ……..…500,000.00 7. 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.)……...………….. ……...…500,000.00 8. Money brokering……………………………………… ………….75,000.00 9. Money lending and pawning……………………...…... ………….75,000.00 10. Money exchange………………………………...……. ………….75,000.00 11. Safe custody services……………………………...….. ………….50,000.00 12. Accounting services………………………………...… ……….…25,000.00 13. Brokerage, consultancy or advisory services in any of the above category of services………………………... ………….50,000.00 14. Managing services in any of the above category of services………………………………………………... ………….50,000.00 Provided that, with the exception of items nos. 6 and 7 above, where more than one licence is to be granted, the capital required may be the higher value of the paid up and unimpaired capital required for the licences. MADE by the International Financial Services Commission this 30th day of December, 2019. JOSEPH WAIGHT Chairman International Financial Services Commission APPROVED by the Minister responsible for International Financial Services his 30th day of December, 2019. (RT. HON. DEAN O. BARROW) Minister responsible for International Financial Services CHAPTER 272 INTERNATIONAL FINANCIAL SERVICES COMMISSION (MANAGING AGENTS) REGULATIONS ARRANGEMENT OF REGULATIONS PART I Preliminary 1. Short title. 2. Interpretation. PART II Managing Agent's Licence 3. Application for licence to provide managing services. 4. Eligibility criteria to become a managing agent. 5. Procedure for application (form, information, fee, etc.). 6. Capital requirement. 7. Grant or refusal of licence. 8. Transferability of licence and effect of change of shareholder, beneficial owner, etc. 9. Renewal and non-renewal. 10. Power to amend or vary licence. 11. Procedure to show cause why licence should not be varied, suspended or cancelled. 12. Return of licence in variation, suspension or cancellation. 13. Duty to rectify change of directors. 14. Lost, destroyed or defaced licence. 15. Provisions pending appeal. 16. Duty to prepare, maintain and update record. PART III Appointment, Termination and Resignation of Managing Agent 17. Appointment and application for appointment of managing agent. 18. Approval of appointment. 19. Termination or resignation of managing agent. PART IV Conduct of managing agents and senior executive officers 20. Knowledge of the law. 21. Confidential information. 22. Acting in accordance with IFS Practitioner's instructions. 23. Acting in IFS Practitioner's best interests. 24. Good practice of managing agents and senior executive officers. 25. Limitation on hiring of senior executive officers. PARTV General 26. Procedure for IFS practitioner to complain. 27. Information to be given to person complained against. 28. Disciplinary powers. 29. Cost and expenses. 30. Other fees and late fees. FIRST SCHEDULE SECOND SCHEDULE THIRD SCHEDULE CHAPTER 272 No. 86 of 2020. Ch. 272. R.E. 2020. INTERNATIONAL FINANCIAL SERVICES COMMISSION (MANAGING AGENTS) REGULATIONS (Gazetted 13th June, 2020.) PART I Preliminary Short title. 1. These Regulations may be cited as the INTERNATIONAL FINANCIAL SERVICES COMMISSION (MANAGING AGENTS) REGULATIONS. Interpretation. 2.–In these Regulations, unless the context otherwise requiresS.I. No. 2 of 2020. “capital requirement” means the licensing requirement pursuant to the International Financial Services Commission (Capital Requirement) Regulations; “direction and management” mean the following activities of an IFS Practitioner– (a) the approval of operational policy and guidelines; (b) the approval of key deviations from standard company policy and guidelines; (c) the approval of significant expenditure items; (d) the approval and sign off of key contracts, including outsourcing arrangements; (e) the approval of all major expenditure incurred by the company; “governance and management” include administration and management related activities such as the activities of management and control required of an IFS Practitioner in fulfilment of economic substance that are not direction and management. PART II Managing Agent's Licence 3.–(1)A legal entity that intends to provide, carry on, transact or hold itself out as providing, carrying on, or transacting managing services shall apply to the Director General for a licence in accordance with regulation 5. Application for licence to provide managing services. (2) An application for a licence under these Regulations shall be routed through an [appropriately licensed IFS practitioner,] who shall conduct proper 'due diligence' on the application before forwarding it to the Director General of the Commission. (3) Subregulation (2) may not apply to a legal entity that is in possession of a valid licence issued by the Commission provided that such legal entity shall comply with the administrative procedures established by the Commission for this purpose, which shall not operate as an exemption from any requirement set out in these Regulations. (4) The Commission may exercise its discretion to facilitate the managing services application process in the following instances– (a) if the applicant is a legal entity that is already in possession of a valid licence issued by the Commission; (b) where the legal entity is an IFS Practitioner that is physically present, fully operating in Belize and is not outsourcing its core income generating activities pursuant to the Economic Substance Act; Cap. 273.01. (c) where the applicant is a legal entity that is part of a group of companies, whereby one member of its group is in possession of a valid licence issued by the Commission provided that the Commission has on file, an updated record of appropriate due diligence conducted on the relevant principals of the applicant legal entity. Eligibility criteria to become a managing agent. 4.–(1) Only persons that are legal entities may be eligible for a licence to act as a managing agent. (2) A legal entity that satisfies the Commission that it– (a) is a competent or reputable entity that has an established track record in the proposed activity to be conducted in Belize or in a related field, for at least three years. (b) is tax resident in Belize; (c) has employed or has capacity to employ executive officers who holds the educational qualifications pursuant to subregulation (3); (d) possess the knowledge, experience, technical, operational capacity, and managerial resources to meet the obligations and to act as a managing agent; (e) is financially sound; (f) has access to sufficient funding to enable the entity to operate, if granted a licence; (g) is in all other respects, fit and proper, and upon payment of the applicable annual licence fee, may be eligible to be licensed under these Regulations for managing services. (3) For the purpose of subregulation (2)(c), a person who holds the 'educational qualification' means– (a) a person who has appropriate experience as well as qualifications granted by a tertiary educational institution recognised in Belize and accepted by the Commission in disciplines associated with financial and commercial matters; (b) a person who is knowledgeable of the activities relevant to the industry, and be able to respond to inquiries from the Director General about all aspects of the IFS Practitioner's operations; (c) a person who is qualified, able to perform, and capable of assuming the responsibilities associated with the full governance and management of the IFS Practitioner's business; and (d) a person who has not failed to satisfy any debt adjudged due and payable by the applicant, as a judgement under an order of a court, in Belize or elsewhere, or made any compromise arrangement with the applicant's creditors within the past 10 years. Procedure for application (form, information, fee, etc.). First Schedule. 5. Pursuant to regulation 3, an application for a licence to act as managing agent shall include the following– (a) a completed application which may be in the form set out in the First Schedule as Form C; First Schedule. (b) the biographical affidavit of the principal officers who are reflecting ownership or control structure of the applicant legal entity which may be in the form set out in the First Schedule as Form D; (c) the application fee (which shall be non- refundable) as contained in the Second Schedule; (d) statement of intention in relation to compliance with the capital requirement pursuant to regulation 6; (e) mid-term financial projections (first three years of business); (f) business plan; (g) evidence of educational qualifications of the executive officers to support the type of international financial services of the IFS practitioner for whom it is proposed to act as managing agent; (h) plan of continuing professional development or training; and (i) any other necessary documentation as may be required by the Commission. Capital requirement. S.I. No. 2 of 2020. 6.–(1) A licence shall not be granted under these Regulations unless the applicant satisfies the Commission that it has met the requirements of the International Financial Services Commission (Capital Requirements) Regulations. S.I. No. 2 of 2020. (2) It shall be a condition of every licence granted under these Regulations that the person licensed by the Commission, in respect of the managing services for which the licence has been granted, shall at all times maintain the paid-up and unimpaired capital in the manner and amounts set out in the International Financial Services Commission (Capital Requirements) Regulations. Grant or refusal of licence. First Schedule. Second Schedule. 7.–(1) The Commission may grant a licence to an applicant to act as managing agent in the form specified in the First Schedule as Form E upon production of satisfactory evidence that it has met the capital requirement and payment of the annual licence fee as set out in the Second Schedule. (2) The licence granted under subregulation (1) may contain additional terms, conditions, or limitations as specified in accordance with section 32(3) of the Act. (3) The Commission may refuse to grant a licence to provide managing services on the following grounds– (a) the applicant does not meet the eligibility criteria set out in regulation 4; (b) the applicant is obtaining or attempting to obtain a licence by fraud, misrepresentation, concealment of material facts, or making a false statement to the Commission; (c) the applicant is convicted of an offence if the act for which the applicant was convicted is determined by the Commission to have a direct bearing on whether the person is fit and proper to act as managing agent; (d) the applicant has demonstrated evidence of professional misconduct in the practice as managing agent; or (e) the applicant has violated any standards of practice or the code of ethics established by the Commission. (4) Where the Commission refuses to grant a licence, it shall notify the applicant in writing of such decision along with the reasons for its decision. Transferability of licence and effect of change of shareholder, beneficial owner, etc. 8.–(1)A licence issued by the Commission to an applicant to provide managing services shall not be transferrable. (2) A managing agent which proposes to change its shareholding, member, partner or beneficial ownership shall give prior notice to the Commission who may agree to the issuance of a new licence provided that the circumstances in all other respects that existed when the licence was initially granted have not changed. (3) Where the circumstances that existed when the licence was initially issued have changed, the Commission may request the entity to apply for a new licence. (4) Where prior notice as required under subregulation (2) is not received by the Commission, the licence shall be deemed automatically cancelled on change of ownership. Renewal and non-renewal. 9.–(1) A licence issued for a fixed period may be renewed from time to time in accordance with subregulation (2). (2) An application for renewal may be granted where such application is– (a) made in writing at least thirty days before the expiry of the licence to the Commission; (b) accompanied by the appropriate fee as set out in the Second Schedule, and the Commission is satisfied that the applicant remains fit and proper to hold a licence of the Commission and is otherwise compliant with its regulatory requirements. Second Schedule. Second Schedule. (3) Where an application for renewal is not made in accordance with subregulation (2), the Commission may charge the penalty fee set out in the Second Schedule. (4) The managing agent who does not intend to renew its licence shall inform the IFS practitioner and the Commission at least three months before the expiration of said licence. (5) The Commission shall notify the relevant IFS practitioner of the relevant managing agent's failure to apply for a renewal of licence within the specified period and of its prospective failure to comply with requirements for economic substance. 