NOTICE NO. 1

THE COMPANIES ACT, CAP. 308

(Section 339)

NOTICE OF REVIVAL OF REGISTRATION VERUS INVESTMENTS HOLDINGS INC.

Company No. 40517

In accordance with Section 339(3) of the Companies Act, Cap. 308 Notice is hereby given that the registration of the above-mentioned external company has been revived by the Registrar of Companies with eﬀect from November 27th, 2024.

Dated 17th day of December 2024.

STEVEN K. PARKER

Director.

NOTICE NO. 2

THE COMPANIES ACT, CAP. 308

(Section 339)

NOTICE OF REVIVAL OF REGISTRATION VERUS INTERNATIONAL GROUP LIMITED

Company No. 40518

Dated 17th day of December 2024.

STEVEN K. PARKER

Director.

NOTICE NO. 3

NO.: 466 of 2024

NOTICE NO. 4

In the Estate of

IN THE HIGH COURT OF JUSTICE

Civil Division (Probate)

In the Matter of the Estate of

RANDAL MILLER

Deceased

NOTICE IS HEREBY GIVEN in accordance with Section 31 of the Trustee Act, Cap. 250 to all persons having any debts, claims or demands upon or affecting the Estate of RANDAL MILLER deceased late of No. 33 Callender’s Crescent in the parish of Christ Church in this Island of Barbados, who died at Callender’s Main Road in the parish of Christ Church in this Island on the 17th day November, 2022, to send particulars of their claims duly attested to Vincent

D. Watson, Attorney-at-Law of Legis Chambers, Upper Collymore Rock in the parish of Saint Michael in this Island for JACQUELINE PAULETTE BRANDFORD the Administratrix of the Estate of the said RANDAL MILLER, on or before the 30th day of March, 2025, after which the Administratrix and Personal Representative, shall proceed to distribute the assets of the Estate among the persons entitled thereto having regard only to the debts and claims of which the Administratrix and Personal Representative shall then have had notice at the time of distribution and all persons indebted to the said Estate are required to settle their account without delay.

Dated the 28th day of January, 2025.

VINCENT D. WATSON, Attorney-at-Law for JACQUELINE PAULETTE BRANDFORD

the Administratrix and Personal Representative of the above-named Estate.

CLYDE DENNY also known as CLYDE AUSTIN DENNY

Deceased

NOTICE IS HEREBY GIVEN pursuant to Section 31 of the Trustee Act, Cap. 250 of the Laws of Barbados, to any person having any claim against or interest in the Estate of CLYDE DENNY also known as CLYDE AUSTIN DENNY, deceased, late of Passage View, Passage Road in the parish of Saint Michael in Barbados who died at the Queen Elizabeth Hospital in the parish of Saint Michael in Barbados on the 18th day of August 2023 to send particulars in writing of his or her claim or interest to TRENA A. KELLMAN of Morris & Kellman Attorneys-at-Law, Suite 1 Building 2, Manor Lodge Complex in the parish of Saint Michael in Barbados on or before the 28th day of March 2025 after which date the Executrix will convey and distribute the assets of the Estate among the persons entitled having regard only to the valid claims of which she shall then have had notice. And all persons indebted to the said Estate are required to settle their indebtedness without delay.

Dated this 28th day of January 2025.

TRENA A. KELLMAN

Attorney-at-Law for the Executrix

of the Estate of CLYDE DENNY also known as CLYDE AUSTIN DENNY, deceased.

NOTICE NO. 5

UNDER SECTION 31 OF THE TRUSTEE ACT, Cap. 250

In the Estate of

LIONEL OTHNIEL EVELYN

Deceased

NOTICE is hereby given pursuant to Section 31 of the Trustee Act, Cap. 250 of the Laws of Barbados to all persons having any debts, claims or demands upon or aﬀecting the Estate of LIONEL OTHNIEL EVELYN, deceased, late of 14510 NW 12th Avenue, Miami, Florida 33168 in the United States of America who died in the United States of America on the 4th day of May 2012, to send particulars of their claims duly attested to JESSICA EVELYN the appointed Administratrix of the Estate of the deceased in care of INTERCARIBBEAN LEGAL, Attorneys-at-Law, Cnr. Pine and Belmont Roads, Belleville, St. Michael on or before the 1st day of April 2025 after which the said JESSICA EVELYN will distribute the Estate among the persons entitled thereto having regard only to the claims and interest of which she shall have notice and will not in respect of the property so distributed be liable to any person of whose claim she shall not then have had notice.

And all persons indebted to the said Estate are requested to settle their accounts without delay.

Dated this 30th day of January 2025. INTERCARIBBEAN LEGAL

Attorneys-at-Law of the Administratrix.

NOTICE NO. 6 BARBADOS

In the Matter of the Estate of

ANTHONY ALIESTON KING also known as ANTHONY AEILSTON KING also known ANTHONY KING

Deceased

PURSUANT to the Trustee Act, Cap. 250 of the Laws of Barbados Notice is given that all Creditors and other persons having claims or demands against the Estate of ANTHONY ALIESTON KING also known as ANTHONY AEILSTON KING also known ANTHONY KING, deceased late of Jericho, Near Market Hill in the parish of Saint George in this Island who died on the 17th day of April, 2019 are hereby required to send such particulars in writing of their claims and demands to the Administratrix JACQUELINE PETRINA BRATHWAITE (acting

herein by LURLEEN LYNETTE SOBERS her duly appointed Attorney on record in this Island C/O Alphonza McD. Carew, Attorney-at-Law, AMC Law Chambers, Lower Bank Hall Cross Road, St. Michael no later than the 4th day of April, 2025 after which date the Administratrix will distribute the property among the persons entitled thereto having regards only to the claims and demands of which they shall not be liable for the property of the said deceased or any person or persons of whose claims and demands they shall not have had notice.

AND all persons indebted to the said Estate are required to settle their indebtedness without delay.

Dated the 30th day of January 2025. ALPHONZA McD. CAREW

Attorney-at-Law for the abovenamed Estate.

NOTICE NO. 4 (third publication)

NOTICE is hereby given that Guardian Life Limited has never under-written any business in the Island of Barbados but has run-off a portfolio which it acquired in 1999. Guardian Life Limited therefore intends to apply for the release of its deposit presently held by the Financial Services Commission under Section 5(2) of the First Schedule of the Insurance Act CAP.310, on or about April 1, 2025, which is three (3) months from the date of this Notice being placed in a newspaper and the Official Gazette in accordance with the terms of the Insurance Act CAP.310. Any policyholder who has an outstanding claim against Guardian Life Limited is invited to write to the Chief Executive Officer, Financial Services Commission, Bay Corporate Building, Bay Street, St. Michael, Bridgetown, Barbados, or via e-mail at insurance@fsc.gov.bb and to Suzette Radlein, Guardian Life Limited, 12 Trafalgar Road, Kingston 5, Jamaica, or via e-mail at suzette.radlein@myguardiangroup.com. Guardian Life Limited Suzette Radlein Assistant Vice President-Legal, Compliance and Risk – Guardian Group Ii 11amim Guardian Life Limited live secure I live easy myguardiangroup.com

NOTICE NO. 3 (third publication)

Land (Title Proceedings) Act, 2011 (Act 2011-7)

Form 3

NOTICE OF APPLICATION FOR DECLARATION OF OWNERSHIP AND CERTIFICATE OF TITLE IN RESPECT OF ALL THAT LAND

SITUATE AT ERMY BOURNE HIGHWAY, FORMERLY EAST COAST ROAD, SAINT ANDREW IN THIS ISLAND

SUPREME COURT OF BARBADOS IN THE HIGH COURT OF JUSTICE

CLAIM NO. CIV 1309 of 2024

IN THE MATTER OF THE LAND (TITLE PROCEEDINGS) ACT, 2011

(section 3);

AND IN THE MATTER OF ALL THAT land containing by admeasurement 3,665.0 square metres or thereabouts situate at Ermy Bourne Highway formerly East Coast Road in the parish of Saint Andrew in this Island and bearing the land tax reference number 21.12.01.012 ABUTTING AND BOUNDING on lands now or late of Fitz Collymore, on lands now or late of the Estate of Erma Rock and on the Ermy Bourne Highway or however else the same may abut and bound.

