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Belize declares moratorium on licences to trade in securities

Chris Hamblin, Editor, London, 13 October 2017

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Belize's International Financial Services Commission has imposed a six-month moratorium on the granting of new licences in trading in financial and commodity-based derivative instruments and other securities, known as 'no 7 licences.'

The IFSC (the Belize government agency responsible for financial regulation, set up in 1999) might extend the moratorium if it sees fit. It will, of course, consider no licence applications or grant any licences during the period, which began at the end of last month. This moratorium applies only to this category of licence issued by the IFSC.

The IFSC is also new obligations on licensees that hold no 7 licences. They must now all complete a 'declaration of compliance' to certify to the IFSC that they have operated and continue to operate within the standard conditions for holding such licences. The first such certification is due within one (1) month of receipt of an order from the IFSC that asks for it and annually (within 90 days of the end of the calendar year) thereafter. A senior person at each licensed firm, preferably a director, must sign. He must make the declaration under oath and it must be notarised and apostilled, i.e. a marginal annotation or note.

The accuracy of each declaration is subject to confirmation by the IFSC during an on-site review at a licensee's premises or through routine off-site surveillance. Should the IFSC find that the declaration is false or that the licensee has failed to comply with any of the standard conditions, disciplinary action might include the revocation of the licence.

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