Regulatory Alerts2017-08-24 | 31767Added · Updated
Establishment of Representative Offices by Licensed Domestic Institutions Pursuant to Section 50(4) of the Financial Institutions Act, 2008
The Central Bank of Trinidad and Tobago clarifies notification and fee obligations for licensed financial institutions establishing representative offices under Section 50(4) of the Financial Institutions Act, 2008. Institutions must notify the Central Bank if marketing activities at established places of business exceed five consecutive days, but fees are only required if the office remains open for thirty or more calendar days within a calendar year. If a notified office exceeds the declared duration of less than thirty days, the institution must pay the requisite fee calculated from the initial opening date and may face regulatory sanctions.
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