Financial Services Commission
History
The Financial Services Commission was established by the enactment of the Financial Services Commission Act on 26th November 2003 and it commenced operations on 2nd February 2004. The creation of the Commission allows Anguilla to meet international standards in the structure and administration of its financial services regulatory body.
Role
The Commission’s functions are to:
- supervise financial services licensees in accordance with legislation, regulations and codes;
- consider and determine applications for licences and registrations;
- monitor compliance by regulated persons with the Anti-Money Laundering Regulations, Guidelines or Codes;
- monitor financial services business carried on in or from within Anguilla and to take action against persons carrying on unlicensed activities;
- administer the financial services enactments;
- supervise the administration of the Registry Acts by the Registrar of Companies;
- monitor the effectiveness of the financial services enactments to ensure they meet internationally accepted standards;
- advise the Governor and Government of Anguilla on matters relating to financial services;
- encourage the development of high professional standards within the financial services industry, and to promote industry codes of conduct;
- maintain contact with foreign regulatory authorities and international associations of regulatory authorities relevant to the Commission’s functions and to provide regulatory assistance to foreign regulatory authorities in accordance with the Act;
- provide information and advice to licensees and the public concerning financial services as appropriate;
- take measures to develop and protect the financial services industry in Anguilla.
The Act also covers a number of administrative obligations and powers of the Commission in the following areas:
- appointment of a Board and the Board’s role of oversight of the Commission;
- general powers of the Commission;
- funds and resources of the Commission;
- requirements for budgets, accounts and annual report; the annual report is a public document;
- power of the Commission to gather regulatory information;
- power of the Commission to disclose information to another regulatory body for regulatory purposes and the checks and restrictions that the Commission will be required to take into account before disclosing such information;
- enforcement powers and disciplinary action available to the Commission arising from failure by licensed institutions to do certain acts required by the legislation or from misconduct;
- formation of an Appeals Board;
- conflicts of interest issues;
- the ability of the Commission to issue Regulations, Codes and Guidance Notes.
