The Turks and Caicos Islands Financial Services Commission (TCIFSC) as established by the Financial Services Commission Ordinance 2002 and continued by the Financial Services Commission Ordinance 2007 (FSCO) has responsibility for the supervision and regulation of all financial service industry entities within the Turks and Caicos Islands. The relevant financial services entities are both domestic and foreign.
The FSCO provides for a duty to co-operate with both domestic and foreign authorities which has function in relation to the prevention and detection of financial crimes. Therefore it is an obligation of the TCIFSC to co-operate and interact with both domestic and foreign regulatory, standard setting and other relevant bodies for the establishment of an efficient Regulatory and Supervisory regime in the TCI in fulfilment of the FSCO.
TCIFSC's external involvement includes the exchange and sharing of information and the provision of assistance to foreign financial supervisors. This is achieved by inter alia the negotiation of Memoranda of Understanding, the assessment of requests from supervisory or regulatory authorities with which no formal agreement has been established and by the participation in international bodies and initiatives.
Memoranda of Understanding
Memoranda of Understanding (MOUs) are documents of intent setting out willingness of the parties to cooperate to the full extent permitted by the law and to establish specific provisions and processes governing their mutual assistance and cooperation. Although the TCIFSC does not require a MOU in order to cooperate there is an on-going policy to establish MOUs with other relevant authorities and to further keep updating existing agreements. To date the TCIFSC has MOUs with 16 regulatory authorities. TCIFSC has executed MOUs with the following Regulatory Bodies:
- Cayman Islands Monetary Authority (CIMA)
- Financial Services Commission - Barbados
- Financial Services Commission - Jamaica
- Georgia Insurance Department
- Insurance Commission Of Bahamas
- Office of the Superintendent of Financial Institutions (OSFI) - Canada
- Superintendancy of Banks of Panama / Superintendencia de Bancos de Panama
- Regional Regulatory Authorities
- The Central Bank of Aruba
- The Central Bank of Bahamas
- The Central Bank of Barbados
- Bermuda Monetary Authority
- British Virgin Islands Financial Services Commission
- Cayman Islands Monetary Authority
- Centrale Bank van Curacao en Sint Maarten
- Eastern Caribbean Central Bank
- The Bank of Guyana
- Banque De La Republique D'Haiti
- The Bank of Jamaica
- Centrale Bank van Suriname
- Central Bank of Trinidad and Tobago
Requests for Assistance from Overseas Regulatory Authorities
All requests for assistance are made to the Managing Director of the TCIFSC. Upon receipt of the request the Managing Director will instruct that relevant regulatory department and the Legal and Enforcement Department to prepare a report or to facilitate the request for assistance in accordance with the provisions of the MOU (if established) and the FSCO. All requests and information given are held with the strictest of confidence with limited 'gateways' for further disclosure as provided for in the FSCO.
Please see further guidelines which are provided in the FSC's Handbook on Cooperation and Regulatory Assistance.
Participation in International Bodies and Initiatives
TCIFSC endeavours to fulfil its regulatory and supervisory mandate having regard to international standards. TCIFSC is represented in various international standard setting and regulatory bodies including:
- Caribbean Financial Action Task Force (CFATF),
- Group of International Finance Centre Supervisors (GIFCS),
- Caribbean Group of Banking Supervisors (CGBS),
- International Association of Insurance Supervisors (IAIS)
- Association of Supervisors of Banks of the Americas (ASBA),
- Group of International Insurance Centre Supervisors (GICS),
- Caribbean Regional Technical Assistance Committee (CARTAC)
- Caribbean Association of Insurance Regulators (CAIR) and
- International Organization of Securities Commissions (IOSCO).
Such participation seeks to ensure that the TCI is kept abreast of the developments affecting offshore centres and that the jurisdiction plays an active role in international regulatory developments.
There are other International initiatives which are not viewed as part of the FSC’s core function but for which the FSC nevertheless lends support as an interested stakeholder and in order to protect the integrity of the financial services system. In this regard, the FSC regularly cooperates with the Attorney General’s Chambers, the Financial Crimes Unit of the Royal Turks and Caicos Islands Police Force and the Exchange of Information Unit (for tax purposes) within the Ministry of Finance in meeting obligations set by other international initiatives. Additional International obligations which the TCI is required to meet can be found here (International Agreements).