Regulatory Alerts2021-01-01
Circular No. 6 of 2021 – Keeping of Records by ITZ Licensees
The Financial Services Authority mandates that International Trade Zone licensees maintain proper and sufficient records under Section 9(1) of the ITZ Act. Compliant documentation must include import and export information, audited financial statements, bills of entry for endorsement, and key employment records such as contracts and termination letters. These specified record-keeping standards will be incorporated into the license conditions for all new and renewed applications moving forward.
Circular No. 6 of 2021 Date: 19 th May, 2021 Keeping of records by ITZ licensees The Financial Services Authority (FSA) would like to draw the attention of its licensees licensed under the International Trade Zone Act, 1995 (ITZ Act) which stipulates the regulatory obligationsthat needs to be adhered by all licensees and in particular, section 9(1) of the Act which provides that the holder of a licence shall keep proper and sufficient records to the satisfication of the Authority. The FSA believes that it is vital to remind licensees of the requirement to keep proper and sufficient records of their operations. As such, the FSA wishes to provide clarity of what it considers to be “proper and sufficient records”, which inlcudes: any information relating to imports/exports, audited financial statements, bill of entry for endorsement, and general employment matters such as employment contracts, termination of employment letters, employee appraisals. Note that the above requirements would form part of license condition for new and renewal of licenses going forward. Financial Services Authority