Antigua and Barbuda Aiming to Become Premier Financial Center in Caribbean Region
The Financial Services Regulatory Commission (FSRC) in Antigua and Barbuda is dedicated to developing the island nation into a major financial services jurisdiction with effective regulation and supervision. The commission’s goal is to uphold internationally recognized standards of compliance, positioning Antigua and Barbuda as the premier financial center in the region.
History of the Financial Services Regulatory Commission
The FSRC was established in 2013 through the Financial Services Regulatory Commission Act No. 5 of 2013. However, its roots date back to 1982 with the enactment of the International Business Corporations Act CAP 222, marking the beginning of Antigua and Barbuda’s international financial services sector.
Regulatory Framework
The FSRC operates under the regulatory laws outlined in section 2 of the Financial Services Regulatory Act No. 5 of 2013. According to section 5 of the act, the principal functions of the FSRC include:
- Ensuring compliance: ensuring that licensees comply with all applicable laws and regulations
- Maintaining a register of licensees: maintaining a register of licensed financial institutions
- Providing guidance on regulatory requirements: providing guidance to licensees on regulatory requirements
Commitment to Effective Regulation
The FSRC’s commitment to effective regulation has placed Antigua and Barbuda at the forefront of financial services in the Caribbean region. As the commission continues to uphold international standards of compliance, the island nation is poised to become a major player in the global financial arena, solidifying its position as a premier financial center in the region.
By maintaining a strong regulatory framework and adhering to internationally recognized standards of compliance, Antigua and Barbuda is well on its way to becoming a leading financial center in the Caribbean region.