10. After informing the managing agent of the course of action the Commission has under consideration and giving that person a reasonable opportunity to be heard or to make written representations, the Commission may at any timePower to amend or vary licence. (a) vary the duration of the licence; (b) vary, the terms, conditions or limitations of the licence; or (c) attach conditions to the licence. 11.–(1) The Commission may cancel the licence of a managing agent on the following groundsProcedure to show cause why licence should not be varied, suspended, or cancelled. (a) in relation to any matter that would entitle the Commission to refuse an application for licence pursuant to subregulation (3); (b) that the annual licence fee is due and unpaid; (c) that the managing agent has been convicted of an offence under the Act or an offence in respect of dishonest conduct; (d) that any other senior executive officer of the managing agent has been convicted of an offence under the Act in respect of the licence; (e) that any condition attached to the licence has not been complied with; or (f) that the managing agent had engaged in professional misconduct or any other conduct contrary to Part IV. (2) For the purposes of subregulation (1)(f) professional misconduct includes the following– (a) negligence; (b) failure to make reasonable provision for the safeguarding of property of an IFS practitioner who may be affected by the work for which the managing agent is responsible; (c) failure to correct or report a situation which is required to be corrected or reported; (d) failure to comply with relevant Acts, regulations, standards, terms, and conditions in connection with work being undertaken by or under the responsibility of the managing agent; (e) failure to make prompt, voluntary and complete disclosure of an interest, that might in any way be, or be construed as, prejudicial to the professional judgment of the managing agent in rendering service to the IFS practitioner, or other client, and in particular, the following– (i) conduct or an act relevant to the practice of managing services that, having regard to all the circumstances, would reasonably be regarded as disgraceful, dishonourable or unprofessional; (ii) failure by a managing agent to abide by the terms, conditions or limitations of the managing agent's licence; or (iii) failure to supply documents or information requested by the Commission; (f) failure to comply with regulation 18; and (g) any other conduct so determined by the Commission. (3) If the Commission proposes to cancel the licence of a managing agent, the Commission shall give to the managing agent notice in writing of the proposal and the reasons for the proposal and shall invite the person to show cause why the Commission should not proceed as proposed. (4) A notice to show cause must state that within twenty-one days of service, the person on whom it is served may make representations in writing or otherwise show cause to the Commission concerning the matter and the Commission shall not determine the matter without first considering any submissions or representations received within that period of twenty-one days. (5) If the Commission cancels the licence of a managing agent under this regulation, the Commission shall give to the managing agent notice in writing of the cancellation and a note giving information concerning the right of appeal conferred by section 7(9) of the Act. (6) If the Commission considers the licence should be amended, the Commission shall give the managing agent a written notice (called a show cause notice) that– (a) sets out the proposed amendment; (b) states the reasons for the proposed amendment; and (c) invites the managing agent to show cause within twenty-one days why the licence should not be amended. (7) The Commission may amend the licence if, after considering and having regard to all representations made within twenty-one days, it considers the licence should be amended– (a) in the manner set out in the show cause notice; or (b) in some other manner. (8) If the Commission decides to amend the licence, the Commission shall give the managing agent a written notice stating– (a) how the licence has been amended; and (b) that the holder of the licence may appeal to the Minister under section 7(9) of the Act. (9) Notwithstanding subregulation (6), (7) and (8), the Commission may vary a licence by written notice to the managing agent without proceeding under those subregulation if the licence is varied only– (a) for a formal or clerical reason; (b) in a manner that does not adversely affect the interests of the managing agent; or (c) at the managing agent's request. Return of licence in variation, suspension or cancellation. 12.–(1) The Commission may, by written notice, require the managing agent to return the licence to the Commission within fourteen days to enable the Commission to alter the licence to show any variation to it. (2) The managing agent shall comply with a notice under this regulation unless he has a reasonable excuse. (3) The variation of a licence under regulation 11 does not depend on the alteration of the licence under this regulation. (4) The managing agent shall surrender its licence to the Commission during any period of suspension or cancellation, immediately upon suspension or cancellation but not later than fourteen days of the date of suspension or cancellation, as the case may be. 13.–(1) The managing agent shall not change its director or senior executive officer unless the managing agent has first obtained the prior approval of the Commission. Duty to rectify change of directors. (2) Where the managing agent fails to comply with subregulation (1), it may be subject to the administrative fine of $1,000.00 or other appropriate amount determined in accordance with section 33 of the Act. 14.–(1) Where a licence has been lost or destroyed, the managing agent may make written application to the Director General for the issue of a duplicate licence. Lost, destroyed or defaced licence. (2) Where the Director General is satisfied that– (a) the licence has been lost or destroyed; and (b) no improper use has been made or is being made of the licence, he may, on payment of the fee specified in the Second Schedule, issue a duplicate licence to the managing agent. (3) Where a licence has been defaced, the managing agent shall, on returning the licence to the Director General and on payment of the fee specified in the Second Schedule, issue a duplicate licence to the managing agent. (4) A duplicate licence issued under this regulation shall be stamped as duplicate and shall have the same force and effect as the original licence. Provisions pending appeal. 15.–(1) Every appeal shall be made in writing within twenty- one days after communicating to the applicant, IFS practitioner or managing agent the refusal, variation, revocation or suspension. (2) Upon receiving an appeal, the Minister must appoint one or more delegates to hear any representations made by the appellant and the Commission and, if such delegate think fit, to inspect premises, and to report to the Minister, who must then determine the appeal. (3) In determining an appeal pursuant to section 7(9) of the Act, the Minister may take one or more of the following decisions– (a) dismiss the appeal; (b) require the Commission to issue a licence; (c) quash any variation, revocation, or suspension of a licence or substitute suspension for revocation or substitute suspension for a different period; (d) permit the person to make a new application for a licence notwithstanding that the period specified in section 31 of the Act has not expired, and the Commission shall give effect to the Minister's decision. Duty to prepare, maintain and update record. 16.–(1) The Director General shall compile and maintain a record showing in respect of each licence the following particulars– (a) name and address of managing agent; (b) date of issue of licence; (c) duration of licence; (d) details of executive officers of the managing agent; (e) details of the IFS practitioners for whom that managing agent is performing the functions pursuant to the Economic Substance Act; CAP. 273.01. (f) any other information determined appropriate by the Director General. (2) The record shall be kept in the office of the Commission and must at all reasonable times be available for inspection by any person upon payment of the prescribed fee (if any). (3) The record may be compiled and maintained– (a) in bound or loose-leaf book; or (b) by recording or otherwise storing the particulars pursuant to subregulation (1) by mechanical, electronic, or other means, but so that the particulars will remain accurately stored and will be capable of being reproduced in written form. (4) The Commission may determine what record in respect of the managing agent under subregulation (1) may be published on its website. (5) A certificate issued by the Director General is prima facie evidence of compliance with all requirements of these Regulations in respect of that managing agent or IFS practitioner. PART III Appointment, Termination and Resignation of Managing Agent Appointment and application for appointment of managing agent. CAP. 273.01. 17.–(1) An IFS Practitioner or an international business company may appoint a managing agent to fulfil the requirement for economic substance pursuant to the Economic Substance Act. (2) Subject to subregulation (3), an international business company that is conducting a relevant activity shall comply with these Regulations to the extent applicable. CAP. 262. CAP. 267. (3) If the relevant activity, which the international business company is carrying on is banking activities and that international business company is in possession of a licence issued by the Central Bank of Belize, established by section 4 of the Central Bank Act by virtue of section 5 of the International Banking Act, the Commission shall not approve the appointment of a managing agent for the purpose of fulfilling economic substance unless the Central Bank of Belize provides a written authorisation for that international business company to continue providing banking activities and fulfil economic substance through a managing agent. CAP. 273.01. (4) The Commission shall collaborate with any other regulatory authority in order to ensure consistency in the treatment of an included entity and the application of the Economic Substance Act. (5) Where the IFS practitioner or an international business company intends to appoint a managing agent, that IFS practitioner or an international business company shall apply to the Director General submitting the following– (a) the completed application form which is set out in the First Schedule as Form A; First Schedule. (b) a signed, stamped and notarized statutory declaration in the form which is set out in the First Schedule as Form B from the managing agent declaring its willingness and capability to act as managing agent; First Schedule. (c) the prescribed application fee or change of managing agent fee, (both of which shall be non-refundable) as the case may be, as contained in the Second Schedule; Second Schedule. (d) evidence of the proposed managing agent's ability and capabilities, namely– (i) operations plan of the proposed managing services detailing the proposed senior executive officers that will be assigned for managing services; (ii) knowledge of the types of business activities of the IFS practitioner; (iii) support of the managing agent's eligibility to provide managing services on behalf of the IFS practitioner; and (iv) business plan with at least three years projection. (e) details of the proposed senior executive officers that would be assigned to fulfil governance and management services; (f) copy of a draft Service Level Agreement along with an affidavit certification by an attorney at-law that he has reviewed the draft Service Level Agreement and that it is in compliance with the Act; CAP. 273.01. (g) details of how it proposes to comply with sections 6(3) and 7 of the Economic Substance Act in relation to supervision and control of the managing agent in respect of any core income generating activity it is planning to outsource; and (h) any other necessary documentation or clarification as may be required by the Director General. Third Schedule. (6) The Service Level Agreement pursuant to subregulation (2)(f) may at minimum contain the information set out in the Third Schedule and if any other content is included, it must contain the information set out in section 7A of the Act. Approval of appointment. 