Financial Crime World

Financial Services Regulatory Commission Act of Saint Christopher and Nevis (Cap 21.10)

The Financial Services Regulatory Commission Act of Saint Christopher and Nevis is a comprehensive legislation that outlines the framework for regulating the financial services industry in the country. The Act provides for various aspects related to information exchange, regulatory cooperation, protection against liability, and transparency within the Commission.

Key Aspects of the Act

Memorandum of Understanding

  • The Commission can enter into a memorandum of understanding with regulatory authorities outside Saint Christopher and Nevis for:
    • Information exchange
    • Reciprocal treatment
    • Other details

Disclosure of Information

  • The Commission may disclose information to regulatory authorities under certain conditions, including:
    • An undertaking by the authority to preserve confidentiality
    • Satisfaction that the assistance is required for regulatory purposes
    • Assurance that the information will not be used in criminal proceedings against the person providing it

Protection from Liability

  • Commissioners, officers, employees, or other persons acting in good faith under this Act are protected from liability for acts done or omitted to be done in the exercise of their functions.

Indemnification

  • The Commission must indemnify individuals who defend themselves against actions related to acts done or omitted to be done in good faith while exercising their functions under this Act.

Declaration of Interest and Abstention from Voting

  • Commissioners must declare any interest they may have in matters before the Commission and abstain from voting if their interest is material.

Conclusion

The Financial Services Regulatory Commission Act aims to provide a framework for information exchange, regulatory cooperation, and protection against liability while ensuring transparency and accountability within the Commission. The Act’s provisions ensure that the financial services industry in Saint Christopher and Nevis operates in a fair and transparent manner.