TAKE NOTICE that FRANK DESMOND SKEETE (as the duly appointed Executor and personal representative of the Estate of EDWARD ANDREW BRUCE SKEETE) of Edgecumbe Plantation, Edgecumbe in the parish of Saint George in this Island, RICHARD ALAN COX (as the duly appointed Executor and personal representative of the Estate of MARY PATRICIA COX née SKEETE) of #5 Montview Terrace, Jordans in the parish of Saint George in this Island and ANDREW PAUL BARKER (as one of the duly appointed attorneys of HILDA ELIZABETH BARKER née SKEETE) of Pine Tops, 14 Hillcrest Close, Wyesham, Monmouth NP25 3LN in the United Kingdom have applied to the High Court for a declaration of ownership and a certificate of title in respect of the properties described above.

Any person having any adverse claim, lien or charge or right or interest against the said property should submit the claim duly authenticated on oath to the Registrar of the Supreme Court, Bridgetown on or before the 17th day of February 2025.

Any other person who has any information relating to the ownership of the said property is invited to give such information in writing to the Registrar of the Supreme Court, Bridgetown on or before the 17th day of February 2025.

Dated the 2nd day of January 2025.

TESO LAW

Attorneys-at-Law for the Applicants,

whose place of business and address for service is “Dormers”, Prior Park, St. James.

Republic Bank (Barbados) limited

(A Subsidiary of Republic Financial Holdings Limited)

SUMMARY NON-CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024

(Expressed in thousands of Barbados dollars)

	2024	2023
ASSETS
Cash and cash equivalents	75,255	33,408
Deposits with Central Bank	297,943	432,034
Due from banks and related banks	58,543	74,274
Advances	7,773,057	7,665,773
Other assets	647,670	662,270
TOTAL ASSETS	2,846,462	2,867,579
LIABILITIES AND EQUITY
LIABILITIES
Customers’ current, savings and deposit accounts	2,407,597	2,424,545
Other liabilities	754,878	87,035
TOTAL LIABILITIES	2,562,475	2,505,580
EQUITY Stated capital	48,000	48,000
Statutory reserves	48,000	48,000
Reva Iuation reserve	4,844	5,004
Other reserves	(34,623)	(37,207)
Retained earnings	277,766	298,796
TOTAL EQUITY	283,987	361,999
TOTAL LIABILITIES AND EQUITY	2,846,462	2,867,579

These summary financial statements were approved by the Board of Directors on 5 December 2024 and signed on its behalf by:

Carlene Seudat

Director

Geoffrey Roach

Director

Debbie Fraser

Director

Republic Bank (Barbados) limited (A Subsidiary of Republic Financial Holdings Limited)
SUMMARY NON–CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Expressed in thousands of Barbados dollars)
	2024	2023
Net interest income and other income	142,122	140,064
Operating expenses	(111,731)	(91,902)
Operating profit	30,391	48,162
Credit loss recovery on financial assets	6,934	105,034
Net profit before taxation	37,325	153,196
Taxation credit (expense)	485	(5,401)
Net profit after taxation	37,810	147,795
SUMMARY NON-CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Expressed in thousands of Barbados dollars) Net profit after taxation Other comprehensive loss: Other comprehensive loss that will not be reclassified to the income statement: Re-measurement losses on defined benefit plans, net of tax Loss on revaluation of premises Items that will not be reclassified to statement of loss in subsequent periods: Total other comprehensive loss for the year Total comprehensive income for the year	2024	2023
	37,810	147,795
	(6,222)	{11,403)
	(160)
	(6,382}	(11,403}
	(6,382}	(11,403}
	31,428	136,392


SUMMARY NON-CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Expressed in thousands of Barbados dollars)
Stated Statutory Revaluation	Other	Retained
Capital Reserves Reserve	Reserves	Earnings	Total
Balance at
30 September 2022 48,000 48,000 S,004	(25,798)	196,481	271,687
Total comprehensive
income for the year	(11,403)	147,795	736,392
Dividends		(46,080)	(46,080)
Balance at
30 September 2023 48,000 48,000 5,004	(37,201)	298,196	361,999
Total comprehensive
income for the year (160)	(6,222)	37,810	31,428
Transfer to general
contingency reserves	8,800	(8,800)
Dividends		(109,440)	(109,440)
Balance at
30 September 2024 48,000 48,000 4,844	(34,623)	217,766	283,987
SUMMARY NON-CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Expressed in thousands of Barbados dollars)
		2024	2023
Net cash used in operating activities		(95,154)	(269,764)
Net cash provided by/(used in) investing activities		25,860	(6,594)
Net cash used in financing activities		(42,431)	(20,942)
Net decrease in cash and cash equivalents		(111,725)	(297,300)
Cash and cash equivalents at beginning of year		417,031	714,331
Cash and cash equivalents at end of year		305,306	417,031
Cash and cash equivalents at end of year are
represented by:
Cash on hand		75,255	33,408
Balance with Central Bank other than mandatory reserve deposits		171,508	309,409
Due from banks and related banks		58,543	74,214
		305,306	417,031

Republic Bank (Barbados) limited (A Subsidiary of Republic Financial Holdings Limited)

Note to the Summary Non-Consolidated Financial Statements Notel The summary non-consolidated financial statements are prepared in accordance with criteria developed by management. Under management’s established criteria, management discloses the summary non-consolidated statement of financial position, summary non-consolidated statement of income, summary non-consolidated statement of comprehensive income, summary non-consolidated statement of changes in equity and summary non-consolidated statement of cash flows. These summary non-consolidated financial statements are derived from the audited non-consolidated financial statements of Republic Bank (Barbados) Limited for the year ended 30 September 2024, which are prepared in accordance with IFRS Accounting Standards.

Republic Bank (Barbados) Limited Board of Directors: Karen Yip Chuck- Chairperson, Carlene Seudat – MD & CEO, Donna Every, Debbie Fraser, Geoffrey Roach, Jerry Franklin, L.I. Simone Brathwaite, Riah Dass-Mungal, Robert A. Carter and Andrew Mcconney

Building a better working world

Ernst & Young Ltd

P.O. Box 261

Bridgetown, BB11000 Barbados, W.I.

Street Address One Welches Welches

St. Thomas, BB22025 Barbados, W.I.

Tel: 246 430 3900

Fax: 246 426 9551

246 430 3879

www.ey.com

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY NON-CONSOLIDATED FINANCIAL STATEMENTS

TO THE SHAREHOLDER OF REPUBLIC BANK (BARBADOS) LIMITED

Opinion

The summary non-consolidated financial statements, which comprise the summary non-consolidated statement of financial position as at 30 September 2024, the summary non-consolidated statement of income, summary non-consolidated statement of comprehensive income, summary non-consolidated statement of changes in equity and summary non-consolidated statement of cash flows for the year then ended, and related notes, are derived from the complete audited non-consolidated financial statements of Republic Bank (Barbados) Limited for the year ended 30 September 2024.

In our opinion, the accompanying summary non-consolidated financial statements are consistent, in all material respects, with the audited non-consolidated financial statements, on the basis described in Note 1.

Summary Non-Consolidated Financial Statements

The summary non-consolidated financial statements do not contain all the disclosures required by IFRS Accounting Standards applied in the preparation of the audited financial statements of Republic Bank (Barbados) Limited. Reading the summary non-consolidated financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited non-consolidated financial statements and the auditor’s report thereon.

The Audited Non-Consolidated Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited non-consolidated financial statements in our report dated 6 December 2024.

Management’s Responsibility for the Summary Non-Consolidated Financial Statements Management is responsible for the preparation of the summary non-consolidated financial statements in accordance with Note 1.

Auditor’s Responsibility for the Summary Non-Consolidated Financial Statements

Our responsibility is to express an opinion on whether the summary non-consolidated financial statements are consistent, in all material respects, with the audited non-consolidated financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.

