Notice is hereby given to licensees of the International Financial Services Commission (the “Commission”) that the transition period for licensees to comply with the fully paid-up and unimpaired capital requirement (the “capital requirement”) as set out in the Second Schedule of the International Financial Services Commission (Licensing) (Amendment) Regulations, 2016 (the “Regulations”) has expired.
A Licensee that has not yet satisfied the Commission that it has fully complied with the capital requirement is required to submit documentary proof demonstrating compliance with the capital requirement. In this request, proof of compliance may consist of any of the following: