Regulatory Alerts2024-05-07
Added · Updated
Bulletin on the Provision of Nominee Services
The Financial Services Commission of Jamaica has issued this bulletin to clarify compliance requirements for corporate service providers following amendments to the Companies Act that prohibit Jamaican-incorporated entities and those with a local presence from appointing nominee shareholders or directors. Consequently, licensed providers may only offer nominee shareholding services to foreign entities without a Jamaican place of business, and all providers are strictly prohibited from appointing nominee directors. Licensees must immediately review their authorized services, renegotiate impacted client agreements, and update internal policies to align with the revised legal framework.
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