Belize registered agents shall keep custody of Bearer Share Certificates

By in

belizeThe International Financial Services Practitioners (Code of Conduct) Regulations, 2012 was amended and now it is mandatory for all Belize licensed Registered Agents to retain physical possession of all bearer share certificates at all times. This amendment is effective from January 1st, 2013. The Regulations mention that ‘(1) On the commencement of these Regulations, every registered agent who deals with a professional intermediary customer shall require such professional intermediary customer to forward to the registered agent any bearer share certificate retained by such professional intermediary within one month of the commencement of these Regulations or as soon thereafter as possible. (2) Where a professional intermediary customer refuses or fails to comply with a request made under the sub regulation (1) above, the registered agent shall immediately resign as the registered agent for such company and the company shall be struck off from the Register of the International Business Companies.’