BARBADOS

6 December 2024

Probate Advertisements
NOTICE NO. 7	NOTICE NO. 8
BARBADOS	BARBADOS
IN THE SUPREME COURT OF JUDICATURE High Court Probate Division	IN THE SUPREME COURT OF JUDICATURE High Court
	*In the Matter of the Estate of*
*In the Estate of*
MARISA ALIX PETERKIN also known as ALEX MARISA PETERKIN also known as MARISA PETERKIN	GEORGE WHITFIELD LORDE also known as GEORGE LORDE Deceased
Deceased late of Rendezvous Retreat, Rendezvous in the parish of Christ Church in this Island	PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:-
PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:- PROBATE of the Will dated the 21st day of October 2003 to the Estate of MARISA ALIX PETERKIN also known as ALEX MARISA PETERKIN also known as MARISA PETERKIN, deceased, late of Rendezvous Retreat, Rendezvous in the parish of Christ Church in this Island, formerly of “Maryville” #6 Club Morgan in the parish of Christ Church in this Island, who died at Rendezvous Retreat, Rendezvous in the parish of Christ Church in this Island on the 20th day of December 2016 by JEAN MARIE MARK the sole Executrix named in the Will of the said Deceased.	PROBATE of the Will dated the 26th day of February, 2024 of GEORGE WHITFIELD LORDE also known as GEORGE LORDE late of Small Land, Bridge Gap, Black Rock in the parish of Saint Michael in this Island, who died at the Queen Elizabeth Hospital, Martindales Road in the parish of Saint Michael in this Island on the 22nd day of July 2024 by SHERRY LORDE the Executrix named in the Will of the deceased. An Application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of this advertisement to proceed with the above-named application for Probate. Dated the 30th day of January, 2025.
An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement.	VINCENT D. WATSON Attorney-at-Law.
Dated this 30th day of January 2025.
TESO LAW Attorneys-at-Law “Dormers” Prior Park, St. James.

NOTICE NO. 9 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* RITA AILEEN KING also known as PEGGY KING Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:- PROBATE of the last Will and Testament of the deceased dated the 4th day of June 2014 late of Sandford in the parish of Saint Philip in Barbados who died at Sandford in the parish of Saint Philip on the 12th day of November 2024 by EDMUND RADCLIFFE KING the Executor named in the Will of the said deceased. An application shall be submitted to the Supreme Court 14 days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement. EDMUND R. KING, SC Attorney-at-Law.	Cottage”, Kent in the parish of Christ Church in this Island who died in this Island on the 25th day of December, 2023 by JOHN MICHAEL DAVID HADCHITY the person named as Executor and Trustee in the Will of the said deceased. An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second Notice of advertisement. Dated 30th day of January, 2025. FITZWILLIAM STONE & ALCAZAR Attorneys-at-Law.
	NOTICE NO. 11 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* ELSIE ELAINE HUNTE-PHILLIPS also known as ELSIE ELAINE HUNTE Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:- PROBATE of the Will dated the 2nd October, 2020 of ELSIE ELAINE HUNTE-PHILLIPS also known as ELSIE ELAINE HUNTE, late of Dash Valley in the parish of Saint George, who died in this Island on the 7th November, 2023 by MICHAEL LEROY PAYNE and RACHID H.K. PHILLIPS the Executors named in the Will of the said deceased. An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the second notice of advertisement to proceed with the above- named application for Grant of Probate. Dated this 30th day of January, 2025. RECO S.K. BLACKMAN Attorney-at-Law.
NOTICE NO. 10 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* ANN LESLEY HADCHITY also known as ANN HADCHITY Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:- PROBATE of the Will dated the 16th day of December, 2019 of ANN LESLEY HADCHITY also known as ANN HADCHITY deceased late of “Kent

NOTICE NO. 12 BARBADOS	the Island of Antigua on the 5th July 2011 by HAZEL MYRA HARPER MCKAY the Executrix named in the Will of the deceased.
IN THE SUPREME COURT OF JUDICATURE High Court *In the Matter of the Estate of* PATSY RUTH CARRINGTON also known as PATSY CARRINGTON	An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second Notice of this Advertisement.
Deceased	Dated this 30th day of January, 2025.
PUBLIC NOTICE is hereby given that application has been made for the following Grant of Probate namely:-	IAN C. A. BISHOP Attorney-at-Law.
PROBATE of the Will dated the 11th day of August, 2023 of PATSY RUTH CARRINGTON also known as PATSY CARRINGTON, late of No. 2, Rectory Hill in the parish of Saint George in this Island who died at Rectory Hill in the parish of Saint George in this Island on the 6th day of December, 2024, by JOHN STANLEY CARRINGTON, MICHAEL BERTRAM CARRINGTON and BRIAN MARK CARRINGTON the Executors named in the said Last Will and Testament of the deceased. An Application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement.
	NOTICE NO. 14 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court (Probate Division) *In the Estate of*
BRENT J.A. CHANDLER Attorney-at-Law.	BRENDA DAISY JOYCE WHITE
	PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:-
NOTICE NO. 13 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court (Probate Division) *In the Estate of* TREVOR ALPHONSO MCKAY PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Probate namely:- PROBATE of the Will dated 11th day of December, 2002 of TREVOR ALPHONSO MCKAY late of Crosbies in the parish of Saint George’s in the Island of Antigua who died in the parish of St. John in
	PROBATE of the Will dated 4th day of June, 2009 of BRENDA DAISY JOYCE WHITE late of Roseville Home for the Elderly, Durants Green, Durants in the parish of Christ Church in this Island who died at Roseville Home for the Elderly, Durants Green, Durants in the parish of Christ Church on the 20th January 2018 by HAZEL MYRA HARPER MCKAY the Executrix named in the Will of the deceased.
	An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second Notice of this Advertisement.
	Dated this 30th day of January, 2025.
	IAN C. A. BISHOP Attorney-at-Law.

NOTICE NO. 15 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* ELMA KATHLEEN INNISS PUBLIC NOTICE is hereby given that an Application is being made for the following Grant of Probate namely:-	and WILLIAM PAUL STREETLY, the Executors named in the Will of the deceased. An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second Notice of this Advertisement. Dated this 30th day of January, 2025. IAN C. A. BISHOP Attorney-at-Law.
PROBATE of the Will dated 6th day of January, 2006 of ELMA KATHLEEN INNISS late of No. 23 Mount Standfast Plantation in the parish of St. James in this Island who died on the 24th April, 2021 at Golden Years Retreat Nursing Home, Golf View Terrace, Golf Club Road in the parish of Christ Church by MARCIA DIANE STABLER the Executrix named in the Will of the deceased.	NOTICE NO. 17 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Matter of the Estate of* URCILLE IONE SOBERS also known as URCILE SOBERS Deceased PUBLIC NOTICE is hereby given that application is being made for the following Grant of Probate namely:- PROBATE of the Will dated 15th day of February 2022 of URCILLE IONE SOBERS also known as URCILE SOBERS late of Babbs in the parish of St. Lucy who died at Queen Elizabeth Hospital in the parish of St. Michael in this Island on the 1st day of October 2024 by CARL CECIL GREAVES and LINDA IONE HENRY, the Executors named in the Will of the deceased. An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement. Dated this 30th day of January 2025. EMERSON GRAHAM, K.C. Attorney-at-Law 65-67 Roebuck Street Bridgetown.
An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second Notice of this Advertisement.
Dated this 30th day of January, 2025.
IAN C. A. BISHOP Attorney-at-Law.
NOTICE NO. 16
BARBADOS
IN THE SUPREME COURT OF JUDICATURE High Court
*In the Estate of*
ARTHUR STREETLY
PUBLIC NOTICE is hereby given that an Application is being made for the following Grant of Probate namely:-
PROBATE of the Will dated 10th day of February, 2015 of ARTHUR STREETLY late of #34 Bannatyne in the parish of Christ Church in this Island who died on the 16th November, 2017 at the Queen Elizabeth Hospital, by ELIZABETH STREETLY, LAETITIA CHARLOTTE STREETLY

