Regulatory Alerts2019-01-01
Circular No. 3 of 2019 – Complaints
The Financial Services Authority of Seychelles mandates that licensees under the International Corporate Service Providers Act cannot charge specified entities fees agreed with third parties unless those entities were previously informed and consented. This directive applies the principle of privity of contract to ensure that transfer or exit fees are only enforced when explicitly stipulated in a service level agreement or other documented arrangement. Consequently, licensees must not refuse required statutory consent for non-payment of such fees unless a prior agreement exists between the licensee and the specified entity.
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