Non Financial Business Policies Guidelines

Registration

Applicable Businesses and Professions

The following businesses and professions are required to register with the Financial Services Commission as the Supervisor of Designated Non Financial Businesses and Professions.

• A person who by way of business
  • Provides accountancy or audit services or
  • Acts as a real estate agent
• An independent legal professional
• A high value dealer

Businesses and Professions are required to be registered before they can carry out the supervised activity. A business or profession supervised by the Commission, which continues to carry out a supervised activity without being registered as required will be in breach of the Regulations and may be subject to civil penalties or prosecution.

Registration with the Commission will enable the Supervisor to provide support to:

• Communicate obligations imposed by the Regulations.
• Issue targeted guidance to businesses.
• Monitor compliance with the Regulations.
• Take appropriate enforcement action.

Deadline

The initial registration timetable requires all Applications to Register to be submitted to the Commission no later than 28th June 2013.

Continuing Registration (renewal and new business)

Subsequent to the initial submission, registration is an on-going process. Renewals of existing successful applications will take place on the third anniversary of the original approval, i.e. Registration is valid for a three year period.

All individuals and businesses are required to register as soon as they begin to provide the services designated for their business or profession.

If at any time after registration there are material changes to the information supplied as part of the application, or it becomes apparent that there is a significant inaccuracy in the details provided, the business must notify the Commission within 30 days of the changes occurring or the inaccuracy being discovered.

If a business does not notify the Commission of any material changes or inaccuracies in the details provided for registration, it will be in breach of the Regulations and may be subject to civil penalties or prosecution.

Registration Procedure

• Applicants for registration must complete and submit a paper copy of the Application to Register. The form may be prepared electronically and printed.
  • Applicants are strongly advised to refer to the Guidance Notes provided.
  • See also the separate section; Supporting Documents.
• An advance copy of the Application to Register may be submitted by email to the address dnfbp@tcifsc.tc
• A signed paper printed copy of the Application to Register together with supporting documents must be delivered by hand to either the Providenciales or Grand Turk offices of the Commission.

Supporting Documents

The Application to Register and the Guidance Notes describe the documents which must be provided to verify information.

Every effort will be made by the Commission to reduce the amount of verification documentation which must be provided, wherever possible, by utilising information and documentation already provided or available to the Commission.

Documents which must be submitted as verification must be certified by one of; a Notary Public, Justice of the Peace, or Commissioner of Oaths, as a true copy of the original.

Receipt of Registration Application by the Commission

The Commission undertakes to acknowledge receipt within two working days of receiving the Application to Register.

The Commission will advise by a letter to the applicant within 30 days of receipt, of the outcome of the application unless additional information is requested. The response shall be one of:

• Registration Confirmed.
• Registration Refused.
• A request for further information or documentation. (In such cases the Commission shall keep the applicant advised of progress).

Refusal of a request for registration

A refusal of the Application will be in written form and will state the grounds for refusal.

The grounds upon which the Commission may refuse an Application for Registration are one or more than one of the following criteria:

• The applicant does not comply with Regulation 25.
• The applicant fails to provide any information or documents required by the Supervisor under Regulation 25 (3)

The Supervisor is of the opinion that –

• The applicant does not intend to carry on the relevant business for which it seeks registration.
• The business or any of its directors, senior officers or owners does not satisfy the Supervisors fit and proper criteria.
• It is contrary to the public interest for the business to be registered.

For full details of grounds for refusal please refer to the Regulations.

Registration Refused: Right to Appeal

In the event that an Application to Register is refused, the applicant may submit an appeal addressed to the Managing Director of the Commission, and submitted by email to: dnfbp@tcifsc.tc

Fees

There is a one-time registration of $150.00 for each application.

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