Corporate & Trust Services

The Role of the FSC and the Trust & Corporate Services Industry

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.

 

General Information

  • Who is a Service Provider
    A person pursuant to the Trust and Corporate Services Providers Act, 2017 (the “TCSP Act”) who engages in the business of providing a trust service or corporate service, as set out in sections 14 and 15 of the TCSP Act, as a business in or from Jamaica.

 

  • Types of Service Providers 

There are three types of service providers, as follows who must apply for the related licence from the FSC:

  • Corporate service providers (Individual or Corporate)

 

  • Trust service providers (Individual or Corporate)

 

  • Trust and corporate services providers (Individual or Corporate)

 

  •  Who is a Principal Representative
    An applicant for any licence category, is required to appoint a Principal Representative who is primarily responsible for the affairs of the licensed service provider and is accountable to the FSC

 

How to Apply

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.

Reporting forms for Licencees

Individuals and corporate entities licensed under the Trust and Corporate Services Providers Act, 2017, as amended (the “TCSP Act”) are required to use and file the specified Excel forms. Guides are available for Forms 13 and 14 to assist persons in completing the same.

Renewals

RENEWAL OF A LICENCE OR REGISTRATION

 Individuals and corporate entities licensed under the Trust and Corporate Services Providers Act, 2017[1] 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.

Portal

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.

Applicants for a Licence

Please see listing here

Licensed Entities / Individuals

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