18.–(1) An approval pursuant to regulation 17 shall be in writing, and at minimum, shall contain the following (a) name, address, license number and other identification of managing agent; (b) name of the senior executive officers, their respective expertise, and international financial services, the responsibility of which each would be charged; (c) scope, nature and extent of the services to be performed by the managing agent; and (d) terms, conditions and limitations, if applicable, of the approval. (2) Where the Commission grants an approval pursuant to subregulation (1), it shall– (a) record the appointment in the register maintained by it for the purposes under regulation 17; (b) issue a unique approval of appointment number; and (c) determine by administrative order a standard form of approval of appointment to be issued to the IFS Practitioner. 19.–(1) An IFS practitioner may terminate, or a managing agent may resign, respectively in accordance with the terms of the Service Level Agreement. Termination or resignation of managing agent. (2) The IFS practitioner shall notify the Commission of an intention to terminate pursuant to subregulation (1) within fourteen days of the making of a decision to terminate along with the reasons for such termination. (3) Where the managing agent resigns, the managing agent shall, within fourteen days of the making of a decision to resign, notify the Commission of its reasons for resignation. (4) The IFS practitioner shall undertake the process of appointment of a new managing agent within one month of the date of termination or resignation, as the case may be. (5) If within one month of the date of termination or resignation, the IFS practitioner has not yet appointed a new managing agent, the Commission may direct the IFS practitioner to meet economic substance by any other mode and specify the details and timeframe of not more than one month within which the economic substance requirements may be met. PART IV Conduct of managing agents and senior executive officers Knowledge of the law. 20. A managing agent and senior executive officers must have a working knowledge of– (a) the Act and any regulations made under the Act; and (b) any other laws relevant to the functions performed by the managing agent or senior executive officer. Confidential information. 21. A managing agent and senior executive officers shall not at any time use or disclose any confidential information obtained while acting on behalf of an IFS Practitioner, unless authorised by the IFS Practitioner or required by law to do so. Acting in accordance with IFS Practitioner's instructions. 22. A managing agent or senior executive officers shall act in accordance with the lawful instructions of an IFS Practitioner, except if it is contrary to good conduct as a managing agent or senior executive officer. Acting in IFS Practitioner’s best interests. 23.–(1) A managing agent or senior executive officer shall act in an IFS Practitioner's best interests except if it is unlawful, unreasonable, improper or contrary to the instructions of the IFS Practitioner, for whom the managing agent or senior executive officer is acting, to do so. (2) A managing agent or senior executive officer shall at all times act fairly, honestly, in good faith and to the best of the managing agent's or senior executive officer's knowledge and ability in performing the functions of a managing agent or senior executive officer. (3) A managing agent or senior executive officer shall not mislead an end user about an IFS Practitioner's instructions. (4) A managing agent or senior executive officer shall not accept an engagement from, or act for, an IFS Practitioner if it would place the managing agent's interests in conflict with those of the IFS Practitioner. 24.–(1) A managing agent or senior executive officer shall exercise due skill, care and diligence in performing the functions of a managing agent or senior executive officer (as the case requires). Good practice of managing agents and senior executive officers. (2) A managing agent or senior executive officer must make all reasonable enquiries to ascertain the information relevant to a service or transaction relating to the managing agency practice to be provided or performed by the managing agent. 25.–(1) The managing agent shall not employ additional senior executive officers to perform governance and management services in respect of an IFS Practitioner unless the managing agent has obtained the prior approval of the Commission. Limitation on hiring of senior executive officers. (2) The Commission shall have regard to the purpose and intention of section 32(2)(c) of the Act when considering a request made pursuant to subregulation (1). (3) Where the managing agent fails to comply with subregulation (1), it may be subject to the administrative fine of $1,000.00 or other appropriate amount determined in accordance with section 33 of the Act. PART V General Procedure for IFS Practitioner to complain. 26.–(1) An IFS Practitioner may lodge a written complaint with the Commission if the IFS Practitioner has reason to believe that a managing agent– (a) has acted in an incompetent, negligent, or improper manner in performing any duty under these Regulations or in carrying out managing services; or (b) has been convicted of an offence under this Act or any offence that renders it not fit and proper to act as managing agent; or (c) is incompetent or unfit to act as managing agent; or (d) has obtained its licence by fraud or misrepresentation. (2) A complaint shall specify the reason for the belief on which the complaint is based. (3) On receiving a complaint, the Commission shall meet promptly and decide whether to hold an inquiry. Information to be given to person complained against. 27.–(1) After considering a complaint under regulation 26, the Commission may hold an inquiry into that complaint if it considers an inquiry is desirable and justified. (2) The Commission shall– (a) give the managing agent at least twenty-one days written notice of the time and place of the inquiry; and (b) give the managing agent at least ten days before the inquiry a written summary of what is alleged against the managing agent; and (c) give the managing agent a reasonable opportunity to be heard or make written representations. (3) The Commission may conduct an inquiry in whatever manner it considers appropriate and equitable and is not bound by the rules of evidence. 28.–(1) Where the Commission finds that a managing agent has committed a breach of any of these Regulations, the Commission may impose any one or more of the following punishmentsDisciplinary powers. (a) severe reprimand; (b) orders; (c) directives; (d) suspension of the licence of the managing agent for a period not exceeding six months; (e) revocation of the licence; (f) impose a fine not exceeding ten thousand dollars. (2) The sanctions mentioned above shall be without prejudice to the penalties that may be imposed by any other law where the conduct involved is also a criminal offence. (3) The punishments imposed by subregulation (1) may be published by the Commission on its website or in the Gazette, as soon as practicable after its issuance. 29. The Commission may make an order of costs in favour of the managing agent or the IFS Practitioner and such an order may be registered in a court of competent jurisdiction as a judgement debt. Other fees and late fees. 30.–(1) The Commission may charge the other fees for relevant authorisations and services required by the managing agent under these Regulations or by any terms or conditions of its licence, which are specified in the Second Schedule and the other fees shall become payable upon approval of the Commission of the requested authorisation or services. (2) A late penalty fee, as set out in the Second Schedule may be charged for any services or approvals that are required to be obtained within a specified timeframe. FIRST SCHEDULE [Regulation 17(5)(a)] International Financial Services Commission Act, Chapter 272 of the Substantive Laws of Belize R.E. 2020 FORM A Application Form for Approval of Appointment/ Change of Managing Agent NAME OF THE IFS PRACTITIONER For Official Use Only Date of Receipt Received by Comment NOTES: 1. Complete all sections as fully as possible and attach supplementary sheets, where appropriate. 2. Completed application form and supporting documentation, together with the appropriate application fee, should be submitted to: THE DIRECTOR-GENERAL International Financial Services Commission The Gian C. Gandhi Building P.O. Box 455 6130 Iguana Avenue, Mountain View Area, City of Belmopan, Belize, C. A. Telephone: 501-822-3800, 501-822 2974 E-mail: [email protected] Appointment Managing Agent Change of Managing Agent Current managing agent: Date of proposed appointment: Date of proposed change of Managing Agent: Reasons for change of managing agent: A Contact Details (Provide where applicable) APPLICANT OTHER CONTACT (or person completing form) Name Principal business address Residential Address Registered Office Telephone Fax Email Address Occupation Nationality Passport Number B Proposed Managing Agent’s details: Name Address Licence No. Contact Number Email Address C Proposed International Financial Services Activity (List as appropriate) D Proposed relevant activity for other IBC (if applicable): E Type/Scope of services required of Managing Agent: F Proposed terms of Service Level Agreement (Or attach draft Service Level Agreement) G Proposed Executive Officer’s details: EXECUTIVE OFFICER Name Address Education Qualifications Experience EXECUTIVE OFFICER Name Address Education Qualifications Experience EXECUTIVE OFFICER Name Address Education Qualifications Experience H DECLARATION I/We declare that: • The information supplied in this application is correct • I/We have read and understood the requirements for economic substance • I/We undertake to immediately inform the Commission of changes (Signature of Declarant) DATE: [Regulation 17(5)(b)] International Financial Services Commission Act, Chapter 272 of the Substantive Laws of Belize R.E. 2020 FORM B Declaration of Managing Agent’s Willingness and Capability to Perform Managing Services For: Name: Licence number: Principal business address: Declaration of proposed managing agent: I, ___________________________ of _____________________________ Confirm that: 1. I am willing to act as managing agent of _________________ (‘the IFS Practitioner’ or ‘the international business company’. 2. I will observe at all times the requirements of the Service Level Agreement with the IFS Practitioner or the international business company. 3. I am aware of the IFS Practitioner’s objects, business and will use my best endeavours to ensure the IFS Practitioner or ‘the international business company’ pursues those objects, business and operates in accordance with the Act and Regulations, 4. I am not disqualified from acting as a managing agent by reason of: a. conviction for any offence of dishonesty or deception b. bankruptcy or personal insolvency or the making of any arrangement or composition with creditors c. disqualification by order of the Commission or any other court or lawful authority d. disqualification or barred from acting as a managing agent e. disqualification as a company director f. any other proceedings, order or rule of law 5. I do not have any financial or other personal interests which conflict with the IFS Practitioner or the international business company’s interests or objects (either in person or by reason of my family, business interests or otherwise) and I will notify the IFS Practitioner or the international business company should any such conflicting interests arise in the future. 6. I have read and understood the IFS Practitioner or the international business company’s _________________________________________________ [e.g. Manuals and safeguards guidance, etc.]. 7. I have the capabilities to undertake the services required of the IFS Practitioner or the international business company. 8. I agree for all eligibility tests to be carried out as the law requires. I declare that the information I have provided is true, complete and correct. I understand that it is an offence under section [29 of the Act] to give false, untrue statement or misleading information. I further confirm that I will comply with my responsibilities as a managing agent as set out in the Service Legal Agreement and all duties and obligations as set out in the Laws of Belize. Name: ……………………………………. Signed: ……………………………………. Date: ……………………………………. Personally appeared before me the above-named Personally known to me, being duly sworn, deposes and says that he executes the above instrument and that the statements and answers contained therein are true and correct to the best of his knowledge and belief. Subscribed and sworn to before me this ______ day of ________________ 20______. (Notary Public or Justice of the Peace for document executed in Belize) (Seal) My Commission Expires FORM C [Regulation 5(a)] International Financial Services Commission Act, Chapter 272 of the Substantive Laws of Belize R.E. 2020 Application Form for Licence to conduct Managing Services NAME OF APPLICANT For Official Use Only Date of Receipt Received by Comment NOTES: 1. Complete all sections as fully as possible and attach supplementary sheets, where appropriate. 