Regulatory Alerts2024-05-07
Added · Updated
Reliance on Fit and Proper Documents
The Financial Services Commission of Jamaica is discontinuing a pandemic-era policy that extended the reliance period for fit and proper documents from five to seven years. This two-year extension previously applied to registrants, licensees, and specified persons whose compliance documents expired between 2020 and March 31, 2023. The extension will cease to apply effective July 31, 2024, requiring all affected entities to submit updated fit and proper assessments by that deadline.
FINANCIAL SERVICES COMMISSION
39-43 Barbados Avenue P.O. Box 325 Kingston 5, Jamaica, W.I. Telephone: 876-906-3010-2, 906-7264-6 Facsimile: 876-906-3018 Email: inquiry@fscjamaica.org Website: www.fscjamaica.org
March 28, 2024
VIA EMAIL
Dear Registrants/Licensees
Reliance on Fit and Proper Documents
The Financial Services Commission (the “FSC”) hereby advises regulated entities of a change in its policy regarding the period of reliance on fit and proper documents as outlined in item 4.01.1 of the Bulletin Gen-ADVI-21/05-0004: Fit and Proper Assessment By the Financial Services Commission (attached for ease of reference) which states that:
Where the five-year period for relying on the fit and proper documents ... elapses in 2020 or beyond, the period has been extended to seven years in light of the pandemic.
As per item 5.01 of the aforementioned Bulletin, the FSC now advise that the extension of the two additional years, due to the pandemic, for reliance on fit and proper documents for registrants/licensees and specified persons connected with corporate entities whose fit and proper documents expired between 2020 and March 31, 2023, will be discontinued effective July 31, 2024.
If you have any questions or concerns, please contact the Registration, Corporate & Trust Services Division at:
The Financial Services Commission 39 - 43 Barbados Avenue Kingston 5 Telephone: (876) 906-3010-2 Toll free: 1-888-372-4357 E-mail: Registration@fscjamaica.org
Sincerely, FINANCIAL SERVICES COMMISSION
[Signature]
Phillip Chin-See Manager – Registration, Corporate & Trust Services Division
Commissioners: Mr. Richard Byles (Chairman), Mr. Dennis Brown, Mr. Erwin Burton, Mrs. Hillary Robertson, Ms. Kenisha Davis, Dr. Dianna Davis Smith, PhD, Mr. George Roper, Dr. Wayne Robinson, PhD, Dr. Jide Lewis, PhD, Lt Col Keron Burrell, JP, ex-officio (Executive Director)