Financial institution definitions establish the scope of permitted services, transactions, and regulatory oversight within international financial services centres. Financial institutions include companies, firms, associations, bodies of individuals and artificial juridical persons engaged in financial services or ... Summary
Financial institution definitions establish the scope of permitted services, transactions, and regulatory oversight within international financial services centres.
Financial institutions include companies, firms, associations, bodies of individuals and artificial juridical persons engaged in financial services or transactions, including banks, insurers, funds, exchanges and clearing houses. Financial services are activities permitted under applicable legislation, governmental authorisation or regulatory direction. Financial transactions cover payments, receipts, negotiable instruments, security transfers and acknowledgements of debt. Undefined expressions carry the meanings assigned under the Foreign Exchange Management Act, 1999.
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