The Financial Services Commission (FSC) has introduced a new authorised bank signatory regime for Global Business Corporations (GBCs) through an amendment to the Guidelines for Management Companies.
The amendment introduces a new paragraph 9.2, which requires that the authorised signatories of each bank account operated by a GBC include at least one officer of the Management Company.
🔍 Key Requirements
• Effective date: 19 June 2026
• Every GBC bank account must include at least one officer of the Management Company as an authorised signatory
• The designated officer:
• May be a resident director appointed pursuant to Section 71(3)(b)(i) of the Financial Services Act
• Must be an approved officer under Section 24 of the Financial Services Act
📌 Transitional Period
• Existing GBCs have a transitional period of three (3) months from 19 June 2026 to comply with the new requirement
• Banking mandates and signatory arrangements should be reviewed and updated where necessary
⚠️ Regulatory Implications
Failure to comply with the new authorised bank signatory requirement after the transitional period may result in regulatory action by the FSC.
💡 What this means
Management Companies and GBCs should assess their existing banking arrangements as soon as possible and engage with their banking institutions where amendments to mandates or signatory structures may be required.
Early planning will help avoid delays and ensure compliance within the prescribed timeframe.
Access the full communiqué here: communiqué_new-authorised-bank-signatory-regime.pdf
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