Additional Requirements For the Granting of a CIF License
Apart from the share capital requirement, a C|F's head office must be situated on the island and be fully and appropriately staffed. Investment firms' employees must be of good repute and have the necessary skills, knowledge and expertise for performing their assigned responsibilities.
The board of directors of a CIF are required to be comprised of at least two executive and two independent non-executive members. All of the appointed board members must possess the appropriate professional knowledge and industry experience.
It should be emphasized that the two non-executive members are intended to participate on board meetings as independent consultants, in order to be able to provide unbiased advice to executive members and therefore enhance the "four eyes" principle. They are therefore prohibited from being associated with the firms operations in any material way. For exam- ple, someone who is employed by one of the firm's suppliers will be prohibited to act as a non-executive director, for his independence would be compromised.