The Financial Services Commission (FSC) is the Jamaican unified financial regulatory authority. It was founded in the year 2001 under the Financial Services Commission Act of 2001. The FSC has the responsibility of regulating and supervising any of the country's institutions that engage in non-deposit-taking financial services in relation to insurance, acquisition or disposal of securities and units under a registered unit trust.[1][2]
Financial Services Commission
Agency overview
Formed
August 2, 2001 (2001-08-02)
Preceding agency
Unit Trusts and Securities Commission, Office of the Superintendent of Insurance
The authority also covers the regulation of national and international virtual asset service providers and trust service providers as well as the regulation of Anti-money laundering & Counter terrorism financing (AML/CFT)
The Financial Services Commission was established to improved the Financial Supervision in Jamaica after the 1995 Financial Crisis.[1] After the act was passed, the senior directors and key executive members were hired in November 2001. The General Manager was on-boarded in February 2002 and in April, the operations was started.[3]
The institution replaced the two previous institutions named the Unit Trusts and the Securities Commission along with the Office of the Superintendent of Insurance (OSI).[4] In an order to fulfil the purpose of its existence, FSC is divided into various divisions that include insurance, corporate facilities, securities, pensions, legal issues and investigations.[5]
In 2020, FSC expanded the scope of its functions and also included the national and international virtual asset service providers and trust service providers. The institute also stepped up to improvise the regulations and practices as per the Anti-Money Laundering & Counter Financing of Terrorism (AML/CFT) framework - specifically for the non-banking sector.[6] In 2021, FSC also worked to create mechanisms that could improve the market's price transparency and an easier flow of information to the investors.[7]
^ abJessen, Anneke; Vignoles, Christopher (2005). Jamaica: Trade, Integration and the Quest for Growth. BID-INTAL. ISBN978-950-738-210-9.
^Mwenda, Kenneth Kaoma (2006-01-01). Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator. World Bank Publications. ISBN978-0-8213-6460-4.
^Bank, Inter-American Development (2004). Revitalizing the Jamaican Economy: Policies for Sustained Growth. IDB. ISBN978-1-931003-84-1.
^"Financial Services Commission – Do Good Jamaica". Retrieved 2021-06-01.
financial, services, commission, jamaica, financial, services, commission, jamaican, unified, financial, regulatory, authority, founded, year, 2001, under, financial, services, commission, 2001, responsibility, regulating, supervising, country, institutions, t. The Financial Services Commission FSC is the Jamaican unified financial regulatory authority It was founded in the year 2001 under the Financial Services Commission Act of 2001 The FSC has the responsibility of regulating and supervising any of the country s institutions that engage in non deposit taking financial services in relation to insurance acquisition or disposal of securities and units under a registered unit trust 1 2 Financial Services CommissionAgency overviewFormedAugust 2 2001 2001 08 02 Preceding agencyUnit Trusts and Securities Commission Office of the Superintendent of InsuranceJurisdictionJamaicaHeadquartersKingston JamaicaWebsitewww wbr fscjamaica wbr orgThe authority also covers the regulation of national and international virtual asset service providers and trust service providers as well as the regulation of Anti money laundering amp Counter terrorism financing AML CFT Contents 1 History 2 See also 3 References 4 External linksHistory editThe Financial Services Commission was established to improved the Financial Supervision in Jamaica after the 1995 Financial Crisis 1 After the act was passed the senior directors and key executive members were hired in November 2001 The General Manager was on boarded in February 2002 and in April the operations was started 3 The institution replaced the two previous institutions named the Unit Trusts and the Securities Commission along with the Office of the Superintendent of Insurance OSI 4 In an order to fulfil the purpose of its existence FSC is divided into various divisions that include insurance corporate facilities securities pensions legal issues and investigations 5 In 2020 FSC expanded the scope of its functions and also included the national and international virtual asset service providers and trust service providers The institute also stepped up to improvise the regulations and practices as per the Anti Money Laundering amp Counter Financing of Terrorism AML CFT framework specifically for the non banking sector 6 In 2021 FSC also worked to create mechanisms that could improve the market s price transparency and an easier flow of information to the investors 7 See also editList of financial regulatory authorities by jurisdictionReferences edit a b Jessen Anneke Vignoles Christopher 2005 Jamaica Trade Integration and the Quest for Growth BID INTAL ISBN 978 950 738 210 9 Mwenda Kenneth Kaoma 2006 01 01 Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator World Bank Publications ISBN 978 0 8213 6460 4 Bank Inter American Development 2004 Revitalizing the Jamaican Economy Policies for Sustained Growth IDB ISBN 978 1 931003 84 1 Financial Services Commission Do Good Jamaica Retrieved 2021 06 01 Financial Services Commission FSC Jamaica Information Service jis gov jm Retrieved 2021 06 01 Jamaica Observer Limited Jamaica Observer Retrieved 2021 07 29 FSC plugging regulatory gaps jamaica gleaner com 2021 01 29 Retrieved 2021 07 29 External links editOfficial website nbsp Retrieved from https en wikipedia org w index php title Financial Services Commission Jamaica amp oldid 1185288891, wikipedia, wiki, book, books, library,
