Financial Compliance in Antigua and Barbuda: A Regulatory Overview

Introduction

The Financial Services Regulatory Commission (FSRC) is responsible for overseeing the financial services sector in Antigua and Barbuda, ensuring compliance with international standards and regulations. The FSRC operates under the Financial Services Regulatory Act No. 5 of 2013, which established the Commission as a statutory body.

Key Regulatory Laws

The following laws govern the financial services sector in Antigua and Barbuda:

International Business Corporations Act (IBC Act): Regulates international business corporations.
International Banking Act: Regulates banking operations.
Insurance Act: Regulates insurance operations.
Co-operative Societies Act: Regulates co-operative societies.
Money Services Business Act: Regulates money services businesses.
Interactive Gaming and Interactive Wagering Regulations: Regulates interactive gaming and wagering activities.
Corporate Management and Trust Services Providers Act: Regulates corporate management and trust services providers.
International Trust Act: Regulates international trusts.
International Foundations Act: Regulates international foundations.
International Limited Liability Companies Act: Regulates international limited liability companies.

Principal Functions of the FSRC

The primary functions of the FSRC include:

Regulatory Functions

To regulate and supervise financial services business in or from within Antigua and Barbuda, according to the Act and regulatory laws.
To provide assistance to overseas regulatory authorities as per the Act.
To advise the Government on matters related to regulatory functions, collaborative functions, and consistency with international standards.

Collaborative Functions

To work together with other regulatory bodies to ensure consistency in regulatory approaches.
To share information and best practices with other regulatory bodies.

Advisory Functions

To provide guidance to financial institutions on regulatory requirements and best practices.
To advise the Government on matters related to regulatory functions, collaborative functions, and consistency with international standards.

Regulatory Requirements

In performing its duties, the FSRC must:

Have regard to the requirements of a sound financial system in Antigua and Barbuda
Maintain market confidence, consumer protection, and the reputation of Antigua and Barbuda as a financial center
Use resources prudently for efficient operation
Comply with the Act and any other relevant laws or regulations

Regulatory Approach

The FSRC adopts a cooperative approach to regulation, recognizing:

The need for transparency and fairness
The desirability of facilitating innovation in financial services business
The importance of proportionate burdens or restrictions on individuals or businesses

Regulation and Supervision

The FSRC is responsible for the regulation and supervision of institutions licensed under the IBC Act, which are subject to annual on-site examinations. These examinations involve assessing compliance with relevant laws, regulations, and international standards.

Tax Agreement and Exchange Information

Antigua and Barbuda has signed Tax Information Exchange Agreements with several countries, including Aruba, Australia, Belgium, Curacao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Liechtenstein, Netherlands, Norway, Portugal, Sint Maarten, Sweden, Switzerland, United Kingdom, and United States.

Legislation

The IBC Act is available online for viewing in pdf format. For a hard copy, please contact the Antigua and Barbuda Government Printery at (268)462-0410.