8. (I) A licensee shall -

(a) maintain a place of business in Seychelles:

(b) maintain accounting books and records which accurately reflect the licensed business carried on by the licensee;

(c) maintain such records and documents relating to its business or clients as may be required by or under this Act or any other law of Seychelles;

(d) ensure that any monies or other assets that it holds for or on behalf of any entity to which it provides international corporate services or international trustee services as the case may be, (excluding any monies paid to the licensee for services rendered, products sold or expenses incurred by the licensee), are designated and clearly identified as client funds;

(e) ensure that, where any client funds are held for a period exceeding 30 days, they are kept separate from the licensee's own funds (including any office bank account maintained by it) in an account designated as a client account unless the relevant entity instructs otherwise in writing;

(f) maintain separate accounts in the books and records to be maintained under subsection (l)(b) in respect of any client funds distinguishing the same from the licensee's own funds.

(2) A licensee-

(a) being a company providing international corporate services shall have and maintain a fully paid up share capital of not less than R60,000 or such other amount as may be prescribed from time to time:

(b) being a company providing international trustee services shall have and maintain a fully paid up share capital of not less than R150,000 or such other amount as may be prescribed from time to time.

(3) The Code of Practice of Licensees set out in Schedule 3 shall, subject to such exemptions as may be notified in writing by the Authority, bind all licensees under this Act.

9. (1) A licensee shall have its accounts audited annually and at such other times as the Authority may require by a qualified auditor in accordance with internationally accepted accounting standards. For the purpose of this section, "qualified auditor" has the same meaning as in the Companies Act, 1972.

(2) A true copy of the licensee's audited accounts shall be furnished by the licensee to the Authority within six months of the end of the financial year of the licensee, or within such longer period as may be allowed by the Authority.

10.(1) The Authority shall-

(a) monitor the provision of international corporate services and international trustee services by licensees;

(b) wherever necessary make enquiries or examine the documents or records of any licensee for the purpose of ensuring that the provisions of this Act are complied with by the licensee.

(2) The Authority may for the purpose of subsection (I}—

(a) require a licensee to produce for examination any books, records or other documents required to be held by the licensee pursuant to this Act;

(b) require a licensee or any director or manager of a licensee to provide information, documents or explanations in relation to the licensee and its business.

11. (1) The Authority may delegate, in writing, any of its functions under this Act, except the power conferred by this section, to any member, officer or employee of the Authority.

(2) A delegation under subsection (1} may be revoked at any time by the Authority and shall not prevent the performance of such functions by the Authority at any time.

(3) The Authority may engage the services of any person for conducting an investigation, inquiry or examination for the purposes of this Act.

12.(1) Subject to subsection (2), the Authority or am employee or agent of the Authority shall not disclose any information or document acquired in the performance of its, his or her duties under this Act in respect of any licensee or the affairs of any licensee or any client of a licensee.

(2) Subsection (1) shall not apply to any disclosure -

(a) required by any Court in Seychelles or under any law of Seychelles:

(b) in respect of the affairs of a licensee or of a client of a licensee, with the consent of the licensee or client as the case may be;

(c) where the information disclosed is already in the public domain; or

(d) where the information disclosed is in statistical form or is conveyed in such a manner that the identity of any licensee or any client of a licensee to which the information relates cannot be ascertained.

13. (i) The Authority may -

(a) give any person such directions as are necessary, for the processing of applications, for the keeping of registers and for other administrative matters relating to the conduct of the business of providing international corporate services or international trustee services;

(b) issue guidelines for the proper conduct of business by licensees under this Act.

(2) Any person to whom a direction has been given or guidelines have been issued shall comply with the direction or guidelines as the case may be.

(3) A person who acts in contravention of subsection (2) commits an offence.