Miscellaneous Provisions (Global Forum) Act 2024

AN ACT to amend the Prevention of Corruption Act, the Proceeds of Crime Act, the Anti-Terrorism Act, the National Insurance Act, the Financial Intelligence Unit of Trinidad and Tobago Act, the Income Tax Act, the Corporation Tax Act, the Petroleum Taxes Act, the Registration of Business Names Act, the Companies Act, the Tax Information Agreements (United States of America) Act, the Non-Profit Organisations Act, the Tax Information Exchange Agreements Act, the Mutual Administrative Assistance in Tax Matters Act, the Miscellaneous Provisions (Trustees, Exchequer and Audit Act, the Minister of Finance (Incorporation) Act, Proceeds of Crime, Income Tax, Companies, Partnerships, Securities, Tax Information Exchange Agreements, the Non-Profit Organisations and Mutual Administrative Assistance in Tax Matters) Act and the Miscellaneous Provisions (Registrar General, Companies, Registration of Business Names and Non-Profit Organisations) Act, 2024. [ Assented to 27th September, 2024] Fourth Session Twelfth Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 15 of 2024 [L.S.] Legal Supplement Part A to the “Trinidad and Tobago Gazette”, Vol. 63, No. 144, 30th September, 2024

ENACTED by the Parliament of Trinidad and Tobago as follows: 1.This Act may be cited as the Miscellaneous Provisions (Global Forum) Act, 2024. 2. This Act shall come into effect on such date as is set by the President by Proclamation. 3. The Prevention of Corruption Act is amended in section 9 by inserting after subsection (1) the following new subsection: “(1A) Where the application for an order, under subsection (1), is in respect of tax information in the possession of the Board of Inland Revenue relative to tax information received under a Tax Information Exchange Agreement for the exchange of information in relation to taxes, the Judge shall, in making the order, take into consideration whether the provision of the documents or information is permitted under the terms of the Tax Information Exchange Agreement.”. 4. The Proceeds of Crime Act is amended in section 32(6)— (a) in paragraph (c)(ii), by deleting the word “and”; (b) in paragraph (d)(ii), by deleting the word “,” and substituting the word “;”; and (c) by inserting after paragraph (d), the following new paragraph (e): “(e) whether the application under subsection (1) is in respect of tax information in the possession of the Board of Inland Revenue rela￾tive to tax information received under a Tax Information Exchange Agreement for the exchange of information in relation to taxes and Enactment Short title Commencement Chap. 11:11 amended Chap. 11:27 amended 306 No. 15 Miscellaneous Provisions (Global Forum) 2024

the provision of the documents or information is permitted under the terms of the Tax Information Exchange Agreement,”. 5. The Anti-Terrorism Act is amended in section 24(3)(b)— (a) in subparagraph (iii), by deleting the words “ ” and substituting the word “;”; (b) in subparagraph (iv), by deleting the word “.” and substituting the words “; and”; and (c) by inserting after subparagraph (iv), the following new subparagraph— “(v) that where the application under subsection (1) is in respect of tax information in the possession of the Board of Inland Revenue relative to tax information received under a Tax Information Exchange Agreement for the exchange of information in relation to taxes that the provision of the documents or information is permitted under the terms of the Tax Information Exchange Agreement.”. 6. The National Insurance Act is amended in section 32 by inserting after subsection (2), the following new subsection: “(2A) Where the application for a warrant, under subsection (1), is in respect of tax information in the possession of the Board of Inland Revenue relative to tax information received under a Tax Information Exchange Agreement for the exchange of information in relation to taxes the Magistrate shall, in granting the warrant, take into consideration whether the provision of the documents or Chap. 12:07 amended Chap. 32:01 amended No. 15 Miscellaneous Provisions (Global Forum) 2024 307

information is permitted under the terms of the Tax Information Exchange Agreement.”. 7. The Financial Intelligence Unit of Trinidad and Tobago Act is amended in section 16 by inserting after subsection (5), the following new subsection: “(6) Where the application for an order, under subsection (4), is in respect of tax information in the possession of the Board of Inland Revenue relative to tax information received under a Tax Information Exchange Agreement for the exchange of information in relation to taxes the Judge shall, in making the order, take into consideration whether the provision of the documents or information is permitted under the terms of the Tax Information Exchange Agreement.”. 8. The Income Tax is amended— (a) in section 2(1), by inserting after the definition of “company”, the following new definition: ““competent authority”, in relation to a tax information exchange agreement, means in the case of— (a) Trinidad and Tobago, the Minister to whom responsi￾bility for finance is assigned or his authorised represen￾tative; and (b) another State, has the meaning ascribed in the tax information exchange agreement;”; and (b) in section 4— (i) in subsection (8), by deleting the words “tax information sharing agreement” wherever they occur and substituting the words “tax information exchange agreement”; Chap. 72:01 amended Chap. 75:01 amended 308 No. 15 Miscellaneous Provisions (Global Forum) 2024

(ii) by inserting after subsection (8) the following new subsections: “(9) This section shall apply to— (a) the Tax Information Exchange Agreements (United States of America) Act; (b) the Tax Information Exchange Agreements Act; and (c) the Mutual Administrative Assistance in Tax Matters Act. (10) For the purpose of subsection (8), “tax information exchange agreement” means an agreement whereby the Government of Trinidad and Tobago and the Government of another State undertake that those States will, through their competent authorities, provide each other, according to the conditions stipulated in the agreement with any financial and other information and supporting documentation accessible to the competent authority of the State to which the request is made that is required by the competent authority of the requesting State for the purposes of administering or enforcing the domestic tax.”; (c) in section 117(2), by inserting after the word “determining”, the words “any assess￾ment or”; No. 15 Miscellaneous Provisions (Global Forum) 2024 309

(d) in section 117A in subsection (1)— (i) in the chapeau, by inserting after the word “require” the words, “in such manner and detail and at such time as the Board may from time to time require by notice in writing”; (ii) in the closing words, by deleting the words “enactments for a similar purpose” and substituting the words, “, the Mutual Administrative Assistance in Tax Matters Act, 2020 and other enactments for a similar purpose including double taxation agree￾ments entered into between the government of Trinidad and Tobago and other States”. 9. The Corporation Tax Act is amended in section 19(2), by inserting in the Table after item “section 3 and 4 (administration)”, the following items: “4A (Providing information to a foreign tax administration). 4B (Restriction on use of tax payer information). 4C (Offence for breach of section 4 to 4B). 4D (Proving information to a foreign tax administration).”. 10. The Petroleum Taxes Act is amended in section 5(1), by deleting the words “and 4” and substituting the words “, 4, 4A, 4B, 4C and 4D.” 11. The Companies Act is amended— (a) in section 4 in the definition of “Minister”, by deleting the words “the Registrar General’s Department” and substituting the words “legal affairs”; Chap. 75:02 amended Chap. 75:04 amended Chap. 81:01 amended 310 No. 15 Miscellaneous Provisions (Global Forum) 2024

(b) in section 33— (i) by deleting subsections (4) to (14) and substituting the following new subsections: “(4) For the purposes of this section,— “appointed date” in relation to any share warrant, bearer share warrant, bearer share or bearer share cer￾tificate means the date of cancellation specified in the notice published in the Gazette and by other means approved by the Registrar which shall include a period of thirty days before the date of cancellation; and “bearer share warrant” means a negotiable instrument that accords ownership in a legal per￾son to the person who pos￾sesses the bearer share certificate. (5) On or from the appointed date a share warrant, bearer share warrant, bearer share and bearer share certificate issued in Trinidad and Tobago, shall cease to be valid and shall for all purposes be cancelled and be of no value. (6) A company shall convert any share warrant or bearer share warrant surrendered for conversion prior to the appointed date if satisfied that the failure to present the share No. 15 Miscellaneous Provisions (Global Forum) 2024 311

warrant or bearer share warrant, or for conversion as required under the Companies (Amendment) Act, 2019, resulted from circumstances beyond the control of the true owner of the share warrant or bearer share or that there was some other good or suffi￾cient reason for the failure. (7) The holder of a share warrant or bearer share warrant, that has been cancelled under subsection (5) may, prior to the expiration of six months from the date of the commencement of this subsection, apply to the High Court for an order for— (a) the reinstatement of the share warrant or bearer share warrant, as a share in the name of the holder; and (b) the instruction to the company for the entry of the name of the holder in the register of shareholders in respect of the share or shares represented by the instrument in accordance with the terms of issue thereof. (8) Where an application is made under subsection (7) for the reinstatement of a share warrant or bearer share warrant, the applicant shall provide— (a) evidence to the High Court that he, at the time of cancellation, was the lawful holder of an uninterrupted 312 No. 15 Miscellaneous Provisions (Global Forum) 2024

chain of share transfer from the creation of the company or to the last shareholder known to the company through written evidence, such as— (i) a contract for sale of shares; or (ii) a share purchase warrant; (b) reasonable grounds for not having complied with the registration requirements; and (c) evidence that the applicant was the holder of the instrument at the time of the cancellation. (9) The holder of a share warrant or bearer share warrant that has been cancelled under subsection (5) who fails to apply for reinstatement under subsection (7) shall, after the period set out in that section, no longer be able to apply for reinstatement. (10) A company which issued a share warrant or bearer share warrant prior to the commencement of the Companies (Amendment) Act, 2019, shall prepare and maintain a register of the number of share warrants or bearer share warrants that were issued and the date on which the share warrants or bearer share warrants were surrendered under subsection (6). (11) The Registrar shall establish a register of share warrants, bearer share warrants, bearer shares or No. 15 Miscellaneous Provisions (Global Forum) 2024 313

bearer share certificates issued in Trinidad and Tobago before the commencement of the Companies (Amendment) Act, 2019.”; (c) in section 177— (i) in subsection (2)— (A) in paragraph (b), by— (i) inserting after the word “shares”, the words “and mem￾bership interest”; and (ii) deleting the words “; and” and substi￾tuting the word “;”; (B) in paragraph (c), by deleting the word “.” and substituting the words “; and”; and (C) by inserting after para￾graph (c) the following new paragraph: “(d) whether the per￾son is a nominee shareholder and the full name, address, occupa￾tion or status and nationality or jurisdiction of incorporation or formation of the nominator.”; (ii) in subsection (6), by inserting after the word “company” where it occurs last, the words— “and no information shall be removed from the register of members, for a period of six years after— (a) a person ceases to be a member of the company; or 314 No. 15 Miscellaneous Provisions (Global Forum) 2024

