Regulatory Framework

Legislation And Regulatory Framework

Overview

The Commission’s statutory obligation includes

• regulating financial services business,
• supervising Non-Profit Organization (“NPO”),
• supervising Designated Non-Financial Businesses and Professions (DNFBP),
• supervising licensed insolvency practitioners, and
• administering commercial registries (companies, trademarks, patents, beneficial owners, business names)
• facilitating international and domestic cooperation

To fulfil these statutory functions, the Commission operates within a strict regulatory framework which consists, inter alia, of the following:

• Legislation – applicable, relevant and appropriate Ordinances, Regulations, Codes and other subsidiary legislation passed by the Government of the Turks and Caicos Islands;
• Regulatory advisories and guidance  – issued by the Commission and other relevant authorities;
• Regulatory policies and procedures – including circular letters;
• Cross-boarder arrangements and Memoranda of Understanding – undertaken by the Commission;
• Domestic arrangements and Memoranda of Understanding – undertaken by the Commission;
• International standards  – to which the Commission adheres, such as FATF recommendations; adheres, such as FATF  recommendations; and
• Enforcement - Sub-framework to facilitate enforcement of licensees’ statutory obligations