The Financial Services Commission has announced an extension of the transitional period for implementation of the new authorised bank signatory regime applicable to Global Business Corporations (GBCs).
When the regime was introduced earlier this year, existing GBCs were given three months from its effective date of 19 June 2026 to bring their banking arrangements into compliance.
The FSC has now extended this transitional period to six months from the effective date of Paragraph 9.2 of the Guidelines for Management Companies.
The underlying requirement remains unchanged: the authorised signatories of each bank account operated by a GBC must include at least one officer of the Management Company, who must be an approved officer under section 24 of the Financial Services Act.
The extension provides Management Companies and GBCs with additional time to review and update their banking mandates and signatory arrangements.
Navigating Compliance. Managing Risk. Differently