2. Completed application form and supporting documentation, together with the appropriate application fee, should be submitted to: THE DIRECTOR-GENERAL International Financial Services Commission The Gian C. Gandhi Building P.O. Box 455 6130 Iguana Avenue, Mountain View Area, City of Belmopan, Belize, C. A. Telephone: 501-822-3800, 501-822 2974 E-mail: [email protected] SECTION 1–INTRODUCTION I wish to apply for a license to provide managing services for the listed international financial services or relevant activities of an international business companies: A Name of appropriately licenced IFS Practitioner or International Business Company: ………………………………………………………………………… B Contact Details (Provide where applicable) APPLICANT OTHER CONTACT (or person completing the form) Name Principal business address Residential Address Registered Office Telephone Fax Email Address Occupation Nationality Website Former trading or corporate names by proposed company used in the past ten years, if any. SECTION 2–ENTITY INFORMATION C State and attach certificate of incorporation together with corporate documents, and produce evidence of place of incorporation and registered office and address of the principal office or equivalent documentation. D Names of directors, shareholders, beneficial owners, officers of applicant company. (See Form D for biographical affidavit form to be completed for each) Director 1 Director 2 Name Residential Address Telephone Fax Email Address Shareholder 1 Shareholder 2 Name Residential Address Telephone Fax Email Address Percentage of shares Beneficial Owner 1 Beneficial Owner 2 Name Residential Address Telephone Fax Email Address Other Officer 1 Other Officer 2 Name Residential Address Telephone Fax Email Address E Authorised Share Capital F Paid up capital (show separately) G Capital Requirement (show separately) H If applicant is a partnership firm, state and produce evidence of where established and address of principal office. SECTION 3–REPUTATIONAL INFORMATION I Have you ever been convicted in Belize or elsewhere of any of the following offences: namely, theft, embezzlement, larceny, dishonesty, false pretences, mail fraud, or of any offence against any corporate security statutes, insurance laws, offshore banking laws or international financial services laws; or have you been the subject of any disciplinary proceeding by any governmental or state regulatory agency or any professional body? If yes, please give details. J Has any company been so charged allegedly as a result of any action or conduct on your part? If yes, give full details. K During the last ten years, have you ever been refused a professional, occupational or vocational licence by any public or governmental licensing agency or regulatory authority, or has any such licence held by you ever been suspended or revoked? If yes, please give full details. L Have you ever been adjudged a bankrupt, or has any bankruptcy proceedings or any regulatory action ever been taken against you either in Belize or elsewhere? If yes, please give full details. M Trading name, domain name or names which the applicant proposed to use in connection with service/s to be offered. SECTION 4–SOLVENCY N Contingent and Prospective Liability Coverage (Please provide a brief description of how contingent and prospective liabilities will be covered) O Financial Details Capital of Applicant (US$) (Please select as appropriate) Owner Equity Shareholder Equity Loan P Source of Capital Details Amount Q Proposed Employment Size Total Locals Other R Forecasted Cash Flows Annual Revenue Domestic Expenditure US$ US$ SECTION 5–GENERAL INFORMATION N Proposed date of commencement of service/s to be offered O Please state relevant knowledge, experience, technical, operational capacity and managerial resources of the types of business activities for which you are proposing to act as managing agent. P Provide list and attach details of executive officer’s qualifications whom you have employed or intend to employ for the purposes of Regulation 3(2)(c). Q State any other material information which you consider relevant to the assessment of your application. R Amount enclosed US$______________ DECLARATION I hereby declare that to the best of my knowledge the particulars stated herein are accurate. I undertake to inform the Commission without delay of any material change to the information supplied on this form. Name (BLOCK CAPITALS) Signed Date NB 1. It is an offence to give any false or misleading information. 2. All payments should be made payable to the “International Financial Services Commission.” FORM D [Regulation 5(b)] International Financial Services Commission Act, Chapter 272 of the Substantive Laws of Belize R.E. 2020 Biographical Affidavit NOTES: A. This form applies to and should be completed by each director, shareholder, beneficial owner and officer of an applicant company or other equivalent persons in other applicant entities for managing services. B. Complete all sections as fully as possible and attach supplementary sheets where appropriate. C. If answer is “no” or “none” so state. NAME AND ADDRESS OF APPLICANT COMPANY (do not use group names) In connection with the above-named applicant, I hereby make representations and supply information about myself as hereinafter set forth. 1 Affiant's full name (initials not acceptable) 2 a) Have you ever had your name changed? If “Yes" give reason for the change b) Other names used at anytime 3 Affiant's Social Security No./Passport No./National Identification No./ or other similar Identification No. applied to Government Record Systems. (Indicate which identification is given) 4 Date of birth 5 Place of birth 6 Affiant's business address 7 Business telephone no. 8 List your residences for the last ten (10) years starting with your current address (giving Date, Address, City and State): DATE ADDRESS CITY ANDSTATE 9 Education: (Dates, Names, Locations and Degrees) DATE COLLEGE DEGREE AWARDED DATE GRADUATE STUDIES DEGREE AWARDED 10 List memberships in professional societies and associations 11 Present or proposed position with the applicant company 12 List complete employment record (up to and including present jobs, position, directorships, or officerships) for the past twenty (20) years giving: DATE EMPLOYER AND ADDRESS TITLE DATE GRADUATE STUDIES DEGREE AWARDED 13 a) May present employer be contacted. ( ) Yes ( ) No b) May former employers be contacted. ( ) Yes ( ) No 14 c) List names, addresses, phone/fax numbers of two independent referees. 15 Have you ever been in a position which required a fidelity bond? ( ) Yes ( ) No 16 If any claims were made on the bond, give details 17 Have you ever been denied an individual or position schedule, fidelity bond, had a bond cancelled or revoked? ( ) Yes ( ) No 18 If "Yes", give details 19 List any professional, occupational, and vocational licences issued by any public or governmental licensing agency or regulatory authority which you currently hold or have held in the past. (State date licence was issued, issuer of licence, date terminated, reasons for termination) 20 During the last ten (10) years, have you ever been refused a professional, occupational, or vocational licence by any public or governmental licensing agency or regulatory authority or has any such licence held by you ever been suspended or revoked? ( ) Yes ( ) No 21 If "Yes", give details 22 List any companies in which you control (directly or indirectly) or own (legally or beneficially) 10% or more of the outstanding stock (in voting power). 23 If any of the stock is pledged or mortgaged in any way, give details. 24 Will you or members of your immediate family subscribe to or own, beneficially or of record, shares or stock of the applicant company or its affiliates? If yes, give details. ( ) Yes ( ) No. 25 If any of the shares or stock are pledged or mortgaged in any way, give details. 26 Have you ever been adjudged a bankrupt? ( ) Yes ( ) No 27 If “Yes”, please supply particulars. 28 Have you ever been convicted or had a sentence imposed or suspended or had pronouncement of a sentence suspended or pardoned for conviction of or pleaded guilty or nolo contendere to any information or indictment charging any felony, or charging a misdemeanor involving embezzlement, theft, larceny, or mail fraud, or charging a violation or any corporate securities statute or any international financial services statutes, or have you been the subject of any disciplinary proceeding of any governmental or state regulatory agency? ( ) Yes ( ) No 29 If “Yes” give details. 30 Has any company been charged allegedly as a result of any action or conduct on your part? ( ) Yes ( ) No. 31 If “Yes” give details. 32 Have you ever been an officer, trustee, director, investment committee member, key employee, or controlling stockholder of any international financial services entity/entities which, while you occupied any such position or capacity with respect to it, become insolvent or was placed under supervision or in receivership, rehabilitation, liquidation or conservatorship? ( ) Yes ( ) No. 33 If “Yes”, give details including names and dates. 34 Has the certificate of authority or licence to do business of any of the international financial services entity/entities of which you were an Officer or director or key direction and management person ever been suspended or revoked while you occupied such position? ( ) Yes ( ) No. 35 If “Yes” give details. Dated this _________ day of ___________________ 20_______. I hereby certify under penalty of perjury that I am acting on my own behalf, and that the foregoing statements are true and correct to the best of my knowledge and belief. (Signature of Declarant) State of__________________________ Country of ________________________ Personally appeared before me the above-named personally known to me, being duly sworn, deposes and says that he executed the above instrument and that the statements and answers contained therein are true and correct to the best of his knowledge and belief. Subscribed and sworn to before me this ______ day of _____________ 2020. (Notary Public or Justice of the Peace for documents executed in Belize) My Commission expires FORM E [Regulation 7(1)] International Financial Services Commission Act, Chapter 272 of the Substantive Laws of Belize R.E. 2020 Form of Licence to provide managing service SECOND SCHEDULE [Regulations 5(c), 7(1), 9(2) & (3), 14(2) & (3), 17(4)(c) and 30] FEE SCHEDULE FOR MANAGING SERVICES Activity Fee $ Application for Approval of Appointment of managing agent 150.00‡ Application for change of managing agent 250.00* Application for licence to act as managing agent 500.00* Penalty fee for renewal not in accordance with regulation 9 250.00 Application for the commission to furnish a duplicate licence 500.00 Application for extension of the time to submit any regulatory filing or other prescribed information of documentation Application for approval of additional senior executive officer 250.00 Approval of change in director, officer, partner or other equivalent person 250.00 ‡ Nonrefundable Application for the commission to furnish a certificate of good standing 300.00 Application for cancellation of a licence 300.00 Application for change in shareholding, member, partner or beneficial owner of a management 500.00 Inspection of record 100.00 Annual licence fee to act as managing agent 5,000.00 OTHER FEES Approval to change the corporate structure or name under which a management carries on business 300.00 Late penalty fee 5% per month or part of a month Any other certificate of service 100.00 THIRD SCHEDULE CONTENT OF SERVICE LEVEL AGREEMENT [Regulation 17(5)] The Service Level Agreement should be undertaken using a written, legally binding agreement that have been reviewed by the IFS Practitioner's legal counsel. At a minimum, the agreement should address the following issues: i. Scope of the arrangement and services to be provided; ii. Service levels and performance requirements; iii. Audit and monitoring procedures; iv. Business continuity arrangements; v. Default arrangements and termination provisions; vi. Pricing and fee structure; vii. Dispute resolution arrangements; viii. Sub-contracting; ix. Insurance; x. Liability and indemnity; xi. Confidentiality, privacy and security of information; xii. Employment of the agreement number of persons to satisfy adequacy as determined by the Commission; xiii. Any other information which is specified under section 7A of the Act. xiv. A statement certifying that the Service Level Agreement has been approved in accordance with the IFS Practitioner's policies governing outsourced functions, and in the absence of specific policies, a board resolution certifying that the Service Level Agreement has been approved by the board of directors or delegated committee of the board. MADE by the International Financial Services Commission this 9th day of June, 2020. JOSEPH WAIGHT Chairman International Financial Services Commission APPROVED by the Minister responsible for International Financial Services this 9th day of June, 2020. DEAN O. BARROW Minister responsible for International Financial Services CHAPTER 272 INTERNATIONAL MONEY LENDING (SHORT TERM AND UNSECURED SMALL LOANS) REGULATIONS ARRANGEMENT OF REGULATIONS PART I Preliminary 1. Short title. 