Function & Role
Function & Role
The Financial Services Authority was established on November 12, 2012 by an Act of Parliament, the Financial Services Authority Act, which established a single regulatory unit with the responsibility of regulating certain entities and businesses in the financial sector and provides for regulated matters.
The Financial Services Authority was created by Parliament to institute a new system to manage, direct control and supervise the international financial services industry and domestic non-bank institutions in this country.
This new entity brought together three distinct regulatory bodies namely the International Financial Services Authority (IFSA), the Co-operatives Division of the Ministry of National Mobilization, Social Development et al and the Supervisory and Regulatory Division within the Ministry of Finance. This amalgam has yielded significant benefits by streamlining functions, consolidating resources and optimizing efficiencies.
Its role is clearly defined by Financial Services Authority Act, No.33 of 2011. The business of The Authority is under the direction of a board of directors. The mandate of the FSA derives from its legal objects and purpose. Clearly defined in the Financial Services Authority Act, No. 33 of 2011, the FSA is empowered “to regulate, supervise and develop the non-bank financial services sector in St. Vincent and the Grenadines”.
The FSA is responsible to the Government of St. Vincent and the Grenadines for the administration and enforcement of those enactments specified under its governing legislation. As part of its mandate therefore, the FSA is charged with ensuring compliance with the FSA Act and other specified enactments, regulations or guidelines. It is also responsible for ensuring that each licensed financial entity is properly managed and remains financially sound. The FSA therefore has the powers to intervene into the affairs of a regulated entity for the purpose of protecting customers.
The FSA offers efficient and professional service to the IFS and non-banking financial services sectors. Incorporations of international business companies, limited liability companies and international trust registrations can be completed within one business day. All international business transactions are conducted through the services of a ‘Registered Agent & Trustee’. The Registered Agents & Trustees are licensed and regulated by the Authority under a regime set out by the Registered Agent Trustee (Licensing) Act, Chapter 105 of the Revised Laws of St. Vincent and the Grenadines 2009.
The FSA also aims to be proactive in providing timely and reliable information on international initiatives which impact the financial services sector. The Authority serves as the designated Representative of the Minister of Finance on various international initiatives, including the OECD.
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