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Financial Services Regulatory Commission Act in Saint Christopher and Nevis

The Financial Services Regulatory Commission Act establishes the framework for regulating financial services in Saint Christopher and Nevis. Here are key points from the text:

Powers and Responsibilities

  • The Commission has the power to regulate its own procedures.
  • Conduct investigations as necessary.
  • Apply sanctions to regulated entities.
  • Acquire, hold, and dispose of property.

Meetings

  • The Commission must meet monthly and at other times as necessary for the transaction of business.
  • Decisions are taken by a simple majority of votes, with the Chairperson having an original vote and casting vote in cases of equal division.

Staffing

  • The Commission may employ persons necessary for its performance.
  • Establish a pension plan and medical insurance for officers and employees.
  • Appoint members to advisory committees.

Confidentiality

  • Commissioners, officers, employees, agents, and advisers must take the oath of secrecy.
  • Must not disclose information related to business or affairs of the Commission, regulated entities, or customers.

Cooperation with Regulatory Authorities

  • The Commission may exchange information with regulatory authorities to enable them to discharge their regulatory functions.

Discussion Topics

1. Effectiveness of the Financial Services Regulatory Commission Act

  • How effective is the Act in regulating financial services in Saint Christopher and Nevis?

2. Challenges or Limitations of the Commission’s Powers and Responsibilities

  • What are some potential challenges or limitations of the Commission’s powers and responsibilities?

3. Confidentiality and Oath of Secrecy

  • How does the Commission ensure that its staff, including Commissioners, officers, employees, agents, and advisers, maintain confidentiality and adhere to the oath of secrecy?

4. Improving Cooperation with Regulatory Authorities

  • In what ways can the Commission improve cooperation with regulatory authorities in Saint Christopher and Nevis and other countries?