NOTICE NO. 18	MAUREEN BOWEN late of Salmonds in the parish of St. Lucy in this Island who died at Queen Elizabeth Hospital in the parish of St. Michael on the 29th March 2024 by BENTLY TYRON YEARWOOD who is the spouse of the deceased. An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of the Notice in the Oﬃcial Gazette and from the date of the second notice of this advertisement. Dated this 30th day of January 2025. EMERSON GRAHAM, K.C. Attorney-at-Law.
BARBADOS
IN THE SUPREME COURT OF JUDICATURE High Court
*In the Estate of*
STANLEY DEVERE WHARTON
PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:-
LETTERS OF ADMINISTRATION to the Estate of STANLEY DEVERE WHARTON late of 76 Welches Terrace in the parish of Saint Thomas in this Island, who died in this Island on the 24th day of September 2023 by ROSALIND KATHLEEN THOMPSON, the spouse of the said deceased.
	NOTICE NO. 20 BARBADOS
An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement. Dated the 30th January 2025. ANTHONY D. FRANCIS-WORRELL Attorney-at-Law Versus Legal River Road St. Michael.	IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* LINUS WILLIAM ROOSEVELT ALKINS also known as LINUS ALKINS also known LINUS WILLIAM R ALKINS also known as LINUS W ALKINS also known as LINUS WILLIAM ALKINS Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:-
NOTICE NO. 19 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* MAUREEN DIANA BOWEN also known as MAUREEN BOWEN Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:- LETTERS OF ADMINISTRATION to the Estate of MAUREEN DIANA BOWEN also known as
	LETTERS OF ADMINISTRATION of the Estate of LINUS WILLIAM ROOSEVELT ALKINS also known as LINUS ALKINS also known as LINUS WILLIAM R ALKINS also known as LINUS W ALKINS also known as LINUS WILLIAM ALKINS Deceased late of Hannay’s Valley Christ Church, Barbados, who died at the Queen Elizabeth Hospital, St. Michael, Barbados on the 26th day of October 2023 by LORAINE ALEXIS ALKINS the wife of the deceased.
	An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement.
	Dated the 30th day of January 2025.
	JEPTER LORDE Attorney-at-Law.

NOTICE NO. 21 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* HAROLD WILFRED TROTMAN also known as HAROLD TROTMAN Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:- LETTERS OF ADMINISTRATION to the Estate of HAROLD WILFRED TROTMAN also known as HAROLD TROTMAN deceased, late of 4th Avenue Ventura, Club Morgan in the parish of Christ Church in Barbados who died at 4th Avenue Ventura, Club Morgan in the parish of Christ Church in Barbados on the 23rd day of October 2021 by DORIS TROTMAN, who is the spouse of the deceased. An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the Second Notice of advertisement. Dated the 30th day of January 2025. DANIELLE A. M. HUMPHRIES Attorney-at-Law.	in Barbados who died on the 17th day of August, 2014 at Queen Elizabeth Hospital, Martindales Road in the parish of Saint Michael by ANDRE PATRICK ARCHIBALD the nephew of the deceased and JOSETTE BARBARA-ANN ARCHIBALD the niece of the deceased. An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement. Dated this 30th day of January, 2025. CHANCERY CHAMBERS Attorneys-at-Law.
	NOTICE NO. 23 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* DOUGLAS WINFIELD BOYCE also known as DOUGLAS BOYCE Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Letters of Administration namely:- LETTERS OF ADMINISTRATION to the Estate of DOUGLAS WINFIELD BOYCE also known as DOUGLAS BOYCE late of 2nd Avenue St. Matthias in the parish of Christ Church in this Island, who died at St. Matthias in the parish of Christ Church in this Island on the 23rd day of September 2020 by YVONNE EUDELL WEEKES, who is the daughter of the deceased. An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement. Dated the 30th day of January 2025. M TARIQ KHAN Attorney-at-Law.
NOTICE NO. 22 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court Civil Division (Probate) *In the Estate of* MARILYN SEBRO-SEALY Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Letters of Administration namely:- LETTERS OF ADMINISTRATION to the Estate of MARILYN SEBRO-SEALY, Deceased late of Lower Thorpes Cottage in the parish of Saint George

NOTICE NO. 24	Sunset Crest in the parish of St. James on the 3rd October 2017 by CHRISTINE MARJORIE WILLIAMS who is the wife of the deceased. An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of the Notice in the Oﬃcial Gazette and from the date of the second notice of this advertisement. Dated this 30th day of January 2025. EMERSON GRAHAM, K.C. Attorney-at-Law.
BARBADOS
IN THE SUPREME COURT OF JUDICATURE High Court
*In the Estate of*
CARL RICARDO NURSE also known as CARL NURSE
Deceased
PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Letters of Administration namely:-

LETTERS OF ADMINISTRATION to the Estate of CARL RICARDO NURSE also known as CARL NURSE, deceased late of No. 17 Jessamine Avenue, Bayville in the parish of Saint Michael in this Island, who died in the parish of Saint Joseph in this Island on the 11th day of May 2004 by LAMIKA CAROL-ANN JONES, the daughter of the deceased.	NOTICE NO. 26 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court
An application shall be submitted to the Registrar of the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of the second notice of advertisement. Dated this 30th day of January 2025.	*In the Estate of* RUTHIE ELENE PRESCOD also known as RUTHIE PRESCOD
DEVON O. EDWARDS Attorney-at-Law.	Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:-
NOTICE NO. 25 BARBADOS IN THE SUPREME COURT OF JUDICATURE High Court *In the Estate of* WASHINGTON ST. ELMO WILLIAMS Deceased PUBLIC NOTICE is hereby given that an application is being made for the following Grant of Administration namely:- LETTERS OF ADMINISTRATION to the Estate of WASHINGTON ST. ELMO WILLIAMS of French Village in the parish of St. Peter in this Island who died at Sandy Crest Medical Centre,
	LETTERS OF ADMINISTRATION CUM TESTAMENTO ANNEXO to the Estate of RUTHIE ELENE PRESCOD also known as RUTHIE PRESCOD late of Fairview in the parish of Christ Church in this Island who died at Fairview in the parish of Christ Church in this Island on the 12th day of May 2021 by MAURICE ROBERT PRESCOD who is one of the beneficiaries named in the Will dated the 23rd day of April 2012 of the deceased.
	An application shall be submitted to the Supreme Court fourteen (14) days from the date of Notice in the Oﬃcial Gazette and from the date of this second notice of advertisement.
	Dated this 30th day of January 2025.
	TRINITY LAW CHAMBERS Attorneys-at-Law for the Applicant.

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Printed and Published by

the Barbados Government Printing Department

30th January, 2025

FINANCIAL SERVICES COMMISSION

FITNESS & PROPRIETY GUIDELINE

This Guideline was issued on December 1st, 2024 pursuant to Section 53 of the Financial Services Commission Act,

2010-10

Purpose and Scope……………………………………………………………………………………………… 1
Definitions…………………………………………………………………………………………………………… 2
Who must be Fit and Proper?……………………………………………………………………………… 3

Groups of Companies………………………………………………………………………………………………. 5

Fit and Proper Test…………………………………………………………………………………………….. 5

Honesty, Integrity and Reputation……………………………………………………………………………… 7

Competence and Capability………………………………………………………………………………………. 9

Financial Soundness………………………………………………………………………………………………. 11

Additional Factors to be Considered………………………………………………………………………… 12

Obligations of the Financial Institution Regarding Fitness & Propriety……………… 13
Assessment of Fitness & Propriety by the Commission………………………………………. 14

Assessment of Individuals………………………………………………………………………………………. 15

Fit & Proper Documentation for Individuals……………………………………………………………… 16

Assessment of Corporate Bodies……………………………………………………………………………… 16

Fit & Proper Documentation for Corporate Bodies…………………………………………………….. 17

Fitness & Propriety Assessment where there is a Material Change in Circumstances……… 18

Submission of Documentation…………………………………………………………………………………. 18

Fitness & Propriety Interview………………………………………………………………………………….. 18

Whistleblowing 19

Confidentiality, Disclosure and Maintenance of Information………………………………………. 19

1. PURPOSE AND SCOPE

This Guideline aims to establish the expectations of the Financial Services Commission (“the Commission”) as it relates to the fitness and propriety of all relevant persons carrying out any activity regulated by the Commission under the Financial Services Commission Act and its specified enactments.
1. This Guideline applies to all relevant persons, whether individuals or corporate bodies, registered or licensed by the Commission (“financial institutions”).
1. This Guideline seeks to ensure that financial institutions understand the importance of fitness and propriety requirements imposed by the Commission, the specific criteria that must be satisfied, and the Commission’s approach to conducting fit and proper assessments.
1. As part of the overall governance of financial institutions, the Commission requires that financial institutions develop and implement clear policies, procedures and systems to guide the recruitment and appointment of directors, senior officers and other key personnel statutorily required to be fit and proper. More detailed requirements for the recruitment and appointment of such persons can be found under the Corporate Governance Guideline issued by the Commission.
1. The onus is on each financial institution to establish that the fit and proper criteria are met for each relevant person, and not for the Commission to show otherwise. Where a financial institution is required under this Guideline or the relevant legislation to ensure that a relevant person is fit and proper, the onus is on the financial institution to establish to the satisfaction of the Commission that the fit and proper criteria are met in each instance.
1. The Commission will assess compliance with this Guideline in a manner and to the extent suitable to the circumstances, considering the financial institution’s size, complexity, structure, economic significance, business model, and risk profile, as well as the nature of the relevant person’s responsibilities.
1. This Guideline is designed to provide general guidance and replaces the Commission’s Circular on Fitness & Propriety. However, this Guideline does not replace or override any legislative provisions and should be read in conjunction with other guidance and information issued by the Commission, including:
  1. FAQs on Fitness & Propriety.
  1. Guideline No. 2 – Corporate Governance.
  1. Provisions of the relevant legislation.
  1. Subsidiary legislation made under the relevant legislation; and
  1. Written directions, notices, codes, and other Guidelines that the Commission may issue from time to time.

