Functions
The principal functions are to -
- supervise financial institutions in accordance with this Act, the regulatory enactments and the Regulatory Codes and to administer the registry enactments;
- consider and determine applications for licences;
- monitor compliance by regulated persons with the Anti-Money Laundering Regulations and such other Acts, regulations, codes or guidelines relating to money laundering or the financing of terrorism as may be prescribed;
- monitor financial services business carried on in or from within Montserrat and to take action against persons carrying on unauthorised financial services business;
- monitor the effectiveness of the regulatory enactments in providing for the supervision and regulation of financial services business carried on in or from within Montserrat to internationally accepted standards;
- advise the Governor and the Government of Montserrat on matters relating to financial services business;
- make such recommendations to the Governor and Executive Council as it considers appropriate concerning—
- the amendment or revision of the financial services enactments or any other Act relating to financial services business, companies or partnerships;
- the enactment of new legislation relating to financial services business, companies or partnerships; and
- proposals made otherwise than by the Commission in respect of matters specified in the above subparagraphs.
- maintain contact and develop relations with persons engaged in financial services business in or from within Montserrat with a view to—
- encouraging the development of high professional standards within the financial services industry; and
- promoting industry codes of conduct;
- maintain contact and develop relations with foreign regulatory authorities, international associations of regulatory authorities and other international associations or groups relevant to its functions and to provide regulatory assistance to foreign regulatory authorities in accordance with this or any other Act;
- provide such information and advice to financial institutions and the public, or any section of the public, concerning financial services business as it considers appropriate;
- discharge such other functions as may be assigned to it under The Financial Services Act or any other Act.