(b) the dissolution of the company.”; and (iii) by inserting after subsection (7) the following new subsection: “(8) Where a company fails to comply with subsection (6), the company and every director and officer of the company who is in default, commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars.”; (d) in section 195(4), by inserting after the word “registered” the words, “with the Registrar under section 33”; (e) in section 199(1), by— (i) deleting the words “register as” and substituting the word “record”; and (ii) inserting after the words “operation of law” the words, “in the register maintained by the company for that purpose”; (f) in section 308(2)— (i) in paragraph (a), by deleting the words “and”; (i) in paragraph (b), by deleting the word, “.” and substituting the words “; and”; and (iii) by inserting after paragraph (b), the following new paragraph: “(c) complete an application for registration form and pay the prescribed fee pursuant to section 5 of the Non-Profit Organisations Act.”; No. 15 Miscellaneous Provisions (Global Forum) 2024 315

(g) in section 318(1), by deleting paragraphs (n) and (o) and 7 substituting the following new paragraphs: “(n) the full names, addresses, occupations or status and nationality or jurisdiction of incorporation or formation of the shareholders or members, whether the person is a nominee shareholder and the full name, address, occupation or status and nationality or jurisdiction of incorporation or formation of the nominator and the number and class of shares or percentage of membership interest they hold, if any; (o) the the full names, addresses, occupations and nationality of the beneficial owners and the basis upon which the person is a beneficial owner; and (p) the full name, address, occupation or status of the authorised officer of the external company.”; (h) by inserting after section 327, the following new section: 328. (1) Where an external company fails without reasonable cause to send any return, notice, document or prescribed fee to the Registrar, as required pursuant to this Act, the Registrar may send to the external company a notice advising of the default and stating that— (a) on the day following the expiration of thirty days after the date of “Default by external company 316 No. 15 Miscellaneous Provisions (Global Forum) 2024

the notice, unless the default is remedied the registration of the external company shall be suspended for a period of thirty days; and (b) on the day following the expiration of the time mentioned in paragraph (a) unless the default is remedied, the registration of the external company shall be cancelled. (2) The Registrar shall publish a notice in the Gazette, and by other means approved by the Registrar, where the suspension or cancellation under subsection (1) occur. (3) Where the default is remedied by the external company during the period of suspension, the Registrar shall publish a notice to that effect in the Gazette and by other means approved by the Registrar and upon the publication of the notice, the suspension of the registration of the external company shall cease. (4) An external company whose registration is suspended or cancelled may appeal that decision to the Court. No. 15 Miscellaneous Provisions (Global Forum) 2024 317

(5) The rights of the creditors of an external company are not affected by the suspension or cancellation of its registration under this Act. (6) Where the registration of an external company is cancelled under subsection (1) it may, within six months of the cancellation, apply to the Registrar to be restored by submitting— (a) all outstanding notices, returns and documents; (b) an application in the prescribed form; and (c) payment of the prescribed fees and all applicable penalties. (7) The Registrar may, upon receipt of the application described at subsection (7), resume the status of registration of the external company as if its registration had not been cancelled and issue a certificate in the prescribed form. (8) Where the status of registration of the external company is restored, the Registrar shall publish a notice to that effect in the Gazette and by other means approved by the Registrar.”; 318 No. 15 Miscellaneous Provisions (Global Forum) 2024

(i) in section 337A, by deleting subsection (1) and substituting the following new subsection: “(1) Sections 337B to 337E are to be read and have effect as if an international organisation where members include two or more countries or territories or their government were an individual, even if they are legal persons under the law by which they are governed.”; (j) in section 483, by inserting after subsection (2) the following new subsections: “(3) The Registrar shall carry out such analysis of information, within his possession, as he considers appropriate for the purpose of detecting inconsistencies and inaccuracies. (4) Where it appears to the Registrar that the information contained in a document submitted to him in relation to a company is inconsistent with other information contained in records kept by the Registrar under this Act, the Registrar may give notice to the company to which the document relates— (a) stating in what respects the informa￾tion contained in it appears to be inconsistent with other information in records kept by the Registrar under this Act; and No. 15 Miscellaneous Provisions (Global Forum) 2024 319

(b) requiring the company, within a period of thirty days, beginning with the date on which the notice is issued, to take reasonable steps to resolve the inconsistency— (i) by submitting amended, replacement or additional docu￾ments; or (ii) in any other manner the Registrar may determine.”; and (k) in section 489(1)— (i) in paragraph (da), by deleting the word “or”; (ii) in paragraph (e), by deleting the word “.” and substituting the words “; or”, (iii) by inserting after paragraph (e), the following new paragraph: “(f) the Registrar has reasonable cause to believe that any infor￾mation is misleading, false or deceptive in a material particular contained in— (i) an application for the incorpo￾ration of a company; (ii) an application for registration of an external company; 320 No. 15 Miscellaneous Provisions (Global Forum) 2024

(iii) an application for restoration of the company or external company to the register; or (iv) supporting docu￾mentation delivered to the Registrar in connection with such an applica￾tion.”; 12. The Registration of Business Names Act is amended— (a) by repealing section 3 and substituting the following: 3. (1) Subject to the provisions of this Act, to carry on business in Trinidad and Tobago— (a) every firm; and (b) every individual, intending to carry on busi￾ness under a business name which does not consist of his true surname without any addition other than his true given names or the initials thereof, shall be registered in the manner provided for by this Act. (2) Every firm carrying on business in Trinidad and Tobago before the commencement of section 3(1)(a), which is not registered and is continuing to carry on such business, shall Chap. 82:85 “Firm and persons to be registered No. 15 Miscellaneous Provisions (Global Forum) 2024 321

register in the manner directed by this Act within three months of the commencement of this section. (3) The purchase or acquisition of property by two or more persons is not of itself to be deemed as carrying on a business whether or not the owners share any profits arising from the sale thereof.”; (b) by repealing section 7; (c) in section 9, by deleting the words “two hundred dollars for every day during which the default continues” and substituting the words “ten thousand dollars and for every day in which the offence continues a further fine of three hundred dollars”; and (d) by inserting after section 9, the following new sections: 9A. Where, contrary to a provision of this section, a firm or individual fails, within the time specified for so doing, to submit to the Registrar General any document, the Registrar General is entitled to collect from the firm or individual, a penalty of three hundred dollars for every month, or part thereof, that the firm fails to submit the document to the Registrar General. 9B. (1) When a firm fails without reasonable cause to send any return, notice, document or prescribed fee to the Registrar General, as required pursuant to “Penalty for late filing of documents Suspension of Registration 322 No. 15 Miscellaneous Provisions (Global Forum) 2024

this Act, or the Partnerships Act, the Registrar General shall send to the firm a notice advising of the default and stating that— (a) on the day following the expiration of thirty days after the date of the notice, unless the default is remedied, the registration of the firm shall be suspended for a period of thirty days; and (b) on the day following the expiration of the time mentioned in para￾graph (a) unless the default is remedied, the registration of the firm shall be cancelled. (2) The Registrar shall publish a notice in the Gazette and by other means approved by the Registrar, where the suspension or cancellation under subsection (1) occur. (3) Where the default is remedied by the firm during the period of suspension, the Registrar General shall publish a notice to that effect in the Gazette and by other means approved by the Registrar General and upon the publication of the notice, the suspension of the registration of the firm shall cease. (4) A firm whose registra￾tion is suspended or cancelled may appeal that decision to a Judge of the High Court. No. 15 Miscellaneous Provisions (Global Forum) 2024 323

(5) The rights of the creditors of a firm are not affected by the suspension or cancellation of its registration under this Act. (6) Where the registration of a firm is cancelled under subsection (1) it may, within six months of the cancellation, apply to the Registrar General to be restored by submitting— (a) all outstanding notices, returns and documents; (b) an application in the prescribed form; and (c) payment of the prescribed fees and all applicable penalties. (7) The Registrar General may, upon receipt of the application under subsection (6), resume the status of registration of the firm as if its registration had not been cancelled and issue a certificate in the prescribed form. (8) Where the status of registration of the firm is restored, the Registrar General shall publish a notice to that effect in the Gazette and by other means approved by the Registrar General.”. 13. The Tax Information Exchange Agreements (United States of America) Act, 2017 is amended in sections 5 and 9(1) by deleting the definition of “competent authority” and substituting the following new definition: ““competent authority”, in relation to a tax information exchange agreement, means in the case of— Act No. 4 of 2017 amended 324 No. 15 Miscellaneous Provisions (Global Forum) 2024