The Commission will review this Guideline periodically or upon the occurrence of an event it considers to be significant in order to ensure continued relevance and adherence to international standards and best practices.
1. Financial institutions are required to reflect the elements of this Guideline in their internal policies, procedures, and controls and apply this guidance in assessing individuals who manage, control, direct, or perform key functions.

2. DEFINITIONS

2.1 Board of Directors

A body of elected or appointed individuals ultimately responsible for the governance and oversight of a financial institution.

2.2 Board Member or Director

(Interchangeable) A member of the Board of Directors of a financial institution.

2.3 Commission

The Financial Services Commission of Barbados.

2.4 Competent Authority

A person or organisation that possesses a legally delegated authority, capacity or power to perform a designated function in relation to the activities of the relevant person.

2.5 Controlling Shareholder

An individual or corporate body who exercises or controls on their own or together with any person with whom they are acting in concert, 30% or more of the votes able to be cast on all or substantially all matters at general meetings of the company.

2.6 Financial Institution

An institution or a business governed by any of the specified enactments set out in the Second Schedule of the Financial Services Commission Act, 2010, or a credit union.

2.7 Financial Services

Services governed by the relevant legislation along with related subsidiary legislation made under those enactments.

2.8 Insurance Intermediary

Any broker, salesman, agent, sub-agent, adjuster, loss assessor or insurance surveyor.

2.9 Relevant Person

A natural or legal person whose business activity is regulated by the Commission and who is required to be fit and proper.

2.10 Securities Company

As defined under the Securities Act, Cap 318A, including companies that trade in securities, brokers, dealers, underwriters, advisers.

2.11 Self-Regulating Organisation (SRO)

As defined under the Securities Act, Cap318A, including an association of securities companies, a clearing agency, a central securities depository or a stock exchange and the Barbados Stock Exchange.

2.12 Senior Officer

A person who directs, control or manage critical functions within the organisation and or are responsible for key aspects of risk management.

2.13 Senior Management

The individuals or body responsible for managing a financial institution on a day-to-day basis in accordance with strategies, policies and procedures set out by the Board, and all persons responsible for key functions within the organisation, for example the Chief Executive Officer or Chief Financial Officer.

2.14 Shareholder

The collective owners of a financial institution (including the members of a credit union unless otherwise indicated).

2.15 Significant Shareholder

Individual or corporate body who has an interest (or interests) in the voting shares in the corporation of 10% or more.

2.16 Specified Enactments/Relevant Legislation

Financial Services Commission Act, 2010
1. Insurance Act, Cap 310
1. Securities Act, Cap 318A
1. Mutual Funds Act, Cap 320B
1. The Co-operative Societies Act Cap 37A (insofar as it relates to Credit Unions)
1. The Occupational Pension Benefits Act Cap350B

3. WHO MUST BE FIT AND PROPER?

In determining those persons that must satisfy fitness and propriety requirements, the Commission considers the person’s function and duties, and not merely their position or level of seniority within the financial institution. Emphasis is placed on whether the person’s conduct is most likely to have an impact on the sound and prudent management of the financial institution.
- Below is a non-exhaustive list of relevant persons who are required to meet fit and proper requirements under this Guideline:
  - Persons who apply to the Commission to be registered or licensed to operate a financial services business or participate in a market regulated by the Commission.

Controlling and significant shareholders of a financial institution (10% or more), whether nominally or beneficially, who operate or seek to operate a financial services business or product regulated by the Commission (and the directors and senior officers of controlling and significant shareholders);
- Individuals who make up the Board of Directors of any financial institution regulated by the Commission.
- The Managing Director, Chief Executive Officer, Principal Representative or heads of any financial institution, (or similarly titled persons) or any other person holding a senior management position or equivalent persons, of any financial institution regulated by the Commission, including those defined by the relevant legislation.
- Financial holding companies.
- Acquirers of financial institutions.
- Adjusters of financial institutions.
- Corporate trustees and the directors of corporate trustees of financial institutions (including occupational pension plans).
- Associations of underwriters or a foreign financial institution conducting insurance business or financial services business
- The principal representative of an association of underwriters or a foreign financial institution conducting insurance business or financial services business.
- Individuals who seek to register and/or operate as insurance intermediaries and any person with whom they are associated, whether as a partner or otherwise, in their business as an insurance intermediary. If the insurance intermediary is a company, each person managing or controlling the company, or each partner as the case may be.
- Members of the Supervisory Committee and Credit Committee of credit unions.
- Directors of mutual funds (if the mutual fund is a company), partners of the mutual fund (if the mutual fund is a partnership) and trustees (if the mutual fund is a registered unit trust).
- Directors and senior officers of mutual fund administrator (if the mutual fund is a company or a society) and partners of the mutual fund administrator (if the mutual fund administrator is a partnership).
- Persons who seek to be registered as securities companies, brokers, dealers, traders, underwriters or investment advisers.

Directors and senior officers of Self-Regulatory Organisations (SROs).
- Majority shareholders of reporting issuers (>50%), and where there is no majority shareholder, shareholders who hold 10% or more of the issuer’s shares; and
- Board members and senior officers of corporate bodies offering custodian services to financial institutions, or products and services regulated by the Commission.
- Senior employees or persons who direct, control or manage critical functions within the organisation and or are responsible for key aspects of risk management; and
- Auditors and actuaries of financial institutions.
- Persons are encouraged to seek guidance from the Commission if they are unsure whether a particular person meets the definition of a relevant person for the purposes of this Guideline.

Groups of Companies

If the financial institution is part of a group of companies, the Commission requires a chart depicting the corporate structure of the group which identifies all the related entities so that direct and indirect shareholders of the financial institution can be identified, along with their percentage shareholding.
- However, fit and proper documentation will only be required for Ultimate Beneficial Owners who hold 10% or more interest in the financial institution, and the directors and senior officers of the ultimate parent company. Unless specifically requested by the Commission, fit and proper documentation for every intermediate parent company is not required.

4. FIT AND PROPER TEST

The criteria for considering whether a relevant person is fit and proper include but are not limited to the following:
- Honesty, integrity and reputation (Sections 4.6 – 4.7).
- Competence and capability (Sections 4.8 – 4.13); and
- Financial soundness (Sections 4.14 – 4.15).
- In the case where the relevant person is a corporate body, to establish that it is fit and proper, a financial institution must satisfy the Commission that:
  - All of its significant shareholders meet the fit and proper criteria of this Guideline.

Each of its directors and Chief Executive Officer, senior officers or equivalent persons, meet the fit and proper criteria of this Guideline.
- It has in place appropriate recruitment policies, adequate internal control systems and procedures that would reasonably ensure that the persons that it employs, authorises or appoints to act on its behalf, in relation to its conduct of the activity regulated under the relevant legislation, meet the fit and proper criteria of this Guideline. This includes persons with senior management responsibilities and those responsible for key aspects of risk management; and
- Has the financial capacity to adequately carry out its intended functions, and to underwrite the risk to which it is exposed.
- In the case where the relevant person is a fund management company, to establish that it is fit and proper, it must satisfy the Commission that:
  - All of its significant shareholders or equivalent persons and persons who:
    - Control, directly or indirectly, not less than 10% of the voting power or such equivalent decision-making power in the fund management entity; or
    - Acquire or hold, directly or indirectly, not less than 10% of the issued shares or such equivalent share of ownership of the fund management entity.

meet the fit and proper criteria of this Guideline.

