Non-Bank Financial Regulatory Authority - Powers Relating To The International Financial Services Centre (Ss 82-88)

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[Ch4608s82]82. Application of Part


Part applies to a non-bank financial institution that has applied for, or has

been issued with, a tax certificate.

[Ch4608s83]83. Enforcement of IFSC rules

(1) A

non-bank financial institution shall comply with the conditions, if any,

imposed on its tax certificate.


The functions and powers of the Regulatory Authority in relation to a non-bank

financial institution to which this Part applies may be performed and exercised

for the purpose of enforcing Part XVI of the Income Tax Act. Cap. 52:01

[Ch4608s84]84. Power to recommend revocation of tax



The Regulatory Authority may, if it is satisfied that-

(a) a non-bank financial institution has failed

or refused to comply with the conditions imposed on its tax certificate; or

(b) grounds exist for the revocation of a

licence granted to a non-bank financial institution under a financial services

law, recommend to the Minister that the institution's tax certificate be



The Regulatory Authority shall not act in terms of subsection (1) in relation

to a non-bank financial institution unless-

(a) the Regulatory Authority has given the

institution written notice of the proposed action, setting out the reasons for

the proposed action and stating that the institution has a specified period

(within 21 days) to make representations to the Regulatory Authority about the

matter; and

(b) the Regulatory Authority has taken into

account any representations made by or for the institution within that period