2. Interpretation. 3. Objectives. 4. Application. 5. Unsecured loans. 6. Loans for household and personal purposes only. PART II General Provisions 7. Lenders to make written disclosure. 8. Lending to non-residents only. 9. Lending decisions to be made in Belize. 10. Belize law as the governing law. 11. Loan agreements to provide for the application of Belize law. 12. Verification of identity of Borrowers. 13. Compliance with Belize law. 14. Lenders to maintain competent management. 15. No loan to minors. 16. Prohibition on advertising as carrying on banking business. PART III Financial Requirements 17. Minimum capital requirements. 18. Lenders to maintain physical presence in Belize. 19. Engagement of Belizeans. PART IV Credit Risk 20. Minimum and maximum loan amount. 21. Due diligence as to credit worthiness of Borrower. 22. Maintenance of loan records. 23. Refinancing of existing loan. 24. Increase of principal amount of loan. PART V Consumer Protection 25. Lenders to submit schedule of fees to the Commission for approval 26. Annual percentage rate and finance charges. 27. Publication and disclosure of Lender’s fees. 28. Delinquency charges. 29. Settlement of disputes. 30. Loan Agreement to contain the required disclosures. 31. Collection practices. 32. Repayment options. 33. Signature and validity of loan agreements. 34. Maintenance of electronic records. 35. Vetting of Lender’s employees, etc. PART VI Consumer Education 36. Credit counseling. 37. Fee for credit counseling. 38. Access to credit/debt counseling. PART VII Data Privacy 39. Confidentiality of personal data. 40. Unauthorized disclosure of personal data prohibited. 41. Borrowers right of access to information. PART VIII Audits and Controls 42. Inspection of books and records of Lenders. 43. On-site audits. 44. Sanction for failure to provide access to records. PART IX License Renewal Fees 45. Renewal of licenses. PART X Miscellaneous 46. Penalty for breach of Regulations. 47. Terms and conditions of the License. 48. The IFSC (Licensing) Regulations not affected. 49. Records and accounts to be kept in English. 50. Commencement. SCHEDULE – FEES CHAPTER 272 76 of 2008. Ch. 272. R.E. 2020. INTERNATIONAL MONEY LENDING (SHORT TERM AND UNSECURED SMALL LOANS) REGULATIONS (Gazetted 26th July, 2008.) PART I Preliminary Short title. 1. These Regulations may be cited as theINTERNATIONAL MONEY LENDING (SHORT TERM AND UNSECURED SMALL LOANS) REGULATIONS. 2.–(1) In these RegulationsInterpretation. “Act” means the International Financial Services Commission Act, as amended by the International Financial Services Commission (Amendment) Act, 2007; CAP. 272 Act No. 8 of 2007. “Borrower” means a consumer, not being a resident of Belize, who has contacted a Lender for the purpose of obtaining a Loan in his individual name; CAP. 272. “Commission” means the International Financial Services Commission established under section 3 of the Act; “day” means a calendar day, unless otherwise specified; “dollar” or “$” means dollar in the currency of the United States of America; “Lender” means a person (whether a natural person or a legal person such as a corporate entity) that has obtained a Belize international money lending license from the Commission under these Regulations for the purpose of regularly extending consumer credit that is subject to a finance charge and to whom the obligation is initially payable on the face of the Loan Agreement; “Loan” means any single unsecured extension of closed-end credit in an amount not exceeding $5,000, or be such other amount as may from time to time be specified by the Commission with the approval of the Minister; “Loan Agreement” means the written terms agreed between the Borrower and the Lender, whether documented on paper or electronically. Objectives. 3. The underlying purposes and policies of these Regulations are– (a) to promote Borrower understanding of the terms of credit transactions and to foster competition among suppliers of credit so that Borrowers may obtain credit at a reasonable cost; (b) to regulate Lenders in a manner that will prohibit unfair practices; and (c) to avoid conflict of laws and provide clarity in the interpretation and enforcement of Loan Agreements. Application. 4. These Regulations shall apply to Lenders who offer and extend closed-end credit to a Borrower in amounts of $5,000 or less per Loan (or such other amount as may from time to time be specified by the Commission with the approval of the Minister), and in connection therewith, charge and collect the interest and other charges permitted by these Regulations. Unsecured Loans. 5. Loans made pursuant to the provisions of these Regulations shall be subject to an initial repayment period of less that one year, and shall not be secured by title to real property, a motor vehicle, tangible personal property, or any other type of collateral other that the Loan Agreement. Loans for household and personal purposes only. 6. Loan made under these Regulations shall be made to consumers for household purposes and personal expenses only (and not for commercial purposes). PART II General Provisions 7. All Lenders making Loans under these Regulations shall provide a prominent written disclosure on their internet site and/or in each Loan Agreement to the effect thatLenders to make written disclosure. (a) the loan is designed as a short-term cash flow solution and not as a solution for long-term financial needs; (b) additional fees may accrue if the Loan is refinanced; and (c) credit counseling assistance may be available upon request for Borrowers experiencing financial difficulties. 8. These Regulations apply to international lending only. No loans shall be offered under these Regulations to any residents of Belize. The Lender must confine his business with non- residents of Belize; Lending to non- residents only. 9. All activities relating to the offering of Loans made under these Regulations to prospective Borrowers shall, as far as practicable, be carried out within Belize, and the decisions Lending decisions to be made in Belize. relating to underwriting and creditworthiness of Borrowers should likewise be made primarily within Belize. Belize law as the governing law. 10. All loans made pursuant to these Regulations shall be subject to Belize law without regard to a Borrower’s country of residence. Belize expressly recognizes the right of a Borrower and Lender to contractually agree to the choice of law that governs their transactions. In the event of a dispute regarding jurisdiction, the applicable law designated in the Loan Agreement shall prevail as the governing law. Loan agreements to provide for the application of Belize Law. 11. Loans made to Borrowers must include a disclosure executed by the Borrower acknowledging that the provisions of Belize law shall apply exclusively to all aspects of the transaction; that the Borrower has received a valuable benefit by virtue of his ability to engage in transactions by means of global commerce; and shall include all other disclosures required by these Regulations. Verification of identity of Borrowers. 12. For purpose of prevention of fraud, money laundering, identity theft, and other illegal activities, the Lender shall use best available business practices to verify the identity of every Borrower. The Lender must request and receive identifying information from a Borrower sufficient to reasonably confirm the identity of such Borrower. The information so obtained shall be maintained and made available for inspection by the Commission or its designates upon request. Compliance with Belize Law. 13. The Lenders shall bear responsibility for ensuring that all aspects of their Loan Agreements and other documents governing transactions with Borrowers are compliant with all applicable Belize laws and regulations. Failures to comply may result in revocation of a Lender’s license, fines, or other sanctions to be assessed in accordance with the regulations established by the Commission. Lenders to maintain competent management. 14.–(1) A lender conducting business under these Regulations shall be required to demonstrate that at lease two of its management-level employees or consultants have adequate experience and knowledge of the short-term personal lending industry. One such employee or consultant shall perform duties equivalent to Director/Manager of Operations and shall have a minimum of four years’ experience in operations and/or processing of Loans as defined in these Regulations; and a second such employee or consultant shall preform duties equivalent to Operator/Director and shall have a minimum of four years’ experience in underwriting and/or credit risk analysis of Loans as defined in these Regulations. (2) Each employee or consultant described in subregulation (1) above must demonstrate such experience to the Commission by providing current credentials in the form of detailed résumés or curricula vitae containing verifiable descriptions of the individual’s business background. (3) Failure by the Lender to maintain such employees or consultants and to provide current credentials of these employees or consultants, updated as necessary to reflect relevant personnel changes, shall subject the Lender to penalties and/or sanctions by the Commission. 15. No loan shall be made under these Regulations to a Borrower under 18 years of age. No Loan to minors. 16. A licensee shall not issue or publish or cause to be issued or published any advertisement, circular or document or any kind whatsoever containing expressions which might reasonably be construed to imply that it carries on banking business. Prohibition on advertising as carrying on banking business. PART III Financial Requirements 17. The Lenders licensed under these Regulations shall maintain fully paid-up and unimpaired capital at a rate established by the Commission, consistent with the International Financial Services Commission (Licensing) Regulations of 2007, in the Minimum capital requirements. S.I. 67 of 2007. amounts specified in the Fourth Schedule thereto. Paid-up capital requirements applicable to Lenders subject to these Regulations will be reviewed semi-annually by the Commission and shall be maintained in one or more US dollar denominated account (s) at a bank or other licensed financial institution located within Belize. No lender shall originate a Loan to any one Borrower which exceeds 15% of the paid-up capital stock and surplus of such Lender. Lenders to maintain physical presence in Belize 18. The Lenders licensed under these Regulations shall be required to maintain a physical location in Belize where all books and records relating to the origination of Loans described in these Regulations are kept, either electronically or in hard copy, and can be made available for inspection by the Commission upon request. The Lender’s Belize location shall be the location at which the required annual audit will be conducted by the Commission or its designate. Engagement of Belizeans. 19. A minimum of 70% of all duties and activities relating to the performance of Lender’s business in originating Loans governed by these Regulations shall take place within Belize and shall be performed by Belizean residents, including loan underwriting, loan processing, generation of loan documents via computer servers located within Belize, and maintenance of signed loan documents within Belize (whether saved on paper or electronically on Belize-based computer server. The Lenders may outsource any aspect of their operations provided that the remaining activities satisfy the Requirements of these Regulations. PART IV Credit Risk Minimum and maximum loan amount. 