Applying for an Amendment (Material Change)
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 approval from the Commission for certain updates to their license. Most changes within your business structure must culminate in an update to your records with the FSC.
There are two main categories of changes which include the Duty to Notify and the Duty to Obtain Approval.
PROCEDURES TO APPLY
The requested changes must meet certain requirements and the assessment criteria as set out in its respective guidelines for review and assessment, including information held by regulatory authorities. Thereafter a determination will be made on the final decision of the application.
1. Duty to Notify: refers to any changes relating to your registration where the licensee is required to immediately notify the FSC upon the occurrence of said changes.
| Application to Notify |
||
|
||
2. Duty to Obtain Approval: refers to any changes that requires written approval from the FSC prior to certain changes relating to registration.
| Application to Obtain Approval | ||
|
||