(a) Trinidad and Tobago, the Minister to whom responsibili￾ty for finance is assigned or his authorised representative; and (b) another State, has the meaning ascribed in the tax information exchange agreement;”; and 14. The Non-Profit Organisations Act is amended— (a) by repealing sections 7 and 12(2); (b) in section 16, by deleting all the words from the words “a controller” to the words “section 15,” and substituting the words “, contrary to a provision of this Part, a controller fails, within the time specified for so doing, to notify the Registrar General under section 15 or to submit to the Registrar General any document,”; and (c) in section 21— (i) in subsection (2), by inserting after the words “(f)” the words “or 21D”; and (i) by inserting after subsection (2), the following new section: “(2A) Where an application to be restored is not submitted by the non-profit organisation to the Registrar General in accordance with section 21D(6), the Attorney General may make an application to a Judge of the High Court for an order of forfeiture in respect of the property of a non-profit organisation.”. Act No. 7 of 2019 amended No. 15 Miscellaneous Provisions (Global Forum) 2024 325

15. The Tax Information Exchange Agreements Act, 2020 is amended— (a) in section 3 in the definition of “competent” authority in paragraph (a) by deleting the words, “Board as the Minister” and substituting the words, “Minister to whom responsibility for finance is assigned or his”; and (b) in section 10, by inserting after the words “or received” where it occurs second the words “or in contravention of the terms of a declared agreement”.
16. The Mutual Administrative Assistance in Tax Matters Act is amended— (a) in section 4(1), by deleting the definition of “competent authority” and substituting the following: ““competent authority” means the persons and authorities listed in Schedule 2, and in relation to Trinidad and Tobago, means the Minister to whom responsibility for finance is assigned or his authorised representative;”; (b) by deleting section 5; (c) in section 9, by deleting subsection (5) and substituting the following: “(5) Notwithstanding any law to contrary, where taxpayer information is received by the Board from another jurisdiction under a tax information exchange agreement for the exchange of information in relation to taxes— (a) the Board shall only disclose such taxpayer information to other agencies; and (b) the Board and other agencies shall only use such taxpayer information, as permitted under the Act No. 5 of 2020 amended Act No. 7 of 2020 amended 326 No. 15 Miscellaneous Provisions (Global Forum) 2024

terms of the tax information exchange agreement for the exchange of informa￾tion in relation to taxes.”. 17. The Miscellaneous Provisions (Trustees, Exchequer and Audit Act, the Minister of Finance (Incorporation) Act, Proceeds of Crime, Income Tax, Companies, Partnerships, Securities, Tax Information Exchange Agreements, the Non-Profit Organisations and Mutual Administrative Assistance in Tax Matters) Act is amended— (a) in section 3— (i) in the chapeau, by deleting the words “inserting after section 10 the following new Part and sections:” and replace with the following words: (a) in section 2 by inserting in the appropriate alphabeti￾cal sequence the following definition: ““Registrar General”” means the Registrar General or any other officer acting in that capacity and includes any person duly authorised by the Registrar General in accordance with section 3(1) of the Registrar General Act.”; Act No. 1 of 2024 amended No. 15 Miscellaneous Provisions (Global Forum) 2024 327

(b) by inserting after section 2, the following new Part and sections: “PART IA REGISTRATION OF EXPRESS TRUSTS 2A. (1) An express trust or other form of legal arrangement in existence at the coming into force of this section, shall, within six months of the coming into force of this section, be registered under this Act. (2) An express trust or other form of legal arrangement that is created after the coming into force of this Act, shall be registered, under this Act, within seven days of its creation. (3) An express trust or other form of legal arrangement under subsection (1) or (2) that wishes to be registered under this Act, shall apply to the Registrar General in the prescribed form and pay the prescribed fee. (4) Where the Registrar General is satisfied that an express trust or other form of legal arrangement under subsection (3) meets the requirements of this Act for registration, the express trust or other form of legal arrangement may be registered and the Registrar may issue a Certificate of Registration to the trust or other form of legal arrangement. Registration of trusts 328 No. 15 Miscellaneous Provisions (Global Forum) 2024

(5) Where an express trust or other form of legal arrangement under subsection (3) does not meet the requirements of this Act for registration, the Registrar General may refuse to register an express trust or other form of legal arrangement and the trust or other form of legal arrangement shall become null and void and invalid. (6) An express trust or other form of legal arrangement aggrieved by the decision of the Registrar General to refuse to reg￾ister the express trust or other form of legal arrangement, may appeal to the High Court. (7) The Registrar General shall keep a Register of all express trusts or other form of legal arrangements registered under this Act. (8) At the request of an express trust or other form of legal arrangement, the Registrar General shall certify, in writing, that the express trust or other form of legal arrangement is, at the date specified, in good stand￾ing, if the Registrar General is satisfied that the express trust is compliant with this Act.”; (c) section 10 the following new Part and sections:”; No. 15 Miscellaneous Provisions (Global Forum) 2024 329

(ii) in section 10A– (A) by repealing subsection (1), and substituting the following new subsection: “(1) Section 10B is to be read and have effect as if an international organisation, where members include two or more countries or territories or their government, were an individual even if they are legal persons under the law by which they are governed.”; and (B) by repealing subsection (2) and substituting the following: “(2) For the purposes of this Part– “beneficial owner” means– (a) the settlors, trustees, pro￾tectors, benefi￾ciaries or class of beneficiaries and any other natural person exercising ulti￾mate effective control over an express trust directly or indi￾rectly, includ￾ing through a chain of control or ownership whether a 330 No. 15 Miscellaneous Provisions (Global Forum) 2024

domestic or for￾eign trust and in respect of a settlor, trustee, protector or beneficiary or class of beneficiaries that is a– (i) legal person, the benefi￾cial owner of that legal person identified under section 337A of the Companies Act or a reporting entity under sec￾tion 4 of the Securities Act; and (ii) trust, the beneficial owner of that trust identified under this section; (b) in respect of other types of legal arrangements, the natural person in equivalent or similar positions; and No. 15 Miscellaneous Provisions (Global Forum) 2024 331

“Minister” means the Minister to whom responsibility for legal affairs is assigned.”; (iii) by inserting after section 10A, the following new section: 10AA. Part IIA of the Act shall apply to trusts and other types of legal arrangements that are— (a) governed by the laws of Trinidad and Tobago; (b) administered by a trustee or administrator resident in Trinidad and Tobago; or (c) in respect of trusts with registrable assets in Trinidad and Tobago.”; (iv) in section 10B, by— (A) deleting the word “ascer￾tain” and substituting the word “identify”; and (B) inserting after the word “arrangement” where it occurs second, the words” and verify their identity by conducting adequate due dilligence procedures as required by the laws of Trinidad and Tobago and verify that the information obtained is and remains current and correct.”; 332 No. 15 Miscellaneous Provisions (Global Forum) 2024 “Application of Part IIA

(v) in section 10C,— (A) in subsection (1)— (I) by deleting the chapeau and substituting the following: “(1) Each settlor, trustee, protector, beneficiary and beneficial owner identified under section 10B shall, within thirty days of-”; and (II) by inserting after the words “prescribed form”, the words “together with supporting document”; (B) in subsections (3) and (4) by deleting the words “A person” and substituting the words “A beneficial owner”; (C) in subsection (4), by deleting the words “subsection (1)” and substituting the words “subsections (1) and (2)”; (D) inserting after subsection (4), the fol￾lowing new subsection: “(5) Notwithstanding subsections (3) and (4), where a person who is the beneficial owner of a No. 15 Miscellaneous Provisions (Global Forum) 2024 333

trust or other legal arrangement fails to comply with this Part, the trustees may apply to the Court for the suspension of the rights of the person in the trust, until such time as the person complies with this Part.”; (vi) in section 10D— (A) by deleting subsection (2); (B) by repealing subsection (3) and substituting the following new subsection: “(3) A trustee of an express trust or the administrator of any other form of legal arrangement shall maintain and keep updated a register of— (a) the settlors, trustees, protectors, beneficiaries or class of beneficiaries or persons in equivalent or similar positions, containing the name, address, nationality or jurisdiction of incorporation or formation, occupation or status, telephone number, email 334 No. 15 Miscellaneous Provisions (Global Forum) 2024

and other con￾tact details; and (b) the beneficial owners containing the name, address, nationality, occupation, telephone number, email and other contact details, the date on which he became and the date on which he ceased to be the beneficial owner as well as the basis on which the person is considered to be a beneficial owner.”; (C) by repealing subsection (6),: (D) in subsection (7)(d), by deleting the words “subsection (1)” and substituting the words “this section”; and (E) by inserting after sub￾section (7), the following new subsections: “(8) Where, contrary to any provision of this Part, a trustee of an express trust or admin￾istrator of any other form of legal arrange￾ment fails, within the time specified for so No. 15 Miscellaneous Provisions (Global Forum) 2024 335

