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About the TCIFSC

Functions Of The Commission

The functions of the Commission are detailed in section 4 of the Financial Services Commission Ordinance 2007.

The functions of the Commission are –

  1. to supervise and regulate licensees in accordance with this Ordinance, the regulatory Ordinances and the Code and to administer the administered Ordinances;
  2. to monitor financial services business carried on in and from within the Islands and to take action against persons carrying on unauthorised financial services business;
  3. to consider and determine applications for licences;
  4. to monitor compliance by licensees with the Anti-Money Laundering Regulations and such other Ordinances, regulations, codes or guidance relating to money laundering or the financing of terrorism as may be prescribed;
  5. to monitor the effectiveness of the regulatory Ordinances in providing for the supervision and regulation of financial services business carried on in or from within the Islands to internationally accepted standards;
  6. to advise and make such recommendations to the Governor and the Governor in Council as it considers appropriate on matters relating to financial services business, including concerning –
    1. the amendment or revision of the Financial Services Ordinances or any other Ordinance relating to financial services business, companies or partnerships; and
    2. the enactment of new legislation relating to financial services business, companies or partnerships;
  7. to promote the continuing development of high professional standards within the financial services industry in the Islands;
  8. to develop relations with foreign regulatory authorities, international associations of regulatory authorities and other international associations or groups relevant to its functions;
  9. to provide such information and advice to licensees and the public, or any section of the public, concerning financial services business as it considers appropriate; and
  10. to discharge such other functions as may be assigned to it under this or any other Ordinance.

In discharging its functions, the Commission may take into account any matter which it considers to be appropriate but shall, in particular, have regard to –

 

  1. the protection of the public, whether within or outside the Islands, against financial loss arising out of the dishonesty, incompetence, malpractice or insolvency of persons engaged in financial services business in the Islands;
  2. the protection and enhancement of the reputation of the Islands as a financial services centre; and
  3. the reduction of financial crime and of other unlawful activities relating to financial services.
  1. the protection of the public, whether within or outside the Islands, against financial loss arising out of the dishonesty, incompetence, malpractice or insolvency of persons engaged in financial services business in the Islands;
  2. the protection and enhancement of the reputation of the Islands as a financial services centre; and
  3. the reduction of financial crime and of other unlawful activities relating to financial services.