20. The minimum Loan amount under these Regulations, not including renewal or refinance amounts, shall be $100.00. The maximum Loan amount per Borrower, whether in a single Loan or multiple Loans, shall be $5,000.00. In no event may a Borrower’s combined outstanding principal balance of the Loans exceed 30% of that Borrower’s monthly net income. Due diligence as to credit worthiness of Borrower. 21. The Lenders shall be required to make an independent determination of a Borrower’s creditworthiness using reputable and responsible credit bureaus or proprietary credit models as are considered best practices within the industry prior to the issuance of funds to a Borrower under these Regulations. At a minimum, such credit bureaus shall indicate the type of data used as criteria in determining creditworthiness, the reasons for using that specific data, and how that data was used in the determination of creditworthiness. Maintenance of loan records. 22. The Lenders shall maintain and retain records or other comparable evidence of the action taken by them to reach a decision on a Loan for a period of at least five years. This may include electronic notes made in a loan management system or any other prudent forms of documentation that constitute best available business practices in this industry. 23.–(1) Borrowers may, if otherwise creditworthy, obtain a new Loan to refinance all or a portion of the balance of an existing Loan, and the Lender may charge and collect a refinancing charge in connection with any such refinancing. In no event may a Borrower refinance a single loan more than four (4) times without reducing the principal balance by at least $50.00. Thus, beginning with the sixth consecutive Loan and for each new refinancing Loan thereafter, the outstanding principal balance must be reduced by at least $50.00 until the Loan balance is paid in full. Maintenance of loan records. (2) For the purpose of this regulation, the entire outstanding balance of a Loan shall be deemed to be the total of the unpaid balance and the accrued or unpaid interest and charges on the date or refinancing. (3) Provided that the refinance policy is continued within the original Loan Agreement, a new Loan Agreement shall not be required to be executed in the event of a refinance. Borrowers may elect in the original Loan Agreement to refinance the Loan automatically at the conclusion of the loan term up to four consecutive times, subject to principal reduction requirements as outlined in these Regulations. Prior to invoking an automatic refinance clause, the Lender shall make a minimum of two documented attempts to contact the Borrower by telephone, email, fax, or text message prior to the Loan renewal date. Increase of principal amount of loan. 24. In the event that a Borrower wishes to increase the principal amount of his Loan and receive a new distribution of funds, such a Loan shall be considered a new Loan and shall require a new Loan Agreement subject to all regulations governing an initial Loan. PART V Consumer Protection Lenders to submit schedule of fees to the Commission for approval. 25. At the time of every application for or renewal of a license under these Regulations, each Lender must submit to the Commission for approval a schedule of all fees charged to Borrowers. In the Event that a Lender wishes to vary its fees charges at any other time, a new schedule of fees must be submitted to the Commission for approval prior to the effective date of the new fee (s). Annual percentage rate and finance charges. 26.–(1) The interest rate on Loans under these Regulations shall not exceed an annual percentage rate (APR) of 48% and shall not be compounded. This does not preclude the Lender from levying other finance charges with the approval of the Commission. (2) Subject to subregulation (1) above, the Lender may with the approval of the Commission levy other charges and fees, including but not limited to application fees, processing fees, underwriting fees, filing fees, inactivity fees, maintenance fees, document fees, insufficient fees, and other fees as may be stipulated in the Loan Agreement. Publication and disclosure of Lender’s fees. 27. A Lender’s fees shall be published and disclosed to Borrowers in a clear and conspicuous manner, such as on Lender’s internet site, available for viewing prior to entering into a Loan Agreement, and shall also be restated within the Loan Agreement. Delinquency charges. 28.–(1) Subject to subregulation (2) below, the parties to a Loan Agreement may contract for a delinquency charge on any Loan or payment instalment thereof not paid in full by its scheduled due date, provided that no more than one such delinquency charge may be imposed per single payment due, irrespective of how long it remains delinquent. A delinquency charge may not be collected if the Loan has been refinanced or renewed and a refinance or renewal charge has been paid in full or accrued. A delinquency charge may be collected at the time it accrues or any time thereafter. The Lender may designate the application of payments to fees and /or interest before principal in the text of the Loan Agreement. (2) All delinquency charges levied under these Regulations shall be subject to the prior approval of the Commission. 29. Any and all claims, dispute or controversies which may arise between the Borrower and the Lender shall be resolved by binding individual arbitration, irrespective of the party filing the claim. Such arbitration shall in all cases take place in Belize pursuant to the provisions of the Arbitration Act, and the Lenders shall specify Belize as the applicable arbitration forum on Lender’s internet site and within the language of the Loan Agreement. Class arbitrations, class actions, and/ or any other representative actions shall not be permitted for Loans made under these Regulations. Settlement of disputes. CAP. 125 30.–(1) The Loan Agreement shall contain required disclosures to the Borrower which shall accurately reflect the terms of the legal obligation between the parties, and shall include the APR and other finance charges, depending on the Loan or the facility of credit in each instance. Such disclosures shall also include the Loan Agreement to contain the required disclosures. amount borrowed, total dollar amount of finance charges, total amount due, due date, refinance policy, and data privacy policy. (2) Lenders must disclose the annual percentage rate of interest (“APR”), which may not exceed the previously defined maximum. (3) All relevant fees must be fully disclosed in the Loan Agreement. (4) A Lender may incur transactional costs associated with originating a Loan from parties including but not limited to third-party credit bureaus, verification service entities, and other such entities. The Lender may choose to pass these costs along to the Borrower in aggregate without a requirement to include these fees in the calculation of the APR, provided that the aggregate fees must be fully disclosed in the Loan Agreement. (5) If any information necessary for accurate disclosure is unknown to the Lender at the time the disclosures are prepared (such as a delay between the time of application and funding of the Loan during which time certain underwriting decisions are still being made), the Lender must make disclosures based on the best information reasonably available at the time the disclosure is provided to the Borrower. In the event that the funding date of the Loan occurs more than three working days after the date of the Loan Agreement and disclosure presented therewith, a new Loan Agreement must be presented to the Borrower and executed prior to the funding of the Loan. Collection practices. 31.–(1) In the collection of payments due on Loans made under these Regulations, the Lenders and their collection employees or contractors acting on their behalf shall not use aggressive, threating, or harassing collection efforts, nor any profane, threating, or harassing, or harassing language. (2) The Lender may contact Borrower in person, by mail, telephone, fax, email, text message, instant message, or any other reasonable means, provided that the contact must be made between the hours of 8 AM and 9 PM in Borrower’s local time zone or at such other reasonable times as the Borrowers may agree in writing. (3) If the Borrower sends information to the Lender within 30 days of the first contact showing that no money is owed, no further collection activity shall occur until such time as the Lender can provide proof of the debt. (4) The Lender may contact Borrower’s references only for the purpose of obtaining information about the whereabouts of the Borrower. (5) The Lender may not provide any information to third parties regarding the debt without the Borrower’s written authorization. (6) If the Borrower informs the Lender that contact at the Borrower’s place of employment is prohibited, the Lender must immediately cease that form of contact. (7) The Lender may not attempt more than three unscheduled electronic debits from the Borrower’s designated bank account without specific authorization from the Borrower. 32. Repayment options available to the Borrower shall be disclosed by the Lender in the Loan Agreement. At the conclusion of the Loan term, Borrowers shall have three optionsRepayment options. (1) repayment in full of the Loan; (2) application of a partial principal paydown which shall result in reduced finance fees; or (3) to refinance or renew the principal of the Loan. If renewal or refinance of the Loan is to be offered, the definitions and conditions of any such renewal or refinance shall be fully defined in the Loan Agreement, and no additional documentation shall be required by these Regulations in the event of renewal or refinance other than as required by the Loan Agreement. The Lender shall be responsible for maintaining accurate copies of the Loan Agreement and making such copies available to the Borrower upon request. Signature and validity of loan agreements. 33.–(1) Loan Agreements must be signed by the Borrower in order to be considered valid and enforceable. (2) Loan applications, agreements, disclosures, and other documentation shall be deemed adequate and enforceable, whether entered into on paper or in electronic form, provided that the Borrower must indicate his consent to the use of electronic records by the Lender. A later withdrawal by the Borrower of such consent shall not affect the validity of any record signed or received electronically prior to such withdrawal. (3) An electronic signature shall be defined as any electronic sound, symbol or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record. (4) Electronic signatures of the Borrower on related documents and records, including but not limited to Loan Agreements, shall be valid and enforceable whether or not the Borrower has consented to the receipt or electronic disclosures. Maintenance of electronic records. 34. Electronic records must remain accessible to the Borrower and the Lender as well as the Commission upon request for a period of at least five (5) years. Vetting of Lender’s employees, etc. 35. All of the Lender’s employees, contractors, or other personnel engaged by the Lender who have access to data, accounts, and other information pertaining to applicants and Borrowers under these Regulations must undergo a background check or Police Record check which reveals no prior convictions for criminal behaviour. Information obtained by virtue of background checks or Police Record checks must be maintained on side and made available for review by the Commission during the annual audit or at such other time as the Commission may require. PART VI Consumer Education 36. The Commission may, in its sole discretion, make available credit counselling for all Borrowers upon request. Credit counselling. 37. In the event that credit counselling services are provided by the Commission, each Lender applying for a new license or renewal of an existing license shall pay a Borrower’s education fee of $2,000.00 or such other amount as may be specified by the Commission for the purpose of establishing an ongoing consumer counselling program. Fee for credit counselling. 