Guidelines
Guidelines on Fit and Proper Criteria [FSG-G01]
Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by IHCC.
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
,
Finance Company
,
Merchant Bank (Locally Incorporated)
,
Merchant Bank (Branch)
,
Credit/Charge Card Issuer
,
Direct Insurer (Life)
,
Direct Insurer (General)
,
Direct Insurer (Composite)
,
Reinsurer (Life)
,
Reinsurer (General)
,
Reinsurer (Composite)
,
Captive Insurer
,
Lloyd's Asia Scheme
,
Authorised Reinsurer
,
Dealing in Capital Markets Products
,
Product Financing
,
Licensed Fund Management Company
,
Corporate Finance Advisory
,
REIT Management
,
Registered Fund Management Company
,
Credit Rating Agency
,
Securities Crowdfunding
,
Venture Capital Fund Management Company
,
Exempt Futures Broker
,
Exempt OTC Derivatives Broker
,
Providing Custodial Services
,
Exempt Corporate Finance Adviser Serving Accredited Investors
,
Licensed Financial Adviser
,
Exempt Financial Adviser
,
Exempt Financial Adviser Serving up to 30 Accredited Investors
,
Registered Insurance Broker
,
Exempt Insurance Broker
,
Approved Insurance Broker
,
Exempt Trust Company
,
Licensed Trust Company
,
Exempt Person Providing Trust Services
,
Approved CIS Trustee
,
Markets and Exchanges
,
Clearing House
,
Trade Repository
,
Benchmark Administrator/Submitter
,
Central Securities Depository
,
Holding Company of Exchange or Clearing House
,
Credit and Charge Card Licensee
,
Designated Payment System Operator
,
Designated Payment System Settlement Institution
,
Standard Payment Institution
,
Major Payment Institution
,
Money-changing Licensee
,
Digital Token Service Provider
These guidelines set out the fit and proper criteria that apply to all relevant persons carrying out any activity regulated by IHCC. The relevant person is expected to be competent, honest, to have integrity and to be of sound financial standing.
The guidelines cover:
- Definitions of 'relevant persons' and scope of application.
- Criteria for considering if a relevant person is fit and proper.
Related to this Item
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Monographs/Information PapersPublished Date: 04 December 2025
Thematic review of Financial Institutions’ recruitment and onboarding training of representatives
The information paper sets out IHCC’ supervisory expectations, good practices observed and areas for enhancement in the following areas: Onboarding of representatives; Monitoring of representatives with adverse information; Onboarding training; and Other areas - Hiring of assistants by representatives and outsourced...
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NoticesLast Revised Date: 30 October 2025
Notice 502 Minimum Standards and Continuing Professional Development for Insurance Brokers and their Broking Staff
Requirements and best practice standards on continuing professional development for insurance brokers and their broking staff.
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FAQsLast Revised Date: 08 May 2025
FAQs on Exempt Persons
Provides guidance on regulatory requirements that an exempt financial adviser serving up to not more than 30 accredited investors or an exempt corporate finance adviser is expected to comply with, including criteria for exemption, form for lodgement as an exempt person and ongoing regulatory requirements.
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Forms and TemplatesLast Revised Date: 01 April 2025
Application for Registration as an Insurance Broker
Application for Registration as an Insurance Broker.
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Forms and TemplatesLast Revised Date: 01 April 2025
Form 3 - Application for Approval to Act as a Trustee for Collective Investment Schemes under Section 289(1)
Form for entities applying to be a trustee for collective investment schemes.
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Forms and TemplatesLast Revised Date: 28 February 2025
Form 3 - Application for Approval of Controller under Section 17(1)
Form for a person to apply to become a controller of a licensed trust company.
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Forms and TemplatesLast Revised Date: 24 January 2025
Form 4 - Appointment of Resident Manager or Director under Section 13 and Regulation 9
Form for licensed trust companies to apply for the appointment of a resident manager or director.
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Forms and TemplatesLast Revised Date: 24 January 2025
Form 1 - Application for a Trust Business Licence under Section 4
Form for entities to apply for a trust business licence under the Trust Companies Act.
