The FIC’s guidelines cannot impose new obligations or detract from existing obligations. The guidance notes are issued to provide guidance on existing obligations and requirements contained in the FIC Act and Regulations. The guidelines are therefore not enforceable in law, but they do prescribe an acceptable standard to indicate the level of effort expected of responsible institutions, to comply with the provisions of the FIC Act. The primary purpose is to provide guidance to institutions on how they can perform their duties and comply with their FIC Act obligations. 

Category: Compliance and supervision / Registering with the FIC