THE ROLE OF THE FSC AND THE TRUST & CORPORATE SERVICE INDUSTRY
The Financial Services Commission (the “FSC”) has responsibility for the licensing and the ongoing supervision of individuals, firms, and corporate entities that provide corporate and/or trust services under the Trust and Corporate Services Providers Act, 2017 (the “TCSP Act”) and the Trust and Corporate Services Providers (Licensing and Operations) Regulations, 2022, both of which were brought into effect on April 25, 2022. The FSC has also been designated as the Competent Authority with respect to persons who provide a trust service or a corporate service.
The ongoing supervision of all individuals and entities licensed as a corporate and/or trust services provider. involves determining each licensee’s compliance with their continuing legal obligation, providing proposals for the further development of related legislation, and supporting the development of the sector through a risk-based approach that inter alia:
(1) incentivizes the maintenance of high standards of conduct, ethics, and competence in the provision of services.
(2) protects the reputation of Jamaica.
The RCTS will conduct ongoing assessments of trust and corporate service providers through the collection and analysis of data to identify and monitor risks, improve practices in the TCSP sector and pursue any misconduct. Compliance by licensees with legal and regulatory requirements will be promoted through off-site and on-site examinations, bulletins, guidelines, and other publications, and where appropriate, referrals for enforcement action.
Bulletins, guidelines, discussion papers, and other publications are issued by the FSC from time to time to assist new applicants, registrants, and licensees, and also the public to understand statutory provisions and related requirements as well as applicable supervisory policies.
There are three types of service providers, as follows who must apply for the related licence from the FSC:
Purpose of Making an Application
Under the Trust and Corporate Services Providers Act, 2017, as amended (the “TCSP Act”), a corporate service provider, a trust service provider, or a trust and corporate service provider must be licensed in order to provide or hold himself out as capable of providing a corporate service or a trust service in or from Jamaica. Similarly, the principal representative required to be appointed by an applicant for the grant of a licence, must be registered.
RENEWAL OF A LICENCE OR REGISTRATION
Individuals and corporate entities licensed under the Trust and Corporate Services Providers Act, 2017 are required to use the specified Excel form (Form 4) when making payment of the applicable annual renewal fees set out in the First Schedule of the TCSP Act.
Welcome to the Online Submissions Portal page.
This portal page is intended to allow individuals and corporate entities to submit various applications, notifications, and returns to the Financial Services Commission (“FSC”) electronically.
The portal is currently not available. We, therefore, ask that the submission of applications for registration or licensing, and other documents be sent to the FSC via the other modes, and also in keeping with other instructions, specified in the relevant forms and guides.
Please see listing here