Regulatory Alerts2024-01-01
Securities (Financial Statements) (Amendment) Regulations 2024
The Seychelles Minister of Finance, on the Securities Authority’s recommendation, amended the 2008 Financial Statements Regulations to raise specific capital thresholds and mandate continuous capital retention in licensed or approved bank accounts. The updated provisions adjust monetary requirements from US$50,000 to US$100,000, US$150,000 to US$200,000, and US$100,000 to US$150,000, while introducing a new subregulation requiring minimum issued and paid-up capital to be permanently held in an approved financial institution. Existing licensees must align with these updated financial and capital maintenance obligations within eighteen months of the regulations' commencement.
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