Each of its key officers meet the fit and proper criteria of this Guideline; and
- It has in place appropriate recruitment policies, adequate internal control systems and procedures that would reasonably ensure that the persons that it employs, authorises or appoints to act on its behalf, in relation to its conduct of the activity regulated under the relevant legislation, meet the relevant fit and proper criteria of this Guideline.
- When assessing an application for the appointment of a relevant person to senior or critical functions, the Commission may, in addition to fit and proper criteria set out in this Guideline, consider other factors that may be relevant, such as whether the relevant person has a good standing in the profession in respect of which the application is made.
- The following factors will be assessed on a holistic basis. One negative indicator may not alone determine a person’s fitness or propriety. Consideration will also be given to lapses of time since a negative indicator took place, the duration or reputation of the negative indicator, as well as its severity, in relation to the activity for which the person is seeking registration, and what actions have been taken in response to the negative indicator.

Honesty, Integrity and Reputation

Honesty, integrity and a good reputation are qualities that are demonstrated over time and demand a disciplined and ongoing commitment to high ethical standards.
- Though these factors are not exhaustive, in assessing a relevant person’s level of honesty, integrity, and reputation, consideration shall be given to whether the person:
  - Has been refused the right or restricted in its or his right to carry on any trade, business, or profession for which a specific license, registration, or other authorisation is required by law in any jurisdiction.
  - Has been issued a prohibition order under any Act administered by the Commission or has been prohibited from operating in any jurisdiction by any financial services’ regulatory authority.
  - Has been censured, disciplined, suspended, or refused membership or registration by the Commission, any other regulatory authority, an operator of a market, trade repository, or clearing facility, or any professional body or government agency, whether in Barbados or elsewhere.
  - Has been the subject of any formal complaint made to a competent authority made reasonably and in good faith, relating to activities that are regulated by the Commission or under any law in any jurisdiction.
  - Has been the subject of any proceedings of a disciplinary or criminal nature or has been notified of any potential proceedings or of any investigation which might lead to those proceedings, under any law in any jurisdiction.
  - Has been convicted of any offence or is being subject to any pending proceedings (particularly those involving dishonesty, fraud, breach of trust, money laundering, theft, or other financial crime) which may lead to such a conviction under any law in any jurisdiction.
  - Has had any judgment (in particular, that associated with a finding of fraud, misrepresentation, or dishonesty) entered against the relevant person in any civil proceedings or is a party to any pending proceedings which may lead to such a judgment, under any law in any jurisdiction.
  - Has accepted civil liability for fraud or misrepresentation under any law in any jurisdiction.
  - Has had any civil penalty enforcement action taken against it or him by the Commission or any other regulatory authority under any law in any jurisdiction.
  - Has contravened or abetted another person in breach of any laws or regulations, business rules or codes of conduct, whether in Barbados or elsewhere.

Has been the subject of any investigations or disciplinary proceedings or been issued a warning or reprimand by the Commission, any other regulatory authority, an operator of a market, trade repository or clearing facility, any professional body or government agency, whether in Barbados or elsewhere.
- Has been refused a fidelity or surety bond, whether in Barbados or elsewhere.
- Has demonstrated an unwillingness to comply with any regulatory requirement or to uphold any professional and ethical standards, whether in Barbados or elsewhere.
- Is showing, or has shown at any time, a strong objection or lack of willingness to maintain effective internal control systems and risk management practices.
- Has been untruthful or provided false or misleading information to the Commission or been uncooperative in any dealings with the Commission or any other regulatory authority in any jurisdiction; and
- In addition to sub-paragraphs (a) to (o), where the relevant person is an individual:
  - Is or has been a director, partner, significant shareholder, or concerned in the management of a business that has been censured, disciplined, prosecuted, or convicted of a criminal offence or been the subject of any disciplinary or criminal investigation or proceeding, in Barbados or elsewhere, in relation to any matter that took place while the person was a director, partner, significant shareholder or concerned in the management of the business;
  - Is or has been a director, partner, significant shareholder or concerned in the management of a business that has been suspended or refused membership or registration by the Commission, any other regulatory authority, an operator of a market, trade repository or clearing facility, any professional body or government agency, whether in Barbados or elsewhere.
  - Has been a director, partner, significant shareholder or concerned in the management of a business that has gone into insolvency, liquidation or administration during the period when, or within a period of one year after, the relevant person was a director, partner, significant shareholder or concerned in the management of the business, whether in Barbados or elsewhere.
  - Has been dismissed or asked to resign from —
    - office.
    - employment.

a position of trust; or.
- a fiduciary appointment or similar position, whether in Barbados or elsewhere.

due to questions related to fitness and propriety.

Is, or has ever been, involved in any business or other relationship which could materially pose a conflict of interest or interfere with the exercise of good judgment when exercising a regulated function which would be disadvantageous to the interests of the financial institution or conversely advantageous to the relevant person.
- Is or has been subject to disciplinary proceedings by his current or former employer(s) due to questions of honesty, integrity or reputation, whether in Barbados or elsewhere.
- Has been disqualified from acting as a director, or disqualified from acting in any managerial capacity, whether in Barbados or elsewhere; and
- Has been an officer found liable for an offence committed by a body corporate as a result of the offence having proved to have been committed with the consent or connivance of, or neglect attributable to, the officer, whether in Barbados or elsewhere.

Competence and Capability

Competency and capability are demonstrated when a relevant person possesses the relevant knowledge, experience and ability to understand the technical requirements of the business, objectivity in decision making, as well as keen awareness of the inherent risks and the management processes required to effectively perform a regulated function.
- Though these factors are not exhaustive, in assessing a relevant person’s level of competence and capability, consideration shall be given to:
  - Whether the relevant person has satisfactory past performance or expertise, having regard to the nature of the relevant person’s business or duties demonstrated by experience through years of employment and positions held, as the case may be, whether in Barbados or elsewhere.
  - Whether the relevant person has a high level of understanding in his professional area of expertise and other areas that might affect the business of the financial institution including financial markets, the regulatory and legal environment, strategic and business planning, risk management practices, accounting and auditing, understanding financial statements and corporate governance.

Where the relevant person is an individual who is assuming concurrent responsibilities, whether such responsibilities would give rise to a conflict of interest or otherwise impair his ability to discharge his duties in relation to any activity regulated by the Commission under the relevant legislation.
- In relation to a relevant person whose activity is regulated by the Commission under the relevant legislation and where the relevant person is an institution, whether its directors or equivalent persons, Chief Executive Officer or equivalent person, the persons that it employs, authorises or appoints to act on its behalf, in relation to its conduct of the activity regulated under the relevant legislation, where applicable, have satisfactory educational qualifications, training, skills or practical experience, whether in Barbados or elsewhere;
- In relation to a relevant person whose activity is regulated by the Commission, whether the representative of the relevant person has satisfactory educational qualification or experience, relevant skills and knowledge, whether in Barbados or elsewhere, having regard to the nature of the duties they are required to perform.
- In relation to a relevant person whose activity is regulated by the Commission under the Insurance Act, Cap. 310, whether the broking staff of the relevant person has satisfactory relevant qualification or experience, whether in Barbados or elsewhere, having regard to the nature of the duties he is to perform.
- The above factors will be considered considering:
  - The main activity conducted by the financial institution;
  - The nature, complexity and volume of the business;
  - The jurisdictions in which products and services will be offered; and
  - The level of responsibility.
- The financial institution’s Board, either in whole or delegated to a committee, must comprehensively assess candidates’ competence and capability, ensuring they have the appropriate qualifications, training, skills and practical experience to effectively fulfil the roles and responsibilities of the proposed position.
- In assessing the competence and capability of a corporate body (separate from the Board of Directors, significant shareholders and senior officers being assessed individually according to the criteria enumerated above), the Commission will seek to understand the company’s corporate structure to ensure it has the right skills and resources in place to execute its responsibilities.
- A relevant person that is a corporate body must provide:

A diagram depicting the group structure (where relevant) showing shareholding percentages.
1. The corporate body’s organisational chart.
1. Completed Corporate Fitness & Propriety Questionnaire; and
1. Copies of approved statutory filings regarding ownership of the entity.
1. Copies of the HR recruitment and retention plan (if relevant), and assessment of its compensation plan to ensure that there are no perverse incentives built into the framework.
1. A copy of the internal Fitness & Propriety Policy along with related procedures for all relevant persons.

