Regulatory Alerts2021-01-01
International Corporate Service Providers (Amendment) Act, 2021
The President and National Assembly of Seychelles enacted the International Corporate Service Providers (Amendment) Act, 2021 to modernize and streamline the regulatory framework for trust service providers. The legislation replaces "international" terminology with standard trust definitions, exempts private trust companies from full licensing while mandating Financial Services Authority authorization, and imposes specific application fees, annual compliance declarations, and record-keeping obligations. It further restricts private trust companies from offering non-connected services or soliciting the public, defines connected trusts and persons in Schedule 5, and adjusts pro-rata licensing fees for new entrants.
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