38. The Commission may establish procedures by which the Borrowers who require debt counselling assistance shall have access thereto, including an internet site with relevant contact and a telephone hotline that Borrowers may call during normal business hours. In the event that such a program is implemented, the Lenders shall be required to disclose the existence of and contact information for such program upon receipt of a request from a Borrower. Access to credit/debt counselling. PART VII Data Privacy Confidentially of personal data. 39. Personal data collected by a Lender may only be used for the specific purposes for which it was collected unless the Borrower affirmatively elects to permit the Lender and/or its affiliates and marketing and marketing partners to share such data. 40. Data must not be disclosed to other parties without the consent of the individual concerned, unless there is an overriding legitimate reason to share the information (for example, the prevention or detection of a crime). It shall be an offense for other parties to obtain this personal data without authorization. Unauthorized disclosure of personal data prohibited. Borrowers’ right of access to information. 41. Borrowers have a right of access to the information held about them, subject to certain exceptions such as those contemplated by Regulation 40 above. Entities holding personal information are required to have adequate security measure in place, including technical measures (such as firewalls) and organizational measures (such as staff training). PART VIII Audits and Controls Inspection of books and records of Lenders. 42. The Commission reserves the right to request access at any time to any and all books and records of the Lender relevant to the origination of Loans governed by these Regulations as the Commission shall deem appropriate and necessary. On-site audits. CAP. 104. 6 of 1998. 43. An on-site audit shall be performed by the Commission or its designates at a time to be determined by the Commission which shall be at or near the time of renewal of an existing license, which audit shall include an analysis of the Lender’s practices and adherence to applicable laws, rules and regulations of Belize, including but not limited to, the Money Laundering and Terrorism (Prevention) Act, Regulations and Guidance Notes made thereunder. Auditors shall have the right to request a tour of any and all locations of the Lender and its Belize-based contractors engaged in activities regulated by these Regulations, and shall be provided complete access to all books and records, whether in paper or electronic form. 44. Failure of the Lender to provide complete access to the auditor, including instructions on how to retrieve and view electronic records as well as the opportunity to meet Belizean employees or contractors in person upon request, shall subject the Lender to sanctions by the Commission. Upon completion of the audit, the Commission shall provide the Lender with a written report of compliance to include areas of concern and any fines or penalties assessed for specific violations. Sanctions for failure to provide access to records. PART IX License Renewal Fees 45. Applications for renewal of a license must be submitted to the Commission on an annual basis, at least one month before the expiry of the licence, along with such renewal fees as are specified in the Schedule to these Regulations as amended from time to time. The amount of the renewal fee shall be determined by the number of loans originated by the Lender in the previous year, in accordance with the scale set out in the Schedule to these Regulations. Renewal of Licenses. Schedule. Schedule. PART X Miscellaneous Penalty for breach of Regulations. 46. Every person who contravenes or fails to comply with these Regulations, or acts in breach of the terms and conditions of his license, commits an offence and shall be liable on summary conviction to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment; and in addition, the license granted to such person may be revoked or suspended by the Commission. Terms and conditions of the License. 47.–(1) Every license granted under these Regulations shall be subject to the terms and conditions set out in these Regulations. (2) The Commission reserves the right to alter the terms and conditions of the license granted under these Regulations. The IFSC (Licensing) Regulations not affected. 67 of 2007. 48. These Regulations are supplemental to the International Financial Services Commission (Licensing) Regulations and do not in any way detract from the application of the said Regulations, unless stated otherwise. Records and accounts to be kept in English. Commencement. 49. All records and accounts required to be kept under these Regulations shall be kept in the English language. 50. These Regulations shall come into force on the 21st day of July, 2008. MADE by the International Financial Services Commission this 17th day of July, 2008. (SYDNEY CAMPBELL) Chairman International Financial Services Commission APPROVED by the Minister responsible for International Financial Services Commission this 18th day of July, 2008. (DEAN O. BARROW) Minister of Finance, Minister Responsible for International Financial Services. SCHEDULE [Regulation 45] FEES For Lenders offering Loans as defined in these Regulations, the following schedule of fess (in U.S. dollars) shall apply: US$ 1. Application fee ……………………………….…….. $ 500.00 2. Initial license issuance fee…………………………... $2,500.00 3. Annual license renewal fee: a. Lenders originating 1-250,000 loan§ in previous year $2,500.00 b. Lenders originating 250,001-500,000 loans……… $5,000.00 c. Lenders originating 500, 001-1,000,000 loans..…… $7,500.00 d. Lenders originating 1,000,001-1,500,000 loans..….. $10, 000.00 e. Lenders originating 1,500,001-2,000,000 loans..….. $12,500.00 f. Lenders originating 2,000,001-2,500,000 loans….. $15,000.00 g. Lenders originating 2,500,001-3,000,000 loans….... $17,500.00 h. Lenders originating 3,000,001-3,500,000 loans….. $20,000.00 i. Lenders originating 3,500,001-more loans………. $22,500.00 § For purposes of this schedule, loan volume shall include both newly originated and refinanced loans. CHAPTER 272 TRUST AND COMPANY SERVICE PROVIDERS (BEST PRACTICES) REGULATIONS ARRANGEMENT OF REGULATIONS PART I Preliminary 1. Short title. 2. Interpretation. 3. Source of Regulations and their importance. 4. Relationship to the International Financial Services Practitioners (Code of Conduct) Regulations. PART II General Duties of Service Providers 5. Integrity and competency. 6. Corporate governance. 7. Customer due diligence. 8. Conduct of client business. 9. Financial soundness. 10. Systems and Procedures. 11. Access to and sharing of key information. 12. Appointment of Auditors. PART III General 13. Sanctions for breach or non-compliance. 14. Liability under Code of Conduct Regulations not affected by S.I. 94 of 2001. 15. Commencement. SCHEDULE CHAPTER 272 37 of 2007. 62 of 2018. Ch. 272. R.E. 2020. TRUST AND COMPANY SERVICE PROVIDERS (BEST PRACTICES) REGULATIONS (Gazetted 7th April, 2007.) PART I Preliminary Short title. 1. These Regulations may be cited at the TRUST AND COMPANY SERVICE PROVIDERS (BEST PRACTICES) REGULATIONS. Interpretation. 2.–(1) In these Regulations, unless the context otherwise requiresCAP. 272. “Commission” means the International Financial Services Commission established under section 3 of the International Financial Services Commission Act; “Service Provider” means a person who carries on a business that involves the provision of company administration services or Trustee or fiduciary services and in the course of doing so, provides one or more of the following– (i) acting as a company or partnership formation agent; (ii) acting as (or arranging for another person to act as) a director or secretary of a company or a partner of a partnership; (iii) providing a registered office; business address or accommodation, correspondence or administrative address for a company, partnership or for any other person; (iv) acting as (or arranging for another person to act as) a trustee of a trust; (v) acting as (or arranging for another person to act as) a nominee shareholder for another person; (vi) arranging the establishment of, providing services in relation to, any legal entities not covered by the foregoing (e.g., a foundation). (2). Words and phrases used in these Regulations but not defined herein shall have the same meaning as those respectively assigned to them in the International Financial Services Commission Act or the International Financial Services Practitioners (Code of Conduct) Regulations. CAP. 272. 94 of 2001. 3. These Regulations are based on the ‘Statement of Best Practice’ prepared by the Trust and Company Service Providers’ Working Group which had been set up by the Offshore Group of Banking Supervisors to make recommendations for minimum standards to be adopted as international standard for minimum standards and implemented on a global basis. Compliance or non-compliance with the said ‘Statement of Best Practice’ will be used by international organization such as the International Monetary Fund, the Financial Action Task Force, or the Caribbean Financial Action Task Force when they are engaged in an assessment of individual jurisdictions in respect of their policy/procedures/practices from a financial regulatory/anti- money laundering standpoint. Source of Regulations and their importance. Relationship to the International Financial Services Practitioners (Code of Conduct) Regulations. 94 of 2001. 4. These Regulations are supplementary to and not in derogation of the International Financial Services Practitioners (Code of Conduct) Regulations which will continue to apply to the Service Providers who also fall within the definition of “IFS Practitioner” as set out in those Regulations. PART II General Duties of Service Providers Integrity and competency. 5.–(1) All Service Provider shall ensure that the individuals holding key positions within their establishment are persons of integrity and have no relevant adverse business, professional or personal history; and for this purpose, the relevant considerations would include– (i) professional or administrative reprimand; (ii) regulatory directions/public statements; (iii) disciplinary findings; (iv) civil fines; (v) criminal convictions; (vi) declaration of bankruptcy; (vii) adverse personal credit rating, and would extend to a person’s involvement as a director or senior manager/officer within a company that has been subject of such considerations. (2) The Service Providers shall ensure that the individuals within their establishment providing the service have relevant and appropriate level of competency/capability; and for this purpose, the relevant considerations would include– (i) professional or other relevant qualifications; (ii) knowledge and/or experience relevant to the business concerned and appropriate to the employment status/role of the individuals concerned. Corporate governance. 6. The Service Providers should be able to demonstrate, if required, that they are in– (i) compliance with recognized general standards of corporate governance in respect of both the business itself and each company, partnership, trust and other legal entity (“the client(s)”); (ii) compliance with national regulations with respect to money laundering and the financing of terrorism; (iii) compliance with all relevant and applicable financial regulatory standards; (iv) compliance with all relevant and applicable domestic statutory requirements/obligations (e.g., companies’ law); (v) compliance with recognized standards in respect of directors/trustees’ responsibilities. 7.–(1) The Service Providers shall adopt necessary measures to ensure that they are engaged in effective customer due diligence – to satisfy the standards set out in the Basel Committee’s Due Diligence Paper, published in October 2001 and includes any improvement or variation of customer due diligence standards Customer due diligence. 62 of 2018. subsequently recommended by the Basel Committee, to the extent that the recommendations in that paper are relevant to non-banks. This should include proper procedures for– (i) customer identification; (ii) verification of identity of customer; (iii) risk profiling of customers (e.g., politically exposed persons); (iv) establishing the source of wealth; (v) establishing source of funds; (vi) ongoing monitoring of a customer’s activities; (vii) adequate documentation to meet KYC requirements. (2) Specific issues in which attention should focus relate to information on the ultimate beneficial owner and/or controller of companies, partnerships and other legal entities, and the settler/protector/beneficiaries of trusts, which should be known to the Service Provider and be adequately documented. (3) The Service Providers may require customers to complete a written declaration of the identity and details of the beneficial owners, although the Service Providers must not rely solely on such declarations. (4) The written declaration pursuant to subregulation (3) may be made in form A or form B, if applicable, as set out in the Schedule to these Regulations. Conduct of client business. 