Neves Licensing Authority Establishment Act, 2025

(1) This Act may be cited as the Neves Licensing Authority Establishment Act, 2025.

(2) This Act shall come into operation on such date as may be appointed by Order of the Sovereign Oversight Authority and published in the Official Gazette.

In this Act, unless the context otherwise requires—

1. “Authority” means the Neves Licensing Authority established under section 3;
2. “Board” means the Board of Directors of the Authority constituted under section 9;
3. “Governor” means the Governor and Chief Executive of the Authority appointed under section 12;
4. “Sovereign Oversight Authority” means the apex oversight body designated by law to exercise sovereign supervision over the Authority in terms of appointments, standards and accountability;
5. “licensed person” includes any person, firm or entity licensed, registered or otherwise authorised by the Authority under any enactment administered by it;
6. “this Act” includes any regulations, rules and Orders made under it.

The principal objects of the Authority are—

1. to promote the integrity, soundness and reputation of Neves as a jurisdiction of choice for lawful financial, corporate and ancillary services;
2. to ensure that licensing and registration decisions are taken on a documented, objective and conflict-free basis;
3. to support the prevention of abuse of the financial and corporate system of Neves, including for money-laundering, terrorist financing and other illicit purposes;
4. to contribute to the protection of investors, clients and counterparties through proportionate and risk-based supervision;
5. to cooperate with domestic and international counterparts in furtherance of its mandate.

(1) There is hereby established a body to be known as the Neves Licensing Authority.

(2) The Authority—

1. shall be a body corporate with perpetual succession; and
2. may in its corporate name sue and be sued, and may acquire, hold and dispose of movable and immovable property.

(1) In the exercise of its statutory functions, the Authority shall act independently and shall not be subject to the direction or control of any person or authority, save as expressly provided in this Act.

(2) The Sovereign Oversight Authority shall—

1. confirm appointments to the Board and the office of Governor in accordance with this Act;
2. approve high-level governance standards and codes of conduct applicable to the Authority; and
3. receive and consider annual reports and other accountability documents submitted by the Authority.

(1) The principal office of the Authority shall be situated at such place in Neves as may be determined by the Board.

(2) The Authority shall have an official emblem and seal approved by the Sovereign Oversight Authority, which shall be used for the authentication of instruments issued by or on behalf of the Authority.

The functions of the Authority shall include—

1. licensing, registering and authorising persons under any enactment administered by the Authority;
2. exercising on-site and off-site supervision of licensed persons on a risk-sensitive basis;
3. issuing rules, guidance, circulars and directives to give effect to applicable laws and policy objectives;
4. imposing administrative sanctions and other remedial measures where appropriate;
5. maintaining public registers and systems to support transparency, verification and public confidence;
6. cooperating with domestic and foreign authorities, including through memoranda of understanding and information-sharing arrangements.

(1) The Authority shall have all powers reasonably necessary or incidental to the performance of its functions under this Act or any other enactment.

(2) Without prejudice to the generality of subsection (1), the Authority may—

1. require information and records from licensed persons and applicants;
2. enter into supervisory cooperation arrangements with other competent authorities;
3. establish and operate electronic registers, licensing portals and verification tools;
4. charge fees, levies and other charges approved in accordance with this Act;
5. delegate, subject to such conditions as may be specified, any of its functions to the Governor, a Director or a committee.

(1) The Authority shall be governed by a Board of Directors consisting of such number of members, appointed on such terms and conditions, as may be prescribed by Order of the Sovereign Oversight Authority.

(2) The Board shall be responsible for—

1. setting the strategic direction of the Authority;
2. approving regulatory policies, rules and key procedural frameworks;
3. overseeing licensing, registration, supervision and enforcement activities; and
4. ensuring that conflicts of interest are identified, declared and managed.

(1) The Board may establish such committees as it considers necessary or expedient for the better carrying out of its functions, including—

1. a Regulatory Oversight Committee;
2. an Audit & Ethics Committee;
3. a Technology & Infrastructure Committee; and
4. a Licensing & Adjudication Committee.

(2) Each committee shall operate in accordance with a written charter approved by the Board, defining its scope, authority, composition and reporting lines.

(1) The day-to-day management of the Authority shall be the responsibility of the Governor, supported by an executive leadership team comprising such senior officers and divisions as the Board may approve.

(2) The Governor shall be accountable to the Board for the implementation of its decisions, the delivery of the statutory mandate and the stewardship of the Authority’s resources.

(1) The Authority shall prepare an annual report on its activities, financial position and key supervisory outcomes and shall submit such report to the Sovereign Oversight Authority within such period as may be prescribed.

(2) The Authority shall publish, in such manner as it considers appropriate, information and guidance necessary to promote transparency and public understanding of its role.

The funds of the Authority shall consist of—

1. such monies as may be appropriated to it from time to time;
2. fees, levies and charges payable under this Act or any other enactment administered by the Authority; and
3. such other income as may accrue to the Authority in the performance of its functions.

(1) The Authority shall keep proper books of account and records in respect of all its transactions.

(2) The accounts of the Authority shall be audited annually by an auditor appointed in accordance with the applicable public finance laws of Neves.

(1) Any licensing, registration or supervisory function exercised by any predecessor body immediately before the coming into force of this Act shall, on and after such date, be deemed to be exercised by the Authority.

(2) Any license, registration or authorisation validly issued under a prior enactment shall, until revoked or replaced, continue in force as if issued under this Act.

(1) The Authority may, with the approval of the Sovereign Oversight Authority, make regulations, rules and Orders for carrying the purposes of this Act into effect.

(2) Without prejudice to the generality of subsection (1), such regulations, rules or Orders may provide for fees, forms, procedural requirements, and matters of practice and procedure.