As mentioned in our Newsletter on the Finance Act 2018, with the enactment of the Financial (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018"), the Financial Services Commission (FSC) will no longer issue Category 1 Global Business Licence (“GBL1") as from 1st January 2019, and there will be only one type of Global Business Licence issued by the FSC, which will be known as the Global Business Licence (“GBL").

Furthermore, the Category 2 Global Business Licence (“GBL2") is now no longer being issued by the FSC, but there is a new company known as the “Authorised Company".

ITL issued the following newsletters based on the guidelines received from the Financial Services Commission, if you have not received same please click on the links to access:

• New Rules for Authorised Companies

• New Substance Requirements for Global Business Companies