8. The Service Provider should be able to demonstrate that client business in being properly conducted through the– (i) identification and segregation of clients’ assets and liabilities from the assets and liabilities of the Service Provider; (ii) effective handling of clients’ assets covering safe custody and proper management of assets; (iii) maintaining adequate and orderly accounting records of clients’ affairs; (iv) maintaining adequate client documentation (e.g., trust deeds); (v) ensuring that all transactions/decisions entered into, taken by or on behalf of clients are appropriately authorized/handled by persons with an appropriate level of knowledge, experience and status properly to effect such transactions or make the proper decisions according to the nature and status of the transactions/decisions involved; for example– (a) where discretion is exercised for or in relations to clients, all reasonable steps should be taken to obtain sufficient information in order to exercise that discretion or other powers in a proper manner and such discretion should only be exercised for a proper purpose; (b) any actual or perceived conflict of interest should be avoided or appropriately disclosed; and where conflicts arise and cannot be resolved by disclosure and, internal rules of confidentiality, or rules on when or when not to act, the Service Provider should withdraw its services in an orderly manner; (c) all business (including the establishing, transferring of closing of business relationships with its customers) should be transacted in an expeditious manner; (vi) ensuring that, where appropriate, there is a full understanding of the duties arising under the laws relevant to the administration and affairs of clients for which they are responsible. Financial soundness. 9. The service Provider should be able to demonstrate that is financially sound by– (i) maintaining adequate and orderly accounting records of– (a) the business of the Service Provider itself; (b) the affairs of the clients; (ii) maintaining adequate financial resources including– (a) paid up capital; and/or (b) liquid capital; to enable the business to continue as a going concern and for the affairs of each client to be managed properly for an appropriate period in the event of a trading difficulty being experienced; (iii) providing evidence of compliance with any relevant financial regulatory standards; (iv) providing evidence of compliance with international accounting standards; and (v) maintaining adequate professional indemnity insurance cover. 10. The service Provider should be able to demonstrate that the following systems, procedures and controls are adequately addressedSystems and Procedures. (i) effective compliance functions-where appropriate, a skilled and experienced person should be designated as a compliance officer; (ii) effective reporting procedures and effective system to submit timely and accurate information to the appropriate authorities – where appropriate, a skilled and experience person should be designated as an anti-money laundering reporting officer; (iii) an effective complaints handling system maintaining a record of complaints and the actions taken to resolve them; (iv) maintaining at an appropriate location in Belize adequate, orderly and up to date records of all business transactions of the Service Provider and instructions received from clients, including– (a) the accounting records of the business; (b) the accounting records of each client; (c) records of the internal organization and risk management systems; (d) client documentation (e.g., client requirements, customer due diligence requirements); (e) document retention policies appropriate to the business of the Service Provider and in compliance with relevant legal obligations; (v) maintaining manual of appropriate policies and procedures for the operation of the Service Provider’s business and the provision of services to each client; including business acceptance procedures intended to safeguard the business and the clients and their assets and to ensure that all authorized and proper transactions are undertaken; (vi) maintaining an adequate span of control with a sufficient number of appropriately skilled and experience persons able to exercise independent judgement in relation to the running of the Service Provider’s business; (vii) ensuring that those engaged in the business have appropriate relevant experience and qualifications; [Note: Exceptions to (vi) and (vii) above may apply in respect of sole practitioners where, for example, an individual trustee functions is controlled by Court]; (viii) ensuring that continuous professional development requirements are satisfactorily met; and (ix) maintaining effective procedures to ensure that no false or misleading information is provided (including advertisements). 11.–(1) All Service Providers shall ensure thatAccess to and sharing of key information. (i) the information on the ultimate beneficial owner and/or controllers of companies, partnerships and other legal entities, and the trustees, settler, protector/beneficiaries and is properly recorded; (ii) any change of client control/ownership is promptly monitored (e.g., in particular where a Service Provider is administering a corporate vehicle in the form of a “shelf” company or where bearer shares or nominee shareholdings are involved); (iii) there is an adequate, effective and appropriate mechanism in place for the information to be made available to all the relevant authorities (i.e., law enforcement authorities, regulatory bodies, IFSC, FIU’s, etc.) (iv) KYC and transactions information regarding the clients of the Service Provider is maintained in Belize. 62 of 2018. (2) The Commission may require from the Service Provider, any document necessary including the trust instrument or part of trust instrument dealing with information in the written declaration, charter (or equivalent), audited financial statement, or statement certified by a suitable person or class of persons determined by the Commission for it to verify information supplied in the declaration of identity and details of beneficial owners, if at any time, the Commission requires from the Service Provider such written declaration. Appointment of Auditors. 12.–(1) In order to ensure that the interest of the customer/client can be adequately safeguarded when the Service Providers is no longer able to carry on the business for any reason, the Service Providers who handle/manage the funds/assets of clients shall appoint external auditors with relevant experience and appropriate qualifications and track record to carry out a full audit of the Service Provider’s business in accordance with international standards. (2) The external auditors so appointed shall include in his report any breaches of the relevant legislation by the Service Provider or other material concerns. (3) A copy of the external auditor’s report shall be supplied to the Commission within three weeks of the Service Provider’s financial year. PART III General 13. A breach of or non-compliance with any of these Regulations by a Service Providers shall constitute professional misconduct within the meaning of regulation 33 of IFS Practitioners’ (Code of Conduct) Regulations and may be dealt with under those Regulations. Sanctions for breach or non- compliance. 94 of 2001. 14. Nothing contained in these Regulations shall be construed as affecting the liability of a Service Provider under the IFS Practitioners’ (Code of Conduct) Regulations provided that where the conduct in question amounts to professional misconduct under both of these Regulations, the Service Provider will be liable to be proceeded against only under one of them. Liability under Code of Conduct Regulations not affected by S.I. 94 of 2001. 15. These Regulations shall come int force on the 16th April, 2007. Commencement. MADE by the International Financial Services Commission this 28th day of March, 2007. (SYDNEY CAMPBELL) Chairman International Financial Services Commission APPROVED by the Minister responsible for International Financial Service this 2nd day of April, 2007. (SAID W. MUSA) Minister of Finance, Minister responsible for International Financial Services SCHEDULE 62 of 2018. FORM A Declaration of Beneficial Owners** To the Service Provider: I/We the undersigned being the Directors (s) of …………………………., a legal entity incorporated/continued in Belize under the ………………………………………. Act, having incorporation/registration number ……………………... hereby declare that the beneficial owners of the …………………………... are as follows: Particulars of Beneficial Owners (s) Extent of Beneficial Ownership Nature of Beneficial Ownership Full Name: Former Name, if any: Date on which individual became a beneficial owner Residential address: Date of Birth: Occupation Country of Residence: ** Form to be completed for each beneficial owner Trust and Company Service Providers Information relating to Official Identification, namely, Number: Document type: Country of Issue: Dated this …….... day of………………...… of the year 20...…. …………………….……… .…………………………… Director Director (Name and Surname) (Name and Surname) FORM B Declaration of Beneficial Owners NB: This Form must to be completed for each beneficial owner including the settlor, founder, trustee, foundation council, protector, or member who are natural persons. If persons are legal entities, then the natural persons behind the legal entity must submit the information. To the service provider: I/We/ the undersigned being the foundation council/trustee(s) of …………………………………………...., a legal arrangement Established created in Belize on ……………….………. under the …….…………………………………………… Act, having registration number ……………. hereby declare that the beneficial owners of the ……………………………………. are as follows: CATEGORY A Particulars of Founder/Settlor (s) Extent of Asset Address of Asset Date placed in Foundation/ Trust Full Name: Former Name, if any: Residential address: Date of Birth: Nationality: Occupation: Country of Residence: Information relating to Official Identification, namely, Number: Document type: Country of Issue: CATEGORY B Particulars of Nature of Beneficial Ownership Full Name: Former Name, if any: Date on which individual became a Member/Founder: Date of Appointment Nature of Extent of Beneficial Ownership member/ Trustee(s) Duties Residential address Mailing address: Date of Birth Nationality: Occupation: Country of Residence: Information relating to Official Identification, namely, Number: Document type: Country of Issue: Nature of Beneficial Ownership Full Name: Former Name, if any: Date on which individual become a beneficial owner: CATEGORY C Particulars of Date of Appointment Nature of Extent of Beneficial Ownership Protectors(s) Duties Residential address: Date of Birth: Nationality: Occupation: Country of Residence: Information relating to Official Identification, namely, Number: Document type: Country of Issue: CATEGORY D†† Particulars of Beneficiaries(s) Extent of Beneficial Ownership Nature of Beneficial Ownership Benefit received Value of Full Name: Former Name, if any: Date on which individual become a beneficial owner: Residential address: Date of Birth: Nationality: Occupation: †† Category D information block must be completed for every person listed in the Column. Country of Residence: Information relating to Official Identification, namely, Number: Document type: Country of Issue: CATEGORY E Description of Class Potential Beneficiaries Extent of Beneficial Ownership Nature of Beneficial Ownership Identity of persons who of Beneficiaries has received a benefit CATEGORY F Particulars Of Other natural Nature of Beneficial Ownership Full Name: Former Name, if any: Date on which individual become a beneficial owner: Extent of Beneficial Ownership person exercising ultimate effective control (s)‡‡ Residential address: Contact information: Date of Birth: Nationality: ‡‡ Other natural persons include regulated agents and service providers such as investment advisors, managers, lawyers, accountants or tax advisors Occupation: Country of Residence: Information relating to Official Identification, namely: Number: Document type: Country of Issue: ………………………… ……………………… Member/Trustee Member/Trustee (Name and Surname) (Name and Surname) Dated this ………………. Day of …..…….. of the year ….…... MADE by the International Financial Services Commission this 3rd day of October, 2018. (JOSEPH WAIGHT) Chairman International Financial Services Commission APPROVED by the Minister responsible for International Financial Services this 3rd day of October, 2018. (DEAN O. BARROW) Minister responsible for International Financial Services