doing, to submit to the Registrar General any document, the Registrar General is entitled to collect from the trustee or administrator a penalty of three hun￾dred dollars for every month, or part thereof, that the trustee or administrator fails to submit the document to the Registrar General. (9) Where a trustee of an express trust or administrator of any other form of legal arrangement fails with￾out reasonable cause to send any return, notice, document or the prescribed fee to the Registrar General, as required pursuant to this Act the Registrar General may send to the trustee of the express trust or administrator of the other form of legal arrangement, a notice advising of the default and stating that,– (a) on the day following the expiration of thirty days after the date of the notice, unless the default is remedied the powers of the trustee of the express trust or administrator of the other form of 336 No. 15 Miscellaneous Provisions (Global Forum) 2024

legal arrangement may not be exercised; and (b) in respect of a trust registered under the Registration of Deeds Act, on the day follow￾ing the expira￾tion of thirty days referred to in paragraph (a) unless the default is reme￾died, the regis￾tration of the trust registered under the Ordinance shall be cancelled. (10) The Registrar General shall publish a notice in the Gazette and by other means approved by the Registrar General, where a prohibition or cancellation under subsection (9) occurs. (11) Where a default is remedied by the trustee of an express trust or administrator of any other form of legal arrangement during the period prohibiting the exercise of the powers of the trustee of the express trust or administrator of the other form of No. 15 Miscellaneous Provisions (Global Forum) 2024 337

legal arrangement the Registrar General shall publish a notice to that effect in the Gazette and by other means approved by the Registrar General and upon the publication of the notice, the prohibi￾tion on the exercise of the power shall cease. (12) A trustee of an express trust or admin￾istrator of any other form of legal arrange￾ment who is prohibited under this section from exercising his powers as trustee or administrator or whose registration was cancelled may appeal that decision to the High Court. (13) The rights of creditors are not affected by the prohibi￾tion of the exercise of the powers as trustees of an express trust or an administrator of any other form of legal arrangement.” (14) Where the registration of an express trust or other form of legal arrangement is cancelled under subsection (9) a trustee or administrator may, 338 No. 15 Miscellaneous Provisions (Global Forum) 2024

within six months of the cancellation, apply to the Registrar to be restored by submitting– (a) all outstand￾ing notices, returns and documents; (b) an application in the pre￾scribed form; and (c) payment of the prescribed fees and all applicable penalties. (15) The Registrar may, upon receipt of the application described at subsection (14), resume the status of registration of the express trust or other form of legal arrangement as if its registration had not been cancelled and issue a certificate in the prescribed form. (16) Where the status of registration of the express trust or other form of legal arrange￾ment is restored, the Registrar shall publish a notice to that effect in the Gazette and by other means approved by the Registrar.”; (vii) by repealing section 10E and substituting the following new sections: No. 15 Miscellaneous Provisions (Global Forum) 2024 339

10E. (1) The Registrar General shall maintain a register of— (a) the settlors, trustees, protectors, beneficiar￾ies or class of benefici￾aries of all express trusts and the persons in equivalent or similar positions of all other forms of legal arrange￾ments that are governed by the laws of Trinidad and Tobago or adminis￾tered by a trustee or administrator resident in Trinidad and Tobago; and (b) the beneficial owners of express trusts and other forms of legal arrangements, which shall not be open to the public and which may only be accessed by— (c) the Director of the Financial Intelligence Unit of Trinidad and Tobago (hereinafter referred to as the “FIU”) solely for the purpose of enabling the FIU to do its analysis under the Financial Intelligence Unit of Trinidad and Tobago Act; (d) a member of the police service of the rank of Superintendent or above attached to the 340 No. 15 Miscellaneous Provisions (Global Forum) 2024 “Registrar to maintain register of settlors, etc.

Division or Unit of the police service responsi￾ble for financial investi￾gation or fraud, solely for the purpose of— (i) i n v e s t i g a t i n g whether an offence has been committed under any written law; (ii) the laying of information; or (iii) the preferring of an indictment, where such information can reasonably be regarded as being necessary for the purpose of ascertaining the circum￾stances in which an offence under any written law may have been committed, or the identity of the person who may have com￾mitted an offence; (e) the Chairman of the Board of Inland Revenue; and (f) order of a court. (2) The Registrar General, upon receipt of a return pursuant to section 10D, shall update the register of beneficial owners. No. 15 Miscellaneous Provisions (Global Forum) 2024 341

(3) For the purposes of this section, the Registrar General shall take reasonable steps to monitor the filings by trustees of express trusts and administrators of other legal arrangements of beneficial ownership information. (4) Notwithstanding subsection (1), the Registrar General may, where a trustee so authorises, make the information relative to a trust or other form of legal arrangement open to the public. 10F. (1) The Minister may make Regulations for the purpose of giving effect to this Act. (2) Notwithstanding the generality of subsection (1), the Minister may make Regulations for— (a) fees required to be paid; and (b) forms required to be submitted, under this Act.”; (b) in section 4 in— (i) section 31B(7), by inserting after the words “body” where it occurs second, the word “and”; and (ii) section 31C(2), by deleting the words “interest in that” and substituting the words “interest in”; (c) in section 5— (i) in paragraph (a)— (A) in the chapeau by delet￾ing the word “definition” and substituting the word “definitions”; 342 No. 15 Miscellaneous Provisions (Global Forum) 2024 Regulations

(B) in the definition of “beneficial owner” in paragraph (c), by deleting the words “or if there is any doubt that the person identified is the beneficial owner”; and (C) by inserting after the definition of “beneficial owner” the following new definition: “tax information exchange agree￾ment” means an agreement where￾by the Government of Trinidad and Tobago and the Government of another State undertake that those States will, through their com￾petent authorities, provide each other, upon request, with any financial and other information and supporting doc￾umentation acces￾sible to the compe￾tent authority of the State to which the request is made that is required by the competent authority of the No. 15 Miscellaneous Provisions (Global Forum) 2024 343

requesting State for the purposes of administering or enforcing a law relating to taxation of a kind specified in the agreement.”; and (ii) in paragraph (b), in new section 8A— (A) in subsection (3), by deleting the words “and the date on which any person ceased to be ben￾eficial owner.” and sub￾stituting the words “, the date on which any person became and the date on which he was considered a beneficial owner.”; and (B) in subsection (5), by inserting after the word “Corporation Sole” where it occurs last, the words “is correct and accurate”; (d) in section 6— (i) by deleting paragraph (a) and sub￾stituting the following new para￾graphs: (a) in subregulation (2),– (i) in the chapeau, by deleting the words “beneficial owner” and substituting the word “customer”; 344 No. 15 Miscellaneous Provisions (Global Forum) 2024

(ii) in paragraph (d) delete the words “natural persons who has effective control over a” and substituting the words “the beneficial owners of the”; (b) in subregulation (5), by– (i) deleting the definition “beneficial owner” and substituting the following new definition: “beneficial owner” means– (a) the natural person on whose behalf a transaction is being conducted; (b) the natural person who ultimately owns or controls a customer; or (c) the natural person who exercises ultimate effective con￾trol over the legal person No. 15 Miscellaneous Provisions (Global Forum) 2024 345

or arrange￾ments where the person on whose behalf a transaction is being conducted or where the person who owns and controls a customer, is a legal person or arrangements and”; (ii) deleting the definition of “legal arrangements”; (c) by inserting after subreg￾ulation (5) the following new subregulations: “(6) For the purposes of subregulation (5), the natural person who exercises ultimate effective control in respect of a legal person means– (a) the natural person who ultimately owns or con￾trols, through direct or indirect ownership, or 346 No. 15 Miscellaneous Provisions (Global Forum) 2024

through a chain of own￾ership, ten per cent or more of the shares or membership of a company, other than a reporting entity under section 4 the Securities Act; (b) if no natural person is identified under para￾graph (a), the natural per￾son who exer￾cises control of the compa￾ny or exter￾nal company through other means; or (c) if no person is identified under para￾graphs (a) or (b), the natu￾ral person who holds the position of senior managing official of the company or external company. No. 15 Miscellaneous Provisions (Global Forum) 2024 347

(7) For the purposes of subsection (5), the nat￾ural person in relation to legal arrangements means– (a) for trusts, the settlor, the trustee, the protector, the beneficiaries or class of beneficiaries and any other natural person exer￾cising ulti￾mate effec￾tive control over trusts including through a chain of con￾trol or owner￾ship, or con￾trol through other means; and (b) for other types of legal arrange￾ments, per￾sons in equiv￾alent or simi￾lar positions to those list￾ed in para￾graph (a).”; (e) in section 8— (ii) by deleting paragraphs (b), (d) and (f); 348 No. 15 Miscellaneous Provisions (Global Forum) 2024

(iii) by deleting paragraph (i) and substituting the words “(g) in section 333A by repealing subsec￾tions (3) to (12) and substituting the following new subsections: (3) An external company which issued a bearer share, bearer share certificate, share warrant or bearer share warrant prior to the commencement of the Companies (Amendment) Act, 2019, shall prepare and maintain a register of the number of bearer shares, bearer share certificates, share warrants or bearer share warrants that were issued and the date on which the bearer shares, bearer share certificates, share warrants or bearer share warrants were surrendered under section 33(6). (4) An external company and the holder of a bearer share, bearer share certificate, share warrant or bearer warrant issued by an external company in Trinidad and Tobago shall apply the procedures set out in section 33.”; and (iv) by renumbering paragraph (f) where it occurs second, as para￾graph (h); and (v) in paragraph (h) as renumbered, in new section 510A in the chapeau by inserting after the word “shares”, the words “and membership interest”. No. 15 Miscellaneous Provisions (Global Forum) 2024 349

