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Financial Services Regulatory Commission Act (CAP. 21.10)

The Financial Services Regulatory Commission Act of Saint Christopher and Nevis outlines the responsibilities, powers, and procedures of the Financial Services Regulatory Commission.

Summary of Key Points

• Responsibilities: The Commission is responsible for the policy and general administration of its affairs and business.
• Regulation of own procedures: The Commission can regulate its own procedure subject to this Act and Regulations.
• Powers: The Commission has various powers, including:
  • Acquiring property
  • Entering into contracts
  • Conducting investigations
  • Applying sanctions
  • Doing other things necessary or incidental to its functions
• Committees: The Commission may establish advisory committees to provide advice on matters related to its functions.
• Staff: The Commission can employ staff as needed for the performance of its powers, duties, and functions.
• Meetings: The Commission must meet monthly and at other times necessary or expedient for business transactions.
  • A meeting is duly constituted if there are at least five Commissioners participating in person or by telephone/video link.
• Decisions: Decisions are taken by a simple majority of votes, with the Chairperson having an original vote and casting vote in cases of equal division.
• Oath of secrecy and confidentiality: All individuals associated with the Commission, including Commissioners, officers, employees, agents, and advisers must take an oath to keep confidential information related to the Commission’s business or affairs.

Operation and Regulation of Financial Services

These sections provide essential information on how the Financial Services Regulatory Commission operates, its responsibilities, and its powers to regulate financial services in Saint Christopher and Nevis.