PRELIMINARYInternational Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024
PRELIMINARYInternational Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024
Regulation 4 - Procedure for grant of certificate of registration
International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024 Chapter II REGISTRATION OF FACTORS
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Factoring registration requires finance-company authorisation, competent personnel, infrastructure, fitness, financial soundness, and absence of legal-breach proceedings. Factoring business in an International Financial Services Centre requires a Factor, unless statutorily exempt, to apply for a certificate of registration. ... Summary
Factoring registration requires finance-company authorisation, competent personnel, infrastructure, fitness, financial soundness, and absence of legal-breach proceedings.
Factoring business in an International Financial Services Centre requires a Factor, unless statutorily exempt, to apply for a certificate of registration. Eligibility requires Finance Company registration, relevant factoring experience, adequate or proposed infrastructure and manpower, fit and proper status, financial soundness, and no judicial proceedings for breach of law. Earlier factoring certificates are deemed granted under these regulations, and registered Factors must commence business within six months of registration.
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