(f) in section 9, by deleting sections 20A, 20B, 20C and 20D and substituting the following new sections: 20A. For the purposes of sections 20B to 20E– “beneficial owner” means— (a) the natural person on whose behalf a transac￾tion is being conducted; (b) the natural person who exercises ulti￾mate effective control over a firm; (c) a natural person who is a partner of the firm; or (d) in respect of a partner that is— (i) a legal per￾son, the beneficial owner of that legal person as identified under section 337A of the Companies Act or a reporting entity under section 4 of the Securities Act; or 350 No. 15 Miscellaneous Provisions (Global Forum) 2024 “Definitions

(ii) a trust or other form of legal arrangement, the beneficial owner of that trust or other form of legal arrangement as identified under sec￾tion 10A of the Trustees Ordinance; “Minister” means the Minister to whom responsibility for legal affairs is assigned; and “Registrar” means the Registrar General or any officer acting in that capacity and includes any person duly authorised by the Registrar General in accordance with section 3(1) of the Registrar General Act. 20B. (1) A firm shall— (a) identify and obtain information as to all the beneficial owners of the firm, together with any supporting documentation, whether before or after the commencement of this section; No. 15 Miscellaneous Provisions (Global Forum) 2024 351 Obligation to identify, obtain, and verify beneficial ownership information

(b) verify the identity of all beneficial owners by con￾ducting adequate due diligence procedures as required by the laws of Trinidad and Tobago; and (c) verify that the information obtained is and remains current and corect. (2) Where a firm fails to take reasonable steps to identify and obtain information to identify the beneficial owners of the firm, the firm and every partner of the firm commit an offence and are liable on summary conviction to a fine of ten thousand dollars and imprisonment for three years and for every day in which the offence continues a further fine of three hundred dollars. (3) A firm shall maintain and keep updated, a register of all the beneficial owners containing the name, nationality, occupation, the latest known address, telephone number, email and other contact details and the date on which any person became and the date on which he ceased to be beneficial owner, as well as the basis on which he is considered a beneficial owner. 352 No. 15 Miscellaneous Provisions (Global Forum) 2024

(4) A firm shall not remove beneficial ownership information from its register, for a period of six years after— (a) a person ceases to be a beneficial owner; or (b) the dissolution of the firm. (5) Where a firm fails— (a) to maintain and keep updated a register of its beneficial owners; or (b) to ensure that the information it maintains in respect of benefi￾cial owners of the firm is current and correct, the firm and every partner of the firm commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues a further fine of three hundred dollars. 20C. (1) Each partner and beneficial owner of a firm regis￾tered pursuant to the Registration of Business Names Act at the commencement of this section, shall within fourteen days of the No. 15 Miscellaneous Provisions (Global Forum) 2024 353 Statement in respect of beneficial ownership

commencement of this section or such other period as the Minister may by Order approve, submit a statement in the prescribed form, to the firm, together with any supporting documentation. (2) Where any change occurs in the beneficial ownership of a firm or the particulars of the beneficial owner or a notice is issued under section 20C(7), the partner and beneficial owner shall, within a period of fourteen days from the date of the change or issuance of the notice, submit a statement in the prescribed form, to the firm and such other particulars as may be prescribed, together with any supporting documentation. (3) A partner or beneficial owner who fails, without reason￾able cause, to submit a statement as required under this section, commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (4) A partner or beneficial owner who provides false informa￾tion in the statement under sub￾section (1) or (2), commits an offence and is liable on summary conviction to a fine of ten thou￾sand dollars and to imprisonment for three years. 354 No. 15 Miscellaneous Provisions (Global Forum) 2024

(5) A firm shall within thirty days of receipt of a statement under this section, submit to the Registrar General, a return in the prescribed form together with any supporting documentation and the prescribed fee. (6) Where a firm, required to file a return under this section, fails to do so within the specified period, the firm and any partner who knowingly and recklessly fails to file the return commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (7) A firm shall— (a) ensure that the information on record at the Office of the Registrar General is cur￾rent and correct; (b) issue a notice, when it deems necessary, to ensure that the information on record at the Office of the Registrar General is correct; and No. 15 Miscellaneous Provisions (Global Forum) 2024 355

(c) no later than thirty days after each anniver￾sary date of the registration under the Registration of Business Names Act, submit to the Registrar General a return in the prescribed form containing the prescribed information made up to the anniversary date and accom￾panied by the prescribed fee. (8) A firm that fails to ensure that the information at the Office of the Registrar General is current and correct commits an offence and is liable on summary convic￾tion to a fine of ten thousand dol￾lars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (9) Notwithstanding subsec￾tions (3), (4) and (6), where a part￾ner or the beneficial owner of a firm fails to comply with this sec￾tion, the firm may apply to the Court for the suspension of the rights of the partner, until such time as the partner or the benefi￾356 No. 15 Miscellaneous Provisions (Global Forum) 2024

cial owner complies with this sec￾tion. (10)Where, contrary to a pro￾vision of this section, a firm fails, within the time specified for so doing, to submit to the Registrar General any document, the Registrar General is entitled to collect from the firm a penalty of three hundred dollars for every month, or part thereof, that the firm fails to submit the document to the Registrar General. (11)Where a firm fails without reasonable cause to send any return, notice, document or prescribed fee to the Registrar General, as required pursuant to this Act, the Registrar General shall send to the firm a notice advising of the default and stating that, on the day following the expiration of the time specified, unless the default is remedied, the registration of the firm shall be suspended. 20D. (1) The Registrar General shall maintain a register of bene￾ficial owners. (2) The Registrar General upon receipt of a return pursuant to section 20C, shall update the register of beneficial owners. (3) For the purposes of this Part, the Registrar General shall take reasonable steps to monitor the filings by firms of beneficial ownership information.” No. 15 Miscellaneous Provisions (Global Forum) 2024 357 Register of beneficial owners

20E. The Minister may make Rules to give effect to the requirements of this Act”; (g) in section 10— (i) in paragraph (a)(i), in the definition of beneficial owner— (A) in the chapeau, by delet￾ing the word “includes” and substituting the word “means”; (B) in paragraph (c), by deleting the words “; or” and substituting the word “;”; (C) in paragraph (d) by deleting the words “or if there is any doubt that the person identified is the beneficial owner; or”; and (D) by inserting after para￾graph (d) the following new paragraph: “(e) any person iden￾tified as the beneficial owner of a trust or other form of legal arrange￾ment in accor￾dance with section 10A of the Trustees Ordinance.”; and (ii) in paragraph (b) in section 136A— 358 No. 15 Miscellaneous Provisions (Global Forum) 2024 Rules

(A) in subsection (1)— (I) in paragraph (g), by inserting after the word “person” the words “starts and”; (II) in paragraph (g), by deleting the words “; and” and substituting the word “;”; (III) by inserting after paragraph (g), the following new paragraph: “(ga) the reason why he is to be con￾sidered the beneficial owner; and”; (B) in subsection (2), by inserting after the word “owners” the words “and ensure that such information remains current”; (C) by deleting subsection (4) and substituting the following; “(4) For the purpose of identifying individuals who are beneficial owners under subsection (1), a No. 15 Miscellaneous Provisions (Global Forum) 2024 359

reporting entity shall take all rea￾sonable steps to ascertain the information received under section 137 as a defence for a contravention under subsection (2) including when the report￾ing entity has reason to believe that such infor￾mation is mis￾leading or false.”; (D) in subsection (9), by deleting the words “may at any reasonable time” and substituting the words “shall adopt measures regularly”; and (iii) in paragraph (d), by deleting the word “any” and substituting the word “Any”; (h) in section 11— (i) by deleting paragraph (a) and substituting the following new paragraph: “(a) in section 3(1)— (I) by inserting after the definition “AML/CFT/PF”, the following new definition: ““beneficial owner” means in respect of a 360 No. 15 Miscellaneous Provisions (Global Forum) 2024

non-profit organisation subject to this Act, a controller;”; (II) by deleting the definition of “con￾troller” and substi￾tuting the following definition: ““controller” means a natural person who exercises ultimate effective control, over a non-profit organisation directly, indirectly or through other means and includes: (a) in respect of a legal person in a chain of control the beneficial owner of the legal person identified under section 337(A) of the Companies Act or reporting entity under No. 15 Miscellaneous Provisions (Global Forum) 2024 361

section 4 of the Securities Act; and (b) in respect of a trust or other form of legal arrangements in a chain of control, the beneficial owner of the trust or other form of legal arrange￾ment identified under sec￾tion 10A of the Trustees Ordinance ;”; (ii) in paragraph (b), by deleting sections 21A, 21B, 21C and 21D and substituting the following: 21A. (1) A non￾profit organisation shall— (a) identify and obtain infor￾mation as to all controllers 362 No. 15 Miscellaneous Provisions (Global Forum) 2024 “Obligations in respect of beneficial ownership information

of the non￾profit organ￾isation, together with any supporting documenta￾tion, whether they existed before or after the commence￾ment of this section; (b) verify the identity of all con￾trollers by conducting adequate due dili￾gence proce￾dures as required by the laws of Trinidad and Tobago; and (c) verify that the informa￾tion obtained is and remains cur￾rent and cor￾rect. (2) Where a non￾profit organisation fails to— No. 15 Miscellaneous Provisions (Global Forum) 2024 363