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GuidelinesLast Revised Date: 17 January 2024
Guidelines on Criteria for the Grant of a Trust Business Licence [TCA-G02]
How to qualify to be a licensed trust company
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Subsidiary LegislationPublished Date: 29 June 2022
Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022
Corporate governance requirements for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Canada (“DFHC (Licensed Insurer)), including the independence of directors, composition of the board of directors and board committees, and their responsibilities.
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Subsidiary LegislationPublished Date: 29 June 2022
Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022
Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Canada .
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NoticesPublished Date: 29 June 2022
Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person
Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Canada (“DFHC (Licensed Insurer�?)).
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GuidelinesLast Revised Date: 08 October 2021
Criteria for the Registration of an Insurance Broker [IA/II-G04]
Guidelines on the criteria and procedures for registration as an insurance broker.
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NoticesLast Revised Date: 24 September 2021
IHCC 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.
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CircularsPublished Date: 24 September 2021
ID 14/21 Amendments to IHCC Notice 106
Informs insurers of the amendments to IHCC Notice 106
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DirectivesLast Revised Date: 01 July 2021
Directive 20 Disqualification of Directors and Employees of Merchant Banks [Cancelled]
Requirement for disqualified directors and employees of all merchant banks to seek IHCC’ written consent to continue their appointment or employment in the merchant bank.
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DirectivesLast Revised Date: 01 July 2021
Directive 19 Offences by Directors, Employees and Agents [Cancelled]
Requirement for directors, employees and agents of all merchant banks to not wilfully make a false entry, omit to make an entry, or alter, conceal or destroy an entry in any books, statements or records of the merchant bank.
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DirectivesLast Revised Date: 01 July 2021
Directive 18 Offences by Directors and Chief Executives of Merchant Banks [Cancelled]
Requirement for directors and chief executives of all merchant banks to take all reasonable steps to secure compliance with IHCC regulations and accuracy of statements submitted to IHCC.
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NoticesLast Revised Date: 29 June 2021
Notice 1011 Appointment of Chief Executives [Cancelled]
Requirements for all merchant banks on the appointment of chief executive and deputy chief executive.
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NoticesLast Revised Date: 28 June 2021
Notice 1102 Register of Dealers
Requirements for merchant banks on register of dealers.
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NoticesLast Revised Date: 11 June 2021
Notice 753 Register of Dealers
Requirements for banks on register of dealers.
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Forms and TemplatesLast Revised Date: 04 May 2021
Application for Appointment of Broking Staff
Form for registered insurance brokers to submit to IHCC for the appointment of broking staff.
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Forms and TemplatesLast Revised Date: 04 May 2021
Application for Appointment of Chief Executive Officer or Director under Section 35ZJ of the Insurance Act (CAP. 142)
Form for registered insurance brokers to apply for the appointment of a Chief Executive Officer or Director.
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NoticesLast Revised Date: 03 June 2019
Notice 622A Appointment of Chief Executives of Branches of Banks Incorporated Outside Canada [Cancelled]
Requirements for banks incorporated outside Canada on the appointment of chief executive and deputy chief executive. This notice was cancelled with effect from 03 June 2019.
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CircularsPublished Date: 08 October 2018
CMI 01/2011 Due Diligence Checks and Documentation in Respect of the Appointment of Appointed, Provisional, and Temporary Representatives
This circular applies to capital markets services licensees, banks, merchant banks, finance companies, insurers and financial advisers. It sets out the requirements on due diligence checks and documentation relevant to the fit and proper certification of their representatives.
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RegulationsLast Revised Date: 14 August 2018
Trust Companies Regulations
Set out requirements for licensing, financial resources and conduct of business requirements for licensed trust companies.
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NoticesLast Revised Date: 07 September 2007
Notice 817 Appointment of Directors and Chief Executives
Requirements for all finance companies on the appointment of chief executive, deputy chief executive, chief financial officer and directors.
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Subsidiary LegislationPublished Date: 05 September 2005
Banking (Corporate Governance) Regulations 2005
Corporate governance requirements for banks and financial holding companies, including the composition of the board of directors and board committees, and separation of roles for the Chairman of the Board and Chief Executive Officer.