Financial Soundness

The assessment of financial soundness is aimed at determining whether the relevant person can meet its/his personal liabilities when they become due and mitigate financial risks on a continuous basis. Financial integrity and soundness are demonstrated by a person who manages its/his own financial affairs properly and prudently or those of an entity in which he had a controlling interest or was involved at a managerial level. Financial means will not, in itself, be a determining factor in the measure of financial soundness.
- Though these factors are not exhaustive, in assessing a relevant person’s financial soundness, consideration will be given to whether the relevant person:
  - Is or has been unable to fulfill any of its or his financial obligations, whether in Barbados or elsewhere;
  - Has entered into a compromise or scheme of arrangement with its or his creditors or made an assignment for the benefit of its or his creditors, being a compromise or scheme of arrangement or assignment that is still in operation, whether in Barbados or elsewhere.
  - Is subject to a judgment debt which is unsatisfied, either in whole or in part, whether in Barbados or elsewhere.
  - Has met applicable capital and/or solvency requirements.
  - In addition to sub-paragraphs (a) to (c), in the case where the relevant person is an individual:
    - Is or has been the subject of a bankruptcy petition, whether in Barbados or elsewhere.
    - Has been adjudicated as bankrupt and the bankruptcy is undischarged, whether in Barbados or elsewhere; or

Is or has been subject to any other process outside Barbados that is similar to those referred to in subparagraph (i) and (ii); and
- In addition to sub-paragraphs (a) to (c), in the case where the relevant person is a corporate body:
  - Is or has been the subject of a winding up petition, whether in Barbados or elsewhere.
  - Is in the course of being wound-up or otherwise dissolved, whether in Barbados or elsewhere.
  - Is or has been a corporation where a receiver, receiver and manager, judicial manager, or such other person having the powers and duties of a receiver, receiver and manager, or judicial manager, has been appointed, in relation to, or in respect of any property of, the corporation, whether in Barbados or elsewhere; or
  - Is or has been subject to any other process outside Barbados that is similar to those referred to in sub-paragraphs (i) to (iii).

Additional Factors to be Considered

In addition to the factors enumerated above, the following areas will also be considered when assessing persons for appointment to the management body of a financial institution:
- Conflicts of interest: financial institutions must be guided by Section 6.9 of the Corporate Governance Guideline issued by the Commission, which sets out the responsibilities of the Board and senior management in relation to conflicts of interest. An existing conflict of interest does not itself deem a relevant person unfit or improper for a particular role. Still, any actual or potential conflict must be effectively monitored, managed, and/or mitigated as appropriate to the situation and subject to the internal Conflicts of Interest Policy of the financial institution. The financial institution should reconsider the appointment if a conflict cannot be appropriately managed or mitigated. Information regarding conflicts of interest must be made available to the Commission upon request.
- Time commitment: directors of financial institutions must be able to commit sufficient time to their duties. Their current employment impacts this with its related level of responsibility and accountability, the number of directorships or other employments being simultaneously undertaken, the location of these duties, as well as other professional commitments and circumstances. Additional learning and development should also form part of the relevant person’s time commitment, as well as their ability to adequately respond to urgent circumstances.

Collective suitability: financial institutions must be guided by Section 5 of the Corporate Governance Guideline issued by the Commission which sets out the requirements for the structure and composition of the Board. The Board must have an appropriate mix of skills, knowledge and experience to effectively conduct the financial institution’s business. Individuals are therefore required to complement the existing Board and fill any gaps that may exist in these areas.

5. OBLIGATIONS OF THE FINANCIAL INSTITUTION REGARDING FITNESS & PROPRIETY

When a financial institution seeks to appoint or engage a person (whether an individual or a corporate body) to perform a regulated function, it is the responsibility of the financial institution to satisfy the Commission that the person is fit and proper to perform the function for which they are being appointed or engaged. Financial institutions are therefore required to ensure that persons are not appointed to nor continue in positions of responsibility for which they are not fit and proper.
- To this end, each financial institution’s Board of Directors is required to establish and approve an appropriate internal Fitness & Propriety Policy along with related procedures for all relevant persons. This policy must be in line with the provisions of this Guideline.
- The management of each financial institution must then implement this policy and related procedures as outlined by the Board in an effective and comprehensive manner, with the board exercising oversight functions to ensure compliance.
- This internal Fitness & Propriety Policy must provide for a detailed assessment of candidates for fitness and propriety at the recruitment stage and on an ongoing basis at least annually. The policy must also require that the financial institution:
  - Verifies qualifications, experience, references, and professional memberships;
  - Conducts probity checks on criminal history, legal proceedings, sanctions, and similar matters; and
  - Otherwise satisfies itself of the candidate’s good character, integrity, competence and capability for the particular function.
- These assessments must be documented to provide evidence of what was done to determine the candidate’s suitability. Internal assessments must be made available to the Commission upon request.
- Internal assessments will also assist in ensuring that material disclosures related to fitness and propriety are made to the financial institution, and thereafter to the Commission.
- Once a financial institution determines that an individual is not fit and proper for the position, the financial institution must:

Refuse to appoint that person, or if they are already appointed, terminate their appointment; or
1. Redefine the person’s responsibilities or suspend the appointment until the person receives adequate training or experience or resolves the relevant conflict, as the case may be.
1. If a financial institution believes that a person has information that is likely to be material to a fit and proper assessment that it has not been able to obtain, it is required to discuss the matter with the Commission.

6. ASSESSMENT OF FITNESS & PROPRIETY BY THE COMMISSION

The onus is on each relevant person to establish that it or he is a fit and proper person. This is a continuing obligation, and relevant persons must demonstrate (by submitting the applicable documentation) that they remain fit and proper for the duration of their appointment or operations.
- The Commission will also conduct its own assessment of the fitness and propriety of relevant persons, whether individuals or corporate bodies. Assessment of fitness and propriety by the Commission takes place:
  - Upon initial application for registration or licensing of the individual or corporate body.
  - Upon the appointment of a new director or senior officer of a financial institution.
  - When a person acquires a significant interest in a financial institution.
  - Whenever there is a material change in circumstances of relevant persons previously deemed fit and proper that may negatively impact their fitness and propriety; and
  - Every three (3) years once relevant persons continue to operate or carry out regulated business.
- It must be noted that while there are some common criteria, the fit and proper test applied to legal persons such as corporate shareholders and other companies will differ in some respects from that applied to natural persons who perform regulated activities.
- The factors set out above will be considered individually and on a cumulative basis according to their relative importance. Failure to meet one factor may not, on its own, constitute a failure to meet the fit and proper criteria.
- The Commission’s approach will be informed by all available information taken together, including new information as it becomes available.

If the relevant person fails to satisfy the Commission that it or he is fit and proper, the Commission may refuse the person’s application, revoke the person’s authorisation or exemption, or take other appropriate regulatory action, as may be applicable and necessary.

Assessment of Individuals

This section is required to be complied with by:
- Controlling and significant shareholders of a financial institution (whether nominally or beneficially) who operate or seek to operate a financial services business or product regulated by the Commission (and the directors and officers of controlling and significant shareholders if they are corporate bodies).
- Persons who apply to the Commission to be registered or licensed to operate a financial services business or participate in the market regulated by the Commission;
- Individuals who make up the Board of Directors of any financial institution regulated by the Commission.
- The Managing Director, Chief Executive Officer, Principal Representative or heads of any financial institution (or similarly titled persons), regulated by the Commission.
- Senior officers of any financial institution regulated by the Commission as defined by the relevant legislation.
- Board of Directors and senior officers of holding companies.
- Acquirers of financial institutions.
- Adjusters of financial institutions.
- The principal representative of an association of underwriters or of a foreign financial institution conducting insurance business or financial services business.
- Individuals who are registered and/operate or seek to register and/or operate as insurance intermediaries, and any person with whom they are associated, whether as a partner or otherwise in their business as an insurance intermediary. If the insurance intermediary is a company, each person managing or controlling the company, or each partner as the case may be.
- Members of the Supervisory Committee and Credit Committee of credit unions.
- Directors and senior officers of mutual fund administrators where the administrator is a company.

