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
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