Financial sector incentive company to maintain records
11.—(1) For income derived before 1 July 2021, a financial sector incentive company shall keep and maintain such records, as may be required by the Minister or approving authority for the purposes of these Regulations, of —
(a)
the particulars of every foreign investor in respect of which it provides its services; and
(b)
the particulars of every settlor and every beneficiary or unit holder, as the case may be, of every foreign trust in respect of which it provides its services.
(2) For income derived on or after 1 July 2021, a financial sector incentive company must keep and maintain such records, as may be required by the Minister or approving authority for the purposes of these Regulations, of the particulars of every settlor and every beneficiary or unit holder (as the case may be) of every trust in respect of which the company provides its services.