Amended SIBL Excluded Person Registrations and Renewal Forms (2019-02-01)

Summary

This is a CIMA General Industry Notice dated 1 February 2019 announcing updates to two REEFS forms used under the Securities Investment Business Law (2015 Revision, SIBL): the Application for SIB Excluded Persons form (APP-101-28-02) and the Renewal of a SIB Excluded Person form (APR-102-28-02). The notice explains that both forms now require significantly more information, largely relating to beneficial ownership, corporate structure and AML/CFT governance.

Entities applying for, or already registered as, an SIB Excluded Person must now supply the following additional details:

• Prior names
• Client lists
• Directors, principals and managing members
• Senior officers
• 10%+ shareholders, with personal questionnaires
• Corporate shareholders and their ultimate beneficial owners, with personal questionnaires
• Registers of directors and members/UBOs
• A pictorial organizational chart showing affiliates and their regulators
• Details of a Deputy Money Laundering Reporting Officer, and optionally a Deputy AML Compliance Officer, each with a CV

The notice also sets out transitional timing. Entities seeking new registration as an SIB Excluded Person as at 1 January 2019 who need more time to gather the new information, and entities due to submit their 2019 Renewal Form, were required to act by 31 January 2019 — either by submitting the renewal form or by notifying the Authority that additional time was needed.

Key obligations

• Entities applying to register as an SIB Excluded Person must complete the updated APP-101-28-02 form including the newly required information (prior names, client lists, director/officer/shareholder details, UBO details with personal questionnaires, registers, organizational chart, D-MLRO/D-AMLCO details).
• SIB Excluded Persons renewing their registration must complete the updated APR-102-28-02 Renewal Form including the same categories of additional information (items d through m).
• SIB Excluded Persons must submit the 2019 Renewal Form to the Authority no later than 31 January 2019 to continue their registration.
• Entities seeking new registration as at 1 January 2019 that need more time to provide the additional required information must notify the Authority of this by 31 January 2019.
• Entities requiring additional time to submit the Renewal Form must request this from the Authority prior to 31 January 2019.

Applies to

SIB Excluded Persons, entities applying for registration as an SIB Excluded Person under SIBL

Deadlines

• 31 January 2019: Deadline for submission of the 2019 Renewal Form (APR-102-28-02) for SIB Excluded Persons seeking to continue their registration.
• 31 January 2019: Deadline for entities seeking new registration as at 1 January 2019 to advise the Authority if they need more time to provide the newly required additional information.
• prior to 31 January 2019: Deadline by which a request for additional time to submit the Renewal Form must be received by the Authority for it to be considered.