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