Belize: Changes legislation of Bearer Share Certificates

The International Financial Services Practitioners (Code of Conduct) Regulations of Belize has been amended and now requires that “A registered agent shall at all times retain physical possession of the bearer shares certificate, whether he deals directly with the end-user customer or with a professional intermediary customer.”

This amendment came into force on January 1st, 2013, although was not well publicized by the Belize government. In any event, there are transitional provisions to allow for the gradual phasing in of this new requirement, as follows:

1. On the commencement of these Regulations, every registered agent who deals with a professional intermediary customer shall require such professional intermediary customer to forward to the registered agent any bearer shares certificate retained by such professional intermediary within one month of the commencement of these Regulations or as soon thereafter as posible.

Where a professional intermediary customer refuses or fails to comply with a request made under the sub regulation (1) above, the registered agent shall immediately resign as the registered agent for such company and the company shall be struck off from the Register of the International Business Companies.