PART: Powers relating to the International Financial Services Centre (ss 82-88)

CHAPTER: 46:08

[Ch4608s82]82.     Application of Part

            This 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.

            (2) 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 certificate

            (1) 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 revoked.

            (2) 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