Licence Extensions

The purpose of this page is to set out:

  • What is an extension?
  • What do you need to submit?
  • Guidance

What is an extension?

Firms or individuals that are already licensed by the GFSC may apply to extend their authorisation/licence to provide additional financial or professional services. If you are seeking a licence, authorisation or registration under a separate Act, please contact the Authorisation Team so that we can determine what documents you are required to submit.

What do you need to submit?

An application pack is required to be submitted with all the relevant documents. An application will not be considered complete if there are any outstanding documents.The application pack must consist of:

  • Application Fee (if applicable);
  • Revised Business Plan;
  • Financial projections for the the next 3 years, clearly identifying the impact of the additional business
    • Profit and loss account
    • Balance sheet
    • Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years);
  • Individual Questionnaire (for any new individual holding a notifiable position);
  • Body Corporate Questionnaire (for any new entity within the structure);
  • Trust Questionnaire (if applicable); and
  • Revised Internal Capital Adequacy Assessment (ICAAP).

Any other document the applicant considers the GFSC should take into consideration as part of the application.

Guidance

The licensee should consider and provide information on the following:

  • What new licence/authorisation it requires;
  • The type of new business/activity;
  • Where the business will be sourced;
  • Resources to deal with the additional business;
  • The impact of the additional business on its capital requirements; and
  • What changes are being effected to its systems and controls.