Individuals who are registered or seek to be registered as securities brokers, dealers, traders, underwriters or investment advisers.
- Directors, executives and senior officers of Self-Regulatory Organisations (SROs).
- Board members and senior officers of corporate bodies offering custodian services to financial institutions or products and services regulated by the Commission; and
- Auditors and actuaries of financial institutions.

Fit & Proper Documentation for Individuals

The following are required to be filed with the Commission upon prospective appointment or upon initial application for registration or licensing by the above- mentioned individuals:
- A completed Individual Fitness & Propriety Questionnaire.
- An up-to-date résumé containing details of the professional background of the individual (not required for ultimate beneficial owners).
- Certified copies of qualifications listed on résumé.
- A certified copy of the individual’s passport picture page; and
- A valid original Police Certificate of Character (certificate) from every jurisdiction in which the individual has resided in the prior 10 years, or an Affidavit where a certificate cannot be obtained from the country of residence (issued within the last three (3) months).
- Regarding external auditors and actuaries, the Commission will only require a completed Auditor/Actuary Fitness & Propriety Questionnaire.
- The Commission may request additional information on case-by-case basis as part of an enhanced Fitness & Propriety Assessment. This may involve requiring the individual to provide a credit report issued from jurisdictions in which he/she has operated.

Assessment of Corporate Bodies

This section is required to be complied with by relevant persons which are corporate bodies, including:
- Controlling and significant shareholders of a financial institution (10% or more), whether nominally or beneficially, who operate or seek to operate a financial services business or product regulated by the Commission.
- Persons who apply to the Commission to be registered or licensed to operate a financial services business or participate in the market regulated by the Commission.

Financial holding companies;
- Acquirers of financial institutions.
- Adjusters of financial institutions.
- Corporate trustees of financial institutions (including occupational pension plans).
- Associations of underwriters or a foreign financial institution conducting insurance business or financial services business.
- Any company operating or seeking to operate as an insurance intermediary.
- Mutual fund administrators that are companies.
- Persons who are registered or seek to be registered as securities brokers, dealers or underwriters or investment advisers.
- Majority shareholders of reporting issuers (>50%), and where there is no majority shareholder, shareholders who hold 10% or more of the issuer’s shares; and
- Auditors and actuaries of financial institutions.
- The information gathered during assessment will aid in determining the current solvency position of the company, past performance and financial management, and overall, whether previous business dealings were conducted in a sound and prudent manner.

Fit & Proper Documentation for Corporate Bodies

The following are required to be filed with the Commission upon application for registration or licensing of a corporate body:
- A completed Corporate Fitness & Propriety Questionnaire.
- Copies of audited financial statements of the company for the three (3) consecutive years immediately preceding its application or for each year it has been in operation if less than three years.
- (For new/proposed relevant persons who are corporate bodies) proforma financial statements for the next three (3) years (Note: The Commission, at its discretion may require that the proposed proforma statements be reviewed by an auditor).
- Copies of credit rating reports, business plans, feasibility studies, and due diligence reports if applicable.
- Copies of the Management Letters from the external auditors for the past three fiscal periods (if applicable).

Evidence of financial resources such as bank/financial institution statements or source of funds statements where the documents listed in (b) and (d) are not available.
- Copies of the last two reports of examinations conducted by the relevant regulatory authority (if applicable); and
- Any other information the Commission deems necessary.
- The Commission may request additional information on a case-by-case basis as part of an enhanced Fitness & Propriety Assessment. This may involve requiring the corporate body to provide a credit report issued from jurisdictions in which it has operated.

Fitness & Propriety Assessment where there is a Material Change in Circumstances

Where there is a material change in information that may negatively impact a relevant person’s fitness and propriety, relevant persons must comply with the Commission’s Material Changes Guideline.
- Where this material change concerns information filed on the Individual Fitness & Propriety Questionnaire or the Corporate Fitness & Propriety Questionnaire, an updated questionnaire must be submitted to the Commission.

Submission of Documentation

Documents submitted in support of an application must be in English. Where the original documents are in a foreign language, an independently authenticated translation must be provided, i.e., a translation by a professional translator with the full name, address, contact information and signature of the translator and the date of the translation.
- The completed fit and proper documentation must be submitted to the Commission’s Supervision and Regulation Division. In the case of documentation submitted in respect of an application for registration or licensing, the entire application package, together with fit and proper documentation, should be submitted to the Supervision and Regulation Division.
- Where a third party is submitting the fit and proper documentation on behalf of a regulated entity or person (for e.g., in the case of a licensing application when an attorney or other representative is submitting the application), the third party shall obtain and submit all relevant information as required and ensure that only complete applications are submitted to the Commission.

Fitness & Propriety Interview

If the Commission has a concern about the fitness and propriety of a particular candidate slated for appointment as a director or officer of a financial institution, the Commission may request an interview with that individual.

Such an interview gives the Commission an opportunity to probe the candidate about his qualifications and practical experience, as well as the extent of his knowledge about the financial institution, relevant market development and his understanding of his role and responsibilities.
- These interviews may also be used to explore any issues of integrity and propriety including conflicts of interest, and the Commission may query facts or seek to verify other information to gain more assurance about the specific elements of that person’s fitness and propriety.
- The Commission may also conduct interviews where it is concerned about a relevant person’s ability to perform its or his regulated function, or where it becomes aware of new information that may impact that person’s fit and proper assessment. An interview is also the likely next step where additional information requested from the financial institution was not satisfactory to allay the Commission’s concerns.
- If the Commission determines that an interview should be conducted, it will provide the relevant person and/or the financial institution with reasonable written notice, stating the date, time and location of the requested interview.
- As part of the interview process, the Commission may issue the relevant person with a statement detailing the Commission’s concerns or issues and providing a timeframe for the person to respond, either verbally or in writing, to the statement. This reply will be considered by the Commission before it makes a final determination as to the person’s fitness and propriety.

Whistleblowing

The financial institution must ensure that it does not prohibit any person, directly or indirectly from disclosing information or providing documents to the Commission on the fitness and propriety of a prospective relevant person or a person approved to perform a regulated function.

Confidentiality, Disclosure, and Maintenance of Information

All information submitted or otherwise obtained by the Commission, including documentation, will be maintained in a strictly confidential manner. Internal disclosure of information will be restricted accordingly.
- Disclosure of information to external persons will only be undertaken as permitted by the law.
- A central database containing details of the persons who have been assessed will be maintained by the Commission’s Supervision and Regulation Division. The database eliminates the need for individuals to re-submit documentation multiple times in respect of further applications or approvals. If there has been a material change in the information initially disclosed, further disclosures, including the completion of a revised questionnaire, may be required to update the database.

Gazette January 30, 2025 Part B VOL. CLX No. 9

CONTENTS

1. PURPOSE AND SCOPE

2. DEFINITIONS

2.1 Board of Directors

2.2 Board Member or Director

2.3 Commission

2.4 Competent Authority

2.5 Controlling Shareholder

2.6 Financial Institution

2.7 Financial Services

2.8 Insurance Intermediary

2.9 Relevant Person

2.10 Securities Company

2.11 Self-Regulating Organisation (SRO)

2.12 Senior Officer

2.13 Senior Management

2.14 Shareholder

2.15 Significant Shareholder

2.16 Specified Enactments/Relevant Legislation

3. WHO MUST BE FIT AND PROPER?

Groups of Companies

4. FIT AND PROPER TEST

Honesty, Integrity and Reputation

Competence and Capability

Financial Soundness

Additional Factors to be Considered

5. OBLIGATIONS OF THE FINANCIAL INSTITUTION REGARDING FITNESS & PROPRIETY

6. ASSESSMENT OF FITNESS & PROPRIETY BY THE COMMISSION

Assessment of Individuals

Fit & Proper Documentation for Individuals

Assessment of Corporate Bodies

Fit & Proper Documentation for Corporate Bodies

Fitness & Propriety Assessment where there is a Material Change in Circumstances

Submission of Documentation

Fitness & Propriety Interview

Whistleblowing

Confidentiality, Disclosure, and Maintenance of Information

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