Regulatory Alerts2020-06-15
Managing Agent Regulations
The Financial Services Commission issued the Managing Agent Regulations, which came into force on 13 June 2020 to allow Licensees and International Business Companies to meet economic substance requirements by outsourcing activities to licensed managing services providers. The Commission is currently preparing Guidance Notes that will detail the application steps for managing services licenses and assist entities in determining their scope and compliance obligations under these regulations. Interested parties are advised to monitor the Commission's website and email channels for the upcoming publication of the Guidance Notes and Form A, while being encouraged to seek professional advice regarding their specific regulatory status in the interim.