Our Role

As a regulatory body authorized to oversee financial services and businesses conducted in multiple jurisdictions, we are able to anticipate new developments and provide policy-based supervision in advance. We are accountable for our actions, maintaining fairness while implementing efficient management practices. Our Board of Commissioners establishes policies, enforces them, and keeps an eye on how the financial sector is being managed for the good of all.

Functions

• The international nature of finance and the financial services industry means that regulators must have regular contact with foreign authorities. This includes keeping in touch with officialdom from other countries as well as monitoring ongoing developments.

• Monitor the effectiveness of financial services legislation;

• Sustain confidence in the global financial services industry and contribute to its growth and development while contributing to global peace and stability.

• Ensuring a well-regulated financial environment that provides quality products and services for the benefit of investors is essential. Financial institutions must strive to provide quality products and services in order to maintain their reputation and retain their customers.

• Ensuring that all firms and individuals authorized to provide financial services in and from within their jurisdiction are competent and financially sound is vital for consumer protection. Firms and individuals who fall short of these standards may put the safety and security of their customers at risk.

• Enforce financial services regulatory laws by controlling the perimeter of regulated activities and targeting anyone who violates them. Police any individual or business that breaks international laws governing finance.

This guideline provides practical guidance for licensed companies in designing and implementing their own anti-money laundering and counter-terrorist financing policies, procedures, and controls. It is aimed at meeting all relevant legal and regulatory requirements.

We have international agreements with various overseas supervisory authorities in the form of Memoranda of Understanding. Cooperative work is necessary so that international activities are taken into account as the financial markets become more globalized.

The rules we adhere to are based on a balance of the security regulators globally and are referred to as a process requirement. All rules, laws and policies are available under the regulatory securities Laws & Policy Vault.

‘Orders’ are the decisions made by the members and the executive director. Those that are of general effect and are relevant to many market participants can be found under Designation Orders. Those that relate to a particular market participant will typically be found under issuer or market registration regulations.

Some of the notices or policies are issued on a harmonized basis with the other international securities regulators, while others are only issued by ourselves. These policies are applicable to all businesses undertaking regulated activities.

Security Laws and Policies Overview – These are the main acts that covers rules and regulations to be followed by Financial Services Entities that are under supervision. These ‘acts’ are mandatory and all must be compliant to be able to offer financial services to consumers worldwide.

Financial Services Act

The Financial Services Act is followed to repeal and replace with modifications certain enactments relating to the financial services industry and for connected purposes. This is the ACT which makes provision about the constitution, functions, proceedings and status of the Authority. The objective of this Act secures the appropriate degree of protection for policyholders and creates the reduction of financial crime, thereby supporting economies and their development as international financial centers.

This covers all these classes:

• Deposit Taking (DT)
• Investment Business (IB)
• Corporate Services (CS)
• Trust Services (TS)
• Money Transmission Services (MTS)

Collective Investment Act

The Collective Investment Schemes Act is the main act that sets out the statutory framework for the promotion and regulation of collective investment schemes. This act centers in the arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements, to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of those profits or income.

Current Fund Types:

• Regulated Fund
• Qualifying Fund
• Specialist Fund
• Exempt Scheme

Retirement Benefits Act

The objective of this act is to make new provision for the registration, authorization, recognition, regulation and supervision of certain retirement benefits schemes and for all related purposes. This covers all retirement benefits programs. It ensures transparency between the company and the consumer. The Schemes Act sets out a new legislative framework for private pensions. This aims to make greater risk sharing between employers, individual members and third parties easier.

This covers:

• Domestic Authorized Schemes (DAS)
• International Authorized Schemes (IAS)
• Permitted Schemes (PS)
• Recognized Schemes (RS)

Insurance Act 2015

The objective of this act is to re-enact with amendments certain enactments related to the regulation of persons carrying on insurance business and the regulation of insurance managers and insurance intermediaries; and for connected purposes. This governs the entirety of an investment business from business registration, process and operations. It is to oversee that all entities are compliant to all orders and rules of the said act.

This includes:

• Life Insurance (LI)
• Non-life insurance (including Captive Insurance) (NLI)
• General Insurance Intermediaries (GII)
• Protected / Incorporated Cell Companies (PCC / ICC)
• Special Purpose Vehicles / Insurance Linked Securities (SPV/ILS)