(a) take reasonable steps to ascertain and obtain information as to all the controllers of the non-profit organisation; (b) verify the identity of all controllers of the non-profit organisation; or (c) ensure that the informa￾tion it maintains in respect of the controllers of the non￾profit organisation is current and correct, the non-profit organisation commits an offence and is liable on summary conviction to a fine of fifty thousand dollars. (3) A non-profit organisation shall not remove beneficial ownership informa￾tion from its register for a period of six years after— 364 No. 15 Miscellaneous Provisions (Global Forum) 2024

(a) the person ceases to be a beneficial owner; or (b) the dissolu￾tion of the non-profit organisa￾tion. 21B. For the purposes of this Part, the Registrar shall take reasonable steps to regularly monitor the filings by non-profit organisations of bene￾ficial ownership information. 21C. (1) A con￾troller shall, not later than thirty days after each anniversary date of the registration of the non-profit organi￾sation under this Act, submit to the Registrar General a return in the pre￾scribed form contain￾ing the prescribed information made up to such anniversary date and accompanied by the prescribed fee. (2) A controller who contravenes sub￾section (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars and No. 15 Miscellaneous Provisions (Global Forum) 2024 365 Annual Returns Registrar General to monitor beneficial ownership information

to imprisonment for three years and for every day the offence continues a further fine of three hundred dollars. (3) Notwith￾standing subsection (1), a controller of a non-profit company, incorporated prior to the commencement of this Act, shall not later than thirty days after the anniversary date of its incorpora￾tion under the Companies Act, sub￾mit to the Registrar General a return in the prescribed form containing the pre￾scribed information made up to such anniversary date and accompanied by the prescribed fee. 21D. (1) Where a non-profit organisa￾tion fails without rea￾sonable cause to send any return, notice, document or pre￾scribed fee to the Registrar General, as required pursuant to this Act, the Registrar General shall send to the non-profit organi￾sation a notice advis￾ing of the default and stating that— 366 No. 15 Miscellaneous Provisions (Global Forum) 2024 Notice advising of default

(a) on the day following the expira￾tion of thirty days after the date of the notice, unless the default is remedied, the registra￾tion of the non-profit organisation shall be sus￾pended for a period of thirty days; and (b) on the day following the expira￾tion of the time men￾tioned in paragraph (a) unless the default is remedied, the registra￾tion of the non-profit organisation shall be can￾celled. (2) The Registrar General shall publish a notice in the Gazette and by other means approved by Registrar General, where the suspension or cancel￾lation under sub￾section (1) occur. No. 15 Miscellaneous Provisions (Global Forum) 2024 367

(3) Where the default is remedied by the non-profit organisation during the period of suspen￾sion, the Registrar General shall publish a notice to that effect in the Gazette and by other means approved by the Registrar General and upon the publication of the notice, the suspension of the reg￾istration of the non￾profit organisation shall cease. (4) A non-profit organisation whose reg￾istration is suspended or cancelled may appeal that decision to a Judge of the High Court. (5) The rights of the creditors of a non￾profit organisation are not affected by the suspension or cancel￾lation of its registra￾tion under this Act. (6) Where the registration of a non￾profit organisation is cancelled under sub￾section (1) it may, within six months of the cancellation, apply to the Registrar General to be restored by submitting— (a) all out￾standing notices, returns and documents; 368 No. 15 Miscellaneous Provisions (Global Forum) 2024

(b) an applica￾tion in the prescribed form; and (c) payment of the pre￾scribed fees and all applicable penalties. (7) The Registrar General may, upon receipt of the applica￾tion described at sub￾section (6), resume the status of registration of the non-profit organisation as if its registration had not been cancelled and issue a certificate in the prescribed form. (8) Where the status of registration of the non-profit organisation is restored, the Registrar General shall publish a notice to that effect in the Gazette and by other means approved by the Registrar General.”; (i) in section 12— (i) in paragraph (a) in the definition of “declared agreement”— (A) in paragraph (a) by— (I) deleting the word “4” and substituting the word “5”; and (II) deleting the word “or”; No. 15 Miscellaneous Provisions (Global Forum) 2024 369

(B) by inserting after paragraph (b), the following new paragraphs: “(c) the Tax Information Exchange Agreement entered into on 11th January, 1989 between the Government of the Republic of Trinidad and Tobago and the Government of the United States of America and which is more specifically set out in Schedule 1 of the Tax Information Exchange Agreements (United States of America) Act, 2017; or (d) the Multilateral Convention on Mutual Administrative Assistance in Tax Matters which provides for the exchange of information as set out in Schedule 3 of the Mutual Administrative Assistance in Tax Matters Act.”; and (C) by deleting the closing words; and (ii) by deleting paragraph (b); (j) in section 13— (i) in paragraph (a)(i) (A) by deleting subparagraph (B) and substituting the following new subparagraph: 370 No. 15 Miscellaneous Provisions (Global Forum) 2024

“(B) by deleting the definition of “cash value” and substituting the fol￾lowing new definition: ““cash value” means the greater of— (a) the amount that the policyholder is entitled to receive upon surrender or termination of the contract, determined without reduction for any surrender charge or poli￾cy loan; and (b) the amount the policyholder can borrow under or with regard to the contract but shall not include an amount payable under an insurance contract— (i) solely by reason by death of an individual insured under a life insurance contract; No. 15 Miscellaneous Provisions (Global Forum) 2024 371

(ii) as a personal injury or sickness benefit or other benefit providing indemnifi￾cation of an economic loss incurred upon the occurrence of the event insured against; (iii) as a refund of a previously paid premium, less cost of insurance charges whether or not actually imposed, under an insurance contract, other than an investment 372 No. 15 Miscellaneous Provisions (Global Forum) 2024

linked life insurance or annuity contract, due to cancella￾tion or termina￾tion of the contract, decrease in risk exposure during the effective period of the con￾tract, or arising from the correction of a post￾ing or similar error with regard to the premi￾um for the contract; (iv) as a policy￾holder dividend, other than a termination dividend, provided No. 15 Miscellaneous Provisions (Global Forum) 2024 373

that the dividend relates to an insurance contract under which the only benefits payable are described in para￾graph (d); or (v) an as a return of an advance premium or premium deposit for an insurance contract for which the premium is payable at least annually if the amount of the advance premium or premium deposit does not exceed the next 374 No. 15 Miscellaneous Provisions (Global Forum) 2024

annual premium that will be payable under the contract;”; (B) in subparagraph (D) in the definition of “controlling person” in paragraph (b), by deleting the words “the sett￾lor, trustees, the protector, beneficiary or class” and substituting the words “the settlors, trustees, the protectors, beneficiaries or classes”; (C) by inserting after subpara￾graph (E), the following new subparagraph: “(EA) in the definition of “financial account”, by deleting paragraph (a) and substituting the following paragraph: “(a) in the case of an investment entity, any equity or debt interest in the financial institution but does not include an investment entity that is a financial institution solely No. 15 Miscellaneous Provisions (Global Forum) 2024 375

because it manages an investment entity where the gross income attributable to the entity to the relevant activities equals or exceeds fifty per cent of the gross income of the entity during the shorter of— (i) the three￾year period ending on 31st December of the year preceding the year in which the determi￾nation is made; or (ii) the period during which the entity has been in existence;”; (D) in subparagraph (G), in the definition of “investment entity” in the closing words, by deleting the word “but” and substituting the words, “an investment entity”; and 376 No. 15 Miscellaneous Provisions (Global Forum) 2024

(E) in subparagraph (N), by inserting after the definition “non-reporting financial institution”, the following new definition: “self-certification” means a document that an indi￾vidual signs to confirm that they are tax resi￾dent of a particular country or territory.”; (ii) in paragraph (b)(iii), by deleting the word “twelve” and substitut￾ing the word “nine”; (iii) in paragraph (c)— (A) by inserting after subpara￾graph (ii), the following new subparagraph: “(iiA) in subsection (4), by inserting after the word “shall” the following words: “by 31st January in the calendar year following the first year in which the account held by the person became a reportable account.”; (B) by deleting subparagraph (iii); and (C) in subparagraph (vii)— (I) in the chapeau, by deleting the words “new subsection” and substituting the words “new subsections”; and No. 15 Miscellaneous Provisions (Global Forum) 2024 377

(II) by inserting after sub￾section (10), the follow￾ing new subsection: “(11) A person who knowingly or recklessly makes a false state￾ment or omission in respect of information in a self-certification made for the purposes of the due diligence procedures described in the Regulations made under this Act, he commits an offence and is liable on summary conviction to a penalty of one hundred thousand dollars and imprisonment for three years. (12) Where a Reporting Entity that is subject to the penalty is a legal arrangement or is a branch located in Trinidad and Tobago, the person responsible for managing the affairs of the Reporting Financial institution in Trinidad and Tobago, including trustees, administrators, direc￾tors, managers or agents, shall be liable for such penalty.”; (iv) by inserting after paragraph (d), the following new paragraph: 378 No. 15 Miscellaneous Provisions (Global Forum) 2024

“(da) by inserting after section 15, the following new section: 15A. (1) An indi￾vidual that opens an account shall provide a self-cer￾tification made in accordance with Regulations made under this Act, which establishes where the individual is resident for tax purposes. (2) If the self-certification under subsection (1) establishes that the account holder is resident for tax purposes in a reportable jurisdic￾tion, then the reporting financial institution shall treat the account as a reportable account.”; and (iv) in paragraph (e), by deleting all words after the words “16,” and substituting the words— “— (A) in subsection (1), by deleting the word “Where” and sub￾stituting the words “Notwithstanding the time￾frame provided for in section 12(3), where”; and (B) by deleting subsections (5) to (9) and substituting the following new subsection: No. 15 Miscellaneous Provisions (Global Forum) 2024 379 “Self-certification

