Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697632058164.pdf (Antigua and Barbuda)
FINANCIAL SERVICES REGULATORY COMMISSION IBCs & Corporate Management & Trust Service Providers Division Theme: Reflecting on the Past, Charting a Course for the Future Issue No.

1, 2019 a doubt causing decision makers to review legal and regulatory platforms in an effort to preserve core business values and remain competitive on the global stage.

Critical to this, is the need to foster stronger strategic partnerships with stakeholders to create the right synergies and move the jurisdiction forward.
It is our intention that this newsletter will set the tone for meaningful information sharing, paving the way for greater collaboration as we seek to restore Antigua and Barbuda as a major financial services sector.

Update on Legislation: During the year 2017 the Law (Misc.

Amendment) (No.

2) Act, 2017 was passed giving effect to several pieces of legislations to mandate the submission of companies’ beneficial ownership and control information to the Commission.
This amendment was implemented in August 2018 after important discussions with sector partners.

The Commission is pleased to report a high compliance rate in terms of information received from all licensed corporate service providers.
These provisions also have implications under the International Trust Act, 2008 and as such - 1 - Introductory Note: The IBCs & Corporate Management & Trust Services Providers team of the Financial Services Regulatory Commission (Commission) is pleased to welcome our readers Reflecting on the Past, Charting a Course for its 2019 Newsletter under the theme, to the Future.
Over the years Antigua’s offshore financial services industry has evolved arguably for several reasons such as keeping abreast with changing developments in what seems to be an ever-changing international environment.

Regional and global influencers are without INAUGURAL EDITION ISSUE NO.

1 DECEMBER, 2019 submissions attesting to the beneficial and Barbuda will be taxed in accordance with ownership and control of international trusts the Income Tax Act.
Additional information on should also be submitted by the end of the first Corporate Management The requirements are quarter annually.

and Trust Service Providers Act, 2008 (As applicable not only the Amended); but, also the following legislations which are administered by the department: • The International Trust Act, 2007; • The International Foundations Act, 2007; and • The International Limited Liability Companies Act, 2007.
• Tip: Beneficial ownership and control information should be secured as part of the reinstatement process for older or legacy companies.

In these cases, and where the information was previously outstanding, the attestations may be submitted the Commission when reinstating the company.

to the procedure will be provided in due course.


Statistical Update: A summary of IBC activities relative to the incorporation, reinstatement and dissolution of companies during the period 2017 to 2019 (YTD) is provided below.

Chart 1: IBC Incorporations, 2017 - 2019 (YTD) 200 150 100 50 0 -50 2017 2018 2019 Incorp.

151 -6.62% 141 -34.04% 93 Chart 2: IBC Reinstatements, 2017 - 2019 (YTD) 100 80 60 40 20 0 -20 2017 2018 2019 Update on Legislation Cont’d: Reinstate.
62 25.81% 78 -7.69% 72 Amendments) Act, 2018, No.

26 of 2018 was Chart 3: IBC Dissolutions, 2017 - 2019 (YTD The Law (Misc.

passed on December 20, 2018.

Service providers should note carefully the amendment to Section 4 of the IBC Act which makes provision for a corporation to invest in, trade with or provide services to persons within the Antiguan jurisdiction provided that the prescribed conditions are met.
A corporation that registers and conducts business with residents of Antigua INAUGURAL EDITION ISSUE NO.

1 DECEMBER, 2019 80 60 40 20 0 -20 2017 2018 2019 Disl'tions 44 56.82% 69 -56.52% 30 - 2 - Did you know… When a corporation has been dissolved, a corporate service provider may apply to the Commission to have the corporation revived in accordance with Section 315 of the IBC Act.

For more information, please inquire with your IBC administrator.
Eye on Cyber Security Risk: Emergent technological developments have brought about new financial technologies such as Blockchain and developments in crypto- currencies.

Increasing interest in new technologies is also revolutionizing the way data is managed.

Cloud technology, for instance, is increasingly becoming the modern-day data storage solution, both at the individual and corporate levels, providing file sharing platforms and even data backup solution.

While and the jurisdiction on a whole.


Additional considerations must also be given to the use of third party vendors when service is outsourced as this presents another dimension to the potential risks that could be imposed on outsourcing companies.

