Seychelles News: End of grandfathering provision for companies with special licences and other licensees
Article Published on August 3, 2021
The Seychelles Financial Services Authority (FSA) issued a circular on 30 June 2021 (Circular No. 17 of 2021) to remind licensees of the cessation of the grandfathering provision for the following entities as from 1 July 2021:
i. Companies issued with a special licence under the Companies (Special Licences) Act
ii. Non-domestic insurers licensed under the Insurance Act
iii. Export services licensees under the International Trade Zone Act
iv. Licensees under the Securities Act
v. Fund administrators under the Mutual Fund and Hedge Fund Act
The cessation of the grandfathering provision is in line with the legislative amendments made in 2018 as summarized in the table below:
Please click here to access the circular issued by the FSA.
If you would like to assess the impact of the legislative changes on your current/impending structures and/or if you wish to receive more information on how to meet the Substantial Activity Requirements, please write to Mr. Sebastien Levantard on: slevantard@intercontinentaltrust.sc