“(5) A person who makes a false statement or omission in respect of information in a self-certification made for the purposes of the due diligence procedures described in Regulations made under this Act, commits an offence and is liable to a fine of ten thousand dollars.”. 18. The Miscellaneous Provisions (Registrar General, Companies, Registration of Business Names and Non￾Profit Organisations) Act, 2024 is amended— (a) in section 3— (i) in paragraph (g) in subsection (4), by deleting the word “revision” and substituting the word “reversion”; (ii) in paragraph (j) by inserting after section 9A, the following new section: 9B.(1)The Registrar General may inspect the registers, books, accounts and docu￾ments substantiating or purporting to substanti￾ate the particulars of the entries made, of a relevant person, in electronic format or otherwise for the pur￾poses of ascertaining whether that person has complied and is complying with any obligations imposed under this Act or any other written law administered by the Registrar General. 380 No. 15 Miscellaneous Provisions (Global Forum) 2024 Act 4 of 2024 amended “Powers of inspection

(2) For the purposes of this section, “relevant person” means— (a) a company and every director and officer of the company, an external company and every director and officer of the external company; (b) a firm and every part￾ner of the firm; (c) a trust or other form of legal arrangement and every trustee of the trust and admin￾istrator of the other form of legal arrangement; (d) a non-profit organisation and every controller of the non￾profit organ￾isation; and (e) any other person the No. 15 Miscellaneous Provisions (Global Forum) 2024 381

Registrar General has reasonable cause to believe may maintain or have access to docu￾ments referred to in subsection (1). (3) Where the Registrar General intends to inspect any documents under sub￾section (1), the Registrar General shall give notice to the relevant person, prior to conducting the inspection. (4) The notice of inspection referred to in subsection (3) shall be in writing and may be sent by electronic or other means approved by the Registrar General. (5) Upon receipt of the notice referred to in subsection (3), the relevant person shall— (a) make the docu￾ments referred to in sub￾section (1), 382 No. 15 Miscellaneous Provisions (Global Forum) 2024

available to the Registrar General; and (b) allow the designated officers of the Registrar General to enter the premises to carry out such inspection. (6) The Registrar General shall be enti￾tled to be furnished, upon request, with a copy of any register maintained by the rele￾vant person, or any excerpt therefrom. (7) A request for copies pursuant to sub￾section (6) shall be in writing and may be sent by electronic or other means approved by the Registrar General. (8) The Registrar General may request the relevant person to provide to the Registrar General any information that he may reasonably require in respect of any No. 15 Miscellaneous Provisions (Global Forum) 2024 383

register, book, account or document substanti￾ating or purporting to substantiate the partic￾ulars of the entries made and may require such information to be verified in such manner as the Registrar General directs. (9) If inspection, or a copy or excerpts of the register of members or any information required is refused, the relevant person com￾mits an offence and is liable on summary con￾viction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (10) Notwithstanding subsection (9), where the relevant person refuses to allow an inspection or provide a copy or excerpt of the register or any informa￾tion, the Registrar General may apply to the Court for an order, to compel immediate access to inspect the documents referred to 384 No. 15 Miscellaneous Provisions (Global Forum) 2024

in subsection (1) or the furnishing of copies as requested pursuant to subsection (8). (11) When a person knows or suspects that— (a) an inspec￾tion is being or is likely to be carried out; or (b) copies of documents are or are likely to be requested, and he— (c) falsifies, alters, conceals, destroys or otherwise disposes of, or causes or permits the falsification, alteration, concealment, destruction or disposal of, any registers, No. 15 Miscellaneous Provisions (Global Forum) 2024 385

books, accounts or docu￾ments substanti￾ating or purporting to sub￾stantiate the particulars of the entries made; (d) intention￾ally obstructs a person conducting an inspec￾tion; (e) furnishes or sends to the Registrar General a copy of a document which that per￾son knows to be false or mis￾leading in a material particular; 386 No. 15 Miscellaneous Provisions (Global Forum) 2024

(f) recklessly furnishes or sends to the Registrar General a copy of a document which is false or mislead￾ing in a material particu￾lar; (g) in fur￾nishing informa￾tion to the Registrar General pursuant to this section— (i) makes a state￾ment which the per￾son knows to be false or mis￾leading in a No. 15 Miscellaneous Provisions (Global Forum) 2024 387

mate￾rial partic￾ular; or (ii) reck￾lessly makes a state￾ment which is false or mis￾lead￾ing in a mate￾rial partic￾ular; or (h) without reason￾able excuse, fails to furnish informa￾tion which that per￾son is required to furnish to the Registrar General under this Act, 388 No. 15 Miscellaneous Provisions (Global Forum) 2024

he commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars.” and; (iii) in paragraph (m) in the Schedule, by deleting in Part D(a) the word “Monthly” and replace with the word “Annual”; (b) in section 4— (i) in paragraph (a)(i), in the defini￾tion of “authorised service provider”, by inserting after the word “company” the words “or director of the external company;”; (ii) in paragraph (b), by deleting the words “subsection:” and substituting the words— “subsections: “(2A) Prior to the incorporation of a company under this Act, each proposed— (a) shareholder or member of the company; or (b) beneficial owner of the company, shall enter into an agreement setting out the number and class of No. 15 Miscellaneous Provisions (Global Forum) 2024 389

shares or percentage of membership interest to be issued to the shareholders or members and the basis upon which the person shall be a beneficial owner.”;” (iii) in paragraph (c), by deleting all the words after the word “section 9” and substituting the words— “in— (a) subsection (1)— (i) in paragraph (g), by deleting the word “.” and inserting the word “;”; (ii) by inserting after paragraph (g), the following new paragraphs: “(h) the full name, address, occupa￾tion or status and nationali￾ty or juris￾diction of incorpora￾tion or formation of the per￾son who shall, on 390 No. 15 Miscellaneous Provisions (Global Forum) 2024

the incor￾poration of the company, become a share￾holder or member, whether the person shall be a nominee share￾holder and the full name, address, occupa￾tion or status and nationali￾ty or juris￾diction of incorpora￾tion or formation of the nominator and the number and class of shares or per￾centage of member￾ship inter￾est to be issued to the person; No. 15 Miscellaneous Provisions (Global Forum) 2024 391

(i) the full name address, and nationali￾ty of the person who shall, on incor￾poration of the company, become a beneficial owner; and (j) the basis on which each per￾son shall become a beneficial owner on incorpora￾tion.”; (b) in subsection (2B), by— (i) inserting after the words “secre￾tary of the com￾pany”, the words “or an autho￾rised corporate service provider”; and (ii) inserting after the words “8(2)”, the words “, that the intended 392 No. 15 Miscellaneous Provisions (Global Forum) 2024

activities of the company are lawful;”; and (c) by inserting after sub￾section (2B), the follow￾ing new subsection— “(2C) A person who signs a statement under subsection (2B) shall take all reasonable steps to verify the information contained in the agreement under section 8(2A) before setting out the information in the arti￾cles of incorporation and if he fails to do so he commits an offence.”; (iv) in paragraph (d)— (A) in subparagraph (ii)— (I) in paragraph (a), by deleting the words “within thirty days” and substituting the words “at the time”; and (II) in paragraph (b), by deleting the words “within six months” and substituting the words “within three months”; (B) in subparagraph (iii)— (I) in section (1B)(b), by deleting the words “within forty-five days of such issuance or transfer”; No. 15 Miscellaneous Provisions (Global Forum) 2024 393

(II) by inserting after sec￾tion (1D), the following new sections: “(1E) The issuance of the shares or member￾ship interest to the persons named in the articles of incorporation of the company becomes effective on the date shown in the certificate of incorporation issued by the Registrar in respect of that company and the shares or membership interest are deemed issued accordingly and their particulars shall be entered in the register of members to be prepared by the compa￾ny in accordance with section 177. (1F) Where a person has, prior to the commencement of this subsection, acted on behalf of another as a nominee shareholder the nominee shareholder shall, within fourteen days of the commence￾ment of this subsection, submit a statement to the company indicating the full name, address, occupation or status 394 No. 15 Miscellaneous Provisions (Global Forum) 2024

and nationality or juris￾diction of incorporation or formation of the nominator. (1G) Where a state￾ment is submitted to a company under this subsection the company shall enter the name of the nominator in the register of members as the shareholder in respect of the share or shares held by the nominee and within thirty days from the receipt of the statement deliver to the Registrar a return in the pre￾scribed form accompa￾nied by the prescribed fee. (1H) Where a company fails to comply with subsection (1F) and (1G), the company and every director and officer of the company who is in default, commit an offence and are liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (1I) A nominee that fails to comply with No. 15 Miscellaneous Provisions (Global Forum) 2024 395

subsection (1F) and (1G), commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (1J) Sections 33(1B) to 33(1H) shall not apply to companies publicly traded on the stock exchange.”; (v) by deleting paragraph (q) and substituting the following new paragraph: “(q) by repealing section 329(1) and substituting the following new section: 329. (1) Where an external compa￾ny ceases to carry on business in Trinidad and Tobago, the exter￾nal company shall, within thirty days of such cessation and on payment of the prescribed fee, file a notice with the Registrar spec￾ifying, inter alia, the date on which it ceased opera￾tions and the particulars of the legal and benefi￾cial owners of the 396 No. 15 Miscellaneous Provisions (Global Forum) 2024 “Filing of notice on cessation of external company

external company and such notice shall be certified by a director or officer of the external company or an authorised corporate service provider, and the Registrar shall thereupon cancel the registration of the external company under this Act.”; (vi) in paragraph (v), in subsection (2) in the definition of “beneficial owner” in the chapeau, by deleting the words “in the case of a company or external company listed on a regulated market that is subject to disclosure require￾ments which ensure adequate transparency of ownership infor￾mation” and substituting the words “reporting entities under section 4 of the Securities Act”; (vii) paragraph (w)— (A) in subparagraph (i) by deleting subsection (2) and (2A) and substitut￾ing the following new subsection: “(2) A company shall submit a return in the prescribed form together with any supporting documentation and prescribed fee to the Registrar– No. 15 Miscellaneous Provisions (Global Forum) 2024 397