Adverse third party behavior could have rebounding effects on the reputation of the entire jurisdiction which could grow exponentially without the right due diligence and operational controls.
Against this backdrop, steps must be taken to ensure that the nature and extent of cyber security risk is well understood and adequate policies are developed and integrated into the internal control framework.
Service providers and persons having responsibility for customer data must be mindful of the following considerations, which are not exhaustive:  convenient, this has implications for regulators Data, whether physical or in digital format, and service providers as the inherent cyber must be securely held; and reasonable steps security risk may lead to strategic and must be taken to ensure:- reputational exposures.

As evidenced by the 1.


Understanding of the cyber or recent Panama Papers of 2016, cyber-attacks information security risk is well such data hacks can potentially undermine the understood from the Board level to create reputation of organizations and create loss of a ‘top-down’ culture and to ensure business due to the erosion of confidence.

suitable investment is made in mitigating Accordingly, these developments which can techniques; extend across several jurisdictions must be given 2.
Security against theft and unauthorized sufficient attention, at all levels, to ensure that access; risks are properly identified and well managed to limit exposures to the safety, soundness and 3.

4.

Security against loss or destruction; and Implementation of a robust backup and creditability of financial institutions, customers, INAUGURAL EDITION ISSUE NO.

1 DECEMBER, 2019 contingency plan.


- 3 - Along with the above, service providers should consider documenting strategies being implemented to manage cyber security risk exposures as part of their governance an internal control framework.

Attention should be given to ensuring that cyber security risk management function, as well as IT, are subjected to periodic testing/audit, by the right expertise, to maintain efficiency, especially when the service is outsourced.
IN THE SPOTLIGHT: IN THE SPOTLIGHT – Kelton O. Benjamin KELTON O. BENJAMIN joined the department in late 2018 to give support to the IBC functions.

He brings with him a wealth of technical skills as a Certified Microsoft Office Specialist, a Certified Anti- Money Laundering Specialist and other professional disciplines together with long standing experience of 17 years within the Commission, having previously been assigned to the Legal and Research Department.
Mr. Benjamin has also quickly established himself as a shining light within the department and exemplifies himself as a strong team player.

His can-do spirit and friendly disposition The Commission, through membership with the Group of International Finance Centre Supervisors (GIFCS) continues to strengthen synergies with international finance markets in its bid to maintain a first class regulatory platform apace with major financial services centers.
To this end, the Manager of IBCs & CMTSPs, Mrs. Bunny Govia-Butler, and Regulatory Team Support, Mr. Lauckland Joseph, were assigned, through a one week short term attachment, to the Guernsey Financial Services Commission in August, 2019.

Guernsey was recently recognized as the best specialized offshore jurisdiction in the world, according to The Banker’s 2018 ratings.
This attachment allowed the Commission to increase awareness of other regulatory platforms used by key partners in the international market and presented opportunities that will be beneficial in several ways; such as strengthening the current risk- makes him a valuable and formidable member of the based supervisory framework through team.

INAUGURAL EDITION ISSUE NO.

1 DECEMBER, 2019 upcoming changes geared at improving regulatory compliance.
- 4 - IN THE SPOTLIGHT: Lauralee joined the Financial Services Regulatory Commission in September 2019.

She leads the legal team which provides advice to Senior Management and impacts of the Board of Directors on the regulatory and supervisory policies and actions of the Commission and oversees the review, implementation and amendment of financial services legislation.
legal Prior to joining the Financial Services Regulatory Commission, Lauralee worked as the Judicial Assistant to the Resident High Court Judge in the British Virgin Islands during the period 2005 to 2009.
Thereafter, she spent a total of nine years working at two of the BVI’s leading offshore financial services providers in the Private Wealth and Private Clients Department as a Senior Trust Officer and Senior Account Executive, providing a wide range of corporate, trust and fiduciary services individuals, multinational corporations, banks and other financial institutions.
She also gained significant experience in trusts, the establishment and administration of managed companies, private trust companies and succession of BVI company shares.

net worth ultra-high to Lauralee is a UK qualified Barrister and has been admitted to the Bar of England and Wales, Antigua and Barbuda and the British Virgin Islands.

She also holds a Legal Education Certificate from the University of the West Indies, Mona, Jamaica.
Did you know… For estate planning and other asset protection purposes, an International Trust may be easily registered with the Commission pursuant to Section 17 of the International Trust Act, 2007.

For more information, please IBC administrator.
inquire with your authentication access attack backup crime data encryption firewall hacker identity information internet malware network online password phishing privacy protection ransomware spam spyware threat update virus vulnerability wifi INAUGURAL EDITION ISSUE NO.
1 DECEMBER, 2019 - 5 - _____________________________________________ _____________________________________________ The Road Ahead 2020: The Corporate Management and Trust Services Act will be reviewed in with the aim of strengthening the regulatory framework through the introduction of administrative fines and other amendments.

