Cook Islands Update Financial Regulations to Strengthen Oversight

The Cook Islands Financial Supervisory Commission (FSC) has announced a series of updates to financial regulations in the country, aimed at strengthening oversight and improving transparency.

Key Updates

• Amendments to several enactments and regulations, including:
  • Financial Supervisory Commission Act 2003
  • Banking Act 2011
  • Insurance Act 2008
  • Money-Changing and Remittance Businesses Act 2009
  • And others

The updates are designed to enhance the FSC’s ability to regulate financial institutions and ensure that they operate in a safe and sound manner. The changes also aim to:

• Improve consumer protection
• Enhance transparency and disclosure requirements for financial institutions

Fees Schedule Update

The FSC has updated its fees schedule, introducing new fees for various financial services, including:

• Banking
• Insurance
• Trustee companies

Importance of Staying Up-to-Date

The commission emphasized the importance of staying up-to-date with changes in financial regulations, as even small changes can have significant impacts on the financial sector. The FSC urges financial institutions and other stakeholders to familiarize themselves with the updates and ensure compliance with new requirements.

Contact Information

For further information or to access copies of the updated legislation, please contact:

• Clerk of the Parliament of the Cook Islands
  • PO Box 13, Nikao, Rarotonga, Cook Islands
  • Phone: (682) 26500
  • Fax: (682) 21260
  • Email: sarah.takairangi@cookislands.gov.ck