Types of Material Changes/Authorisations
Under the Financial Services Commission Act (‘FSCA’), persons licensed by the Commission must comply with the notification and approval requirements outlined in Section 37 and 38. These provisions establish a duty to notify or seek prior written approval from the Commission for certain updates to their license.
Duty to Notify changes relating to registration (S. 37 FSCA):
| No. | Service |
| 1. | Address for service; |
| 2. | Contact information, including email address, phone contact, or registered & postal addresses; |
| 3. | Principal place of business; |
| 4. | Insurance coverage; |
| 5. | Attorneys and corporate officers; or |
| 6. | Registered office or registered agent. |
Duty to Obtain written Approval of the FSC for certain changes (S. 38 FSCA):
| No. | Service |
| 1. | Merging with another licensee or other entity; |
| 2. | Issuing, transferring, or otherwise disposing of shares in a company or partnership licensed under this FSC Act; |
| 3. | Appointing any director of a company licensed under the FSC Act; |
| 4. | Adding to or reducing the shareholders of a company licensed under the FSC Act; or |
| 5. | Making any change to auditors. |