Commission’s website, as well as the conduct of onsite reviews to test compliance with regulatory requirements.
A critical part of our plans going forward will involve the corporate management and trust services sector; as such, we invite you to send your comments The department also intends to renew focus on to registryandCMTSP@fsrc.gov.ag.

It is our plan the implementation plan of other legislation to present the department’s newsletter on a currently within its purview.

In keeping with its periodic basis.


If you would like to contribute to commitment to provide continued regulatory this publication, please feel welcomed to indicate support, information will be made available your interest as soon as possible or by May 30, through the publication of circulars, the 2020.

INAUGURAL EDITION ISSUE NO.

1 DECEMBER, 2019 - 6 - Inspirational Quote – “Our deepest fear is not that we are inadequate.

Our deepest fear is that we are powerful beyond measure.
It is our light, not our darkness that most frightens us.

We ask ourselves, 'Who am I to be brilliant, gorgeous, talented, fabulous?'

Actually, who are you not to be?

You are a child of God.

Your playing small does not serve the world.

There is nothing enlightened about shrinking so that other people won't feel insecure around you.

We are all meant to shine, as children do.

We were born to make manifest the glory of God that is within us.

It's not just in some of us; it's in everyone.


And as we let our own light shine, we unconsciously give other people permission to do the same.

As we are liberated from our own fear, our presence automatically liberates others.” Marianne Williamson The Directory CORPORATE & TRUST SERVICE PROVIDERS AND HOLDERS OF EXEMPTIONS 1.

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AIT MANAGEMENT SERVICES (2001) LIMITED Romell Tiwari, Indranie Tiwari aitmsltd@usa.net APN CORPORATE AND MANAGMENT SERVICES LTD. Ayedele Warner/Marva Isaac apncorporate@gmail.com; ANTIGUA CORPORATE MANAGEMENT SERVICES LIMITED (Exempt) Billie Yhap byacms@gmail.com; CC (ANTIGUA) LIMITED Louise Geiger wardl@candw.ag CMT CORPORATE SERVICES LIMITED Alice Roberts, Clovis Grant cmt@candw.ag CMT INTERNATIONAL LIMITED Alice Roberts cmt@candw.ag COMPANY MANAGEMENT (ANTIGUA) LTD. Septimus Rhudd, lawrhudd@candw.ag CORPORATE & TRUST SERVICES (CARIBBEAN) LIMITED thomasa@candw.ag or www.caribcats.com CORPORATE SERVICES LIMITED Erwin Southwell erwin.southwell@ag.gt.com DAMIEN BENJAMIN (Exempt) Damien.benjamin@gmail.com JACQUELINE WALWYN (Exempt) walwyn@candw.ag or lawcottage@candw.ag JASMINE BENJAMIN (Exempt) jasminerox.benjamin@gmail.com JERAD INC. Septimus Rhudd; lawrhudd@candw.ag 2.
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NAUTICAL MANAGEMENT SERVICES LIMITED Denise Gardiner nmt@candw.ag Web.
: www.nauticalmanagement.com FITZGERALD MANAGEMENT AND TRUST SERVICES Sharilyn Cort shaye2@hotmail.com or cortast@candw.ag STACY RICHARDS-ROACH Stacy Richards Email: sroach@antigualaw.com THE BIRD LAW FIRM Clement Bird, Desire Irish birdc@candw.ag Website: www.thebirdlawfirm.com WARD ASSOCIATES (ANTIGUA) LIMITED Louise Geiger donward@candw.ag or louise@wardassociates.co NMT INTERNATIONAL LIMITED Denise Gardiner nmt@candw.ag Website: www.nauticalmanagement.com LOUISE GEIGER donward@candw.ag or louise@wardassociates.co DONALD WARD donward@candw.ag O.S.
LIMITED Radford Hill r.hill@lawhillandhill.com d.shaw@lawhillandhill.com MYRVIN DAVIS (Exempt) myrvin.davis@gmail.com VANETTA C. RODGERS (Exempt) vcrodgers@avcocorp.com EMMANUEL BANGAWAN 732 – 3185; Fax: 462-5234 MARIAN BARBARA HESSE (Exempt) hesse@bhesseandassociates.com INAUGURAL EDITION ISSUE NO.

1 DECEMBER, 2019 - 7 -