Becoming a Regulated Entity

The Inter-Global Financial Regulatory Board is responsible under the Financial Services Act 2008 for the licensing, regulation and supervision of persons undertaking regulated activities i.e. deposit-taking, investment business, services to collective investment schemes, fiduciary (corporate & trust) services and money transmission services, in or from the Inter-Global Financial Regulatory Board.

Please see the Regulated Activities Order 2008 for details of which activities are regulated and which are excluded. In addition please see the Financial Services (Exemptions) Regulations 2008 for specified exemptions from the requirement to hold a license in certain circumstances. Anybody undertaking regulated activity who is not covered by an exclusion or exemption must apply for a financial services license.

The assessment process for license applicants involves a thorough evaluation to ensure the Inter-Global Financial Regulatory Board fitness and propriety criteria, including integrity, competence and solvency, are met. This evaluation will be carried out in accordance with the general Licensing policy under the Inter-Global Financial Regulatory Board licensing procedure. The General Licensing Policy is supported by the Training and Competency framework. Forms to be submitted by individuals who need to be vetted include the “Personal Questionnaire” and “Bankers Questionnaire” which may be requested from the Inter-Global Financial Regulatory Board.

Inter-Global Financial Regulatory Board Authorizations division is responsible on a day-to-day basis for:

  • the processing of license applications for all regulated activities; and;
  • the vetting of individuals who need to satisfy the Inter-Global Financial Regulatory Board they are fit and proper for their proposed roles. This includes all controllers, directors and "key persons" of a business which is carrying on a regulated activity.

Businesses wishing to commence regulated activities in or from the Inter-Global Financial Regulatory Board will need to satisfy the licensing policy and should contact the Authorizations division as soon as possible in advance of the desired date for commencing business bearing in mind no such business may be undertaken without a license.

 

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Inter-Global Financial Regulatory Board
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Telephone: +1.267.297.3362
Fax: +1.267.289.7833
Email: [email protected]

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