Approval of Existing Branch, Subsidiary or Representative Offices

GUIDANCE NOTE FSC/1/GN/001 Approval of Existing Branch, Subsidiary, or Representative Office This Guidance Note clarifies the Financial Services Commission’s (the “Commission”) policy with respect to the Guidelines for the Establishment or Acquisition of an Overseas Branch, Subsidiary, or Representative Office (FSC/1/EG/003).

1. Licensees are hereby advised that effective 25th June 2018, the Guidelines for the Establishment or Acquisition of an Overseas Branch, Subsidiary, or Representative Office (FSC/1/EG/003) are applicable to all firms.
2. Where a licensee, save and except a licensee holding a licence for ‘Trading in Securities and Commodity-Based Derivate Instruments and Other Securities’ or a licence for ‘Trading in Foreign Exchange’, established or acquired a branch, subsidiary or representative office prior to 25th June 2018, it must notify the Commission of the existence of the branch, subsidiary or representative office at once but no later than the close of business on 15th August 2018, by completing and submitting the attached report “Existing Branch, Subsidiary, Representative Offices” to email-address, licensingandauthorisations@ifsc.gov.bz.
3. A licensee holding a licence for ‘Trading in Securities and Commodity-Based Derivate Instruments and Other Securities’ or a licence for ‘Trading in Foreign Exchange’, pursuant to the Standard Conditions of these licence categories, have always required the Commission’s prior approval for establishing or acquiring a branch, subsidiary, or representative office. A licensee holding either of these two licences and who have, in contravention of the Standard Conditions, established or acquired a branch, subsidiary, or representative office prior to 25th June 2018 must seek the Commission’s retroactive approval at once but no later than the close of business on 15th August 2018. In seeking the Commission’s retroactive approval, the licensee must provide the reason(s) for not seeking the Commission’s prior approval as required by the Standard Conditions of its licence. The requirements for this approval are set out in FSC/1/EG/003. All licensees are advised to take note. Financial Services Commission 1st August 2018