(a) within forty-five days of the commencement of this subsection, where a company issued shares prior to or after the commence￾ment of the Companies (Amendment) Act, 2019 and failed to comply with subsection (1) or which was registered pursuant to section 318 of this Act at the time of the commencement of the subsection; (b) within forty-five days of the commencement of this subsection, where a company issued member￾ship interests prior to or after the commencement of the Companies (Amendment) Act, 2019; and (c) at the time of issuance of shares or membership interests, where a company issues shares or 398 No. 15 Miscellaneous Provisions (Global Forum) 2024

membership interests after the commencement of this subsection unless the shares or membership interests were issued under section 33(1A)(a). (B) in subparagraph (iii)– (I) by deleting the word “subsection” and substituting, the words “subsections”; (II) by inserting after sub￾section (6) the following new subsections: “(7) An external company shall appoint a natural person resident in Trinidad and Tobago as an authorised officer of the external company, who shall be responsible for the submission to the Registrar of the return in the prescribed form accompanied by the prescribed fee in respect of the external company. (8) Where an external company fails to comply with sub￾section (7), the external company, every director and officer of the external company commit an offence and are liable on summary conviction to a fine of fifty No. 15 Miscellaneous Provisions (Global Forum) 2024 399

thousand dollars and for every day in which the offence continues, a further fine of three hundred dollars. (9) Within fourteen days of the commencement of this section, every external company registered under this Act at the time of commencement of this section shall appoint its first authorised officer. (10) An external company shall submit to the Registrar a notice of the appointment of the authorised officer within thirty days in the prescribed form together with the prescribed fee. (11) When, after the commencement of this section, any change occurs in— (a) the authorised officer; or (b) the particulars of the authorised officer, an external company shall, within thirty days of the date of the change, submit a notice to the Registrar in the prescribed form setting out the change together with the prescribed fee. (12) A notice under subsections (9) and (10) shall be accompanied by such documents and information, as the Registrar may require. (13) Where an external company fails to comply with subsection (9), (10) or (12) the external company, every director and officer of the external company commit an offence and are liable on summary conviction to a fine 400 No. 15 Miscellaneous Provisions (Global Forum) 2024

of fifty thousand dollars and for every day in which the offence continues, a further fine of three hundred dollars. (14) An external company shall maintain a register of all its authorised officers containing the name, occupation, address, nationality, telephone number, email and other contact details of the authorised officer and the date on which any person became and the date on which he ceased to be the authorised officer of the external company. (15) Where an external company fails to comply with subsection (14), the external company, every director and officer of the external company commit an offence and are liable on summary conviction to a fine of fifty thousand dollars and for every day in which the offence continues, a further fine of three hundred dollars. (16) A person may resign as the authorised officer of an external company by giving not less than thirty days’ notice in writing to the external company of his intention to resign as the authorised officer on the date specified in the notice. (17) Where an external company does not change its authorised officer in accordance with subsection (9) on or before the date specified in the notice given under subsection (16), the authorised officer may file a notice of resignation as the authorised officer of the external company with the Registrar. No. 15 Miscellaneous Provisions (Global Forum) 2024 401

(18) An authorised officer of an external company shall maintain the register of beneficial owners of the external company as required by section 337B. (19) An authorised officer shall ensure that the beneficial ownership information of the external company on record at the Office of the Registrar General is current and correct. (20) An authorised officer who fails to comply with subsection (18) and (19) commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years.”; (viii) in paragraph (x) by deleting pro￾posed section 337C and substitut￾ing the following new section: 337C. (1) Where any change occurs in– (a) the beneficial ownership of a company; or (b) the particulars of the beneficial owner or share￾holder beneficial owner, share￾holder member, the company shall within thirty days from the date of the change submit a return in the prescribed form together with any supporting documentation 402 No. 15 Miscellaneous Provisions (Global Forum) 2024 “Require ments re beneficial ownership informa￾tion

and the prescribed fee, to the Registrar. (2) A company shall verify the identity of the beneficial owner by conducting adequate due diligence procedures and update the register established by it for such purpose. (3) For the purposes of this Part in respect of an external company the return shall be delivered to the Registrar by an authorised officer appointed by the external company in accordance with section 337B and the authorised officer shall verify that the information obtained is current and correct. (4) Where a company, required to file a return under this Part within the specified period fails to do so, the company and any director and officer of the company who knowingly and recklessly fails to file the return commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for three years and for every day in which the offence continues, a further fine of three hundred dollars. (5) No right or interest in relation to any share in respect of which a statement is required to No. 15 Miscellaneous Provisions (Global Forum) 2024 403

be made under this section but not made by the beneficial owner shall be enforceable by him or by any person claiming through him. (6) Nothing in this section shall prejudice the right of a shareholder to receive dividends declared by the company. (7) A return under this Part shall contain the prescribed information which shall be current information up to the date of delivery of the return. (8) For the purposes of this section, references to “a company” shall include “an external company. (ix) in paragraph (y)— (A) in section 337D(2), by deleting all the words after the word “Registrar” and substituting the words— “upon— (a) receipt of a return pursuant to section 337C; and (b) the issuance of a certificate of incorporation for a company incor￾porated after the commencement of this section, 404 No. 15 Miscellaneous Provisions (Global Forum) 2024

shall update the register of beneficial owners.”; (B) by deleting section 337DA and substituting the following: 337DA. For the pur￾poses of this Part, the Registrar shall— (a) take reasonable steps to monitor the filings by companies of beneficial own￾ership informa￾tion; and (b) remove from the register such information that proves to be inaccurate.”; (c) in section 5(d), by deleting subparagraph (ii) and substituting the following new subparagraph: “(ii) by deleting subparagraph (d) and substituting the following new paragraph: “(d) where the registration to be affected is that of a firm— (i) the present given name and surname, any former given name or surname, the nationality, the usual residence, the other business occupation (if any) of each of the individuals who are partners, and the corporate name, jurisdiction of incorpo￾ration or formation, No. 15 Miscellaneous Provisions (Global Forum) 2024 405 ‘Registrar General to monitor beneficial ownership informa￾tion

status and registered or principal office of every corporation which is a partner; (ii) the present given name and surname, national￾ity, the latest known address, the occupa￾tion, the date on which any person became a beneficial owner and the basis upon which he was considered a beneficial owner; and (iii) a partnership agree￾ment, if any;”; (d) in section 6— (i) in paragraph (c)(i)— (A) by deleting subparagraph (B) and substituting the following: “(B) by deleting subpara￾graph (iii) and substituting the following: “(iii) the name, occu￾pation, nationality, address, tele￾phone number and email address of each person who is a controller of the non-profit organisation;”; (B) in subparagraph (C)— (I) in subparagraph (vi), by deleting the words “; 406 No. 15 Miscellaneous Provisions (Global Forum) 2024

and” and substituting the words “; (II) in subparagraph (vii), by deleting the word “.” and substituting the words “; and”; (III) by inserting after sub￾paragraph (vii), the following new sub￾paragraphs: “(viii) the name, occupation or status, address, nationality or jurisdiction of incorporation or formation of each person who is a founder of the non-profit organisation; (ix) the name, occu￾pation or status, address, nation￾ality or jurisdic￾tion of incorpora￾tion or formation of each person who is a member of the non-profit organisation; (x) the beneficiaries or class of benefi￾ciaries; and (xi) the basis on which each person is a controller.”; and No. 15 Miscellaneous Provisions (Global Forum) 2024 407

(ii) by deleting subparagraph (d) and substituting the following: “(d) in section 6– (i) in subsection (i)– (A) in the chapeau, by deleting the words “or renewal of registration”; and (B) in paragraph (b), by inserting after the word “rules”, the words “which may be printed, electronically affixed or other￾wise mechanically reproduced”; (ii) in subsection (2), by deleting the words “or renew”; (iii) in subsection (3), by deleting the words “or refuses to renew an application under section 7,”; and (iv) in subsection (5), by deleting the words “or the renewal refused”. Passed in the House of Representatives this 13th, day of September 2024. Clerk of the House 408 No. 15 Miscellaneous Provisions (Global Forum) 2024

Passed in the Senate this 17th, day of September, 2024. (Acting) Clerk of the Senate No. 15 Miscellaneous Provisions (Global Forum) 2024 409 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO—2024