Finance Company definitions distinguish incorporated entities and branches while restricting public deposits and Banking Unit registration. Finance Companies and Finance Units may undertake permissible financial activities but must not accept public deposits from residents or non-residents or ... Summary
International Financial Services Centres Authority Act, 2019
Finance Company definitions distinguish incorporated entities and branches while restricting public deposits and Banking Unit registration.
Finance Companies and Finance Units may undertake permissible financial activities but must not accept public deposits from residents or non-residents or be registered as Banking Units. Finance Companies are separately incorporated entities, whereas Finance Units are permitted branches. Public deposits include demand-repayable and term-deposit amounts. Owned fund is calculated from qualifying capital and reserves after specified exclusions and deductions. Aircraft and ship leases include operating, financial and hybrid lease arrangements. Undefined terms adopt meanings assigned under applicable governing and company law.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.