Supervisory and Regulatory functions
The Financial Services Commission (“the FSC”) is an independent statutory body established in 2001. The functions of the FSC which include the licensing, supervision and regulation of financial institutions, including international banks and trust companies, insurance companies, credit unions, and money services businesses, are detailed in the Financial Services Commission Act, Cap. 11.02. The International Banks and Trust Companies are restricted from carrying out banking and Trust businesses in Montserrat.
The FSC is the sole supervisory authority responsible for monitoring compliance of non-financial service providers, including company managers, lawyers, real estate agents, accountants, and other dealers of high value commodities and luxury goods, with their statutory obligations under the Proceeds of Crime Act, the Anti-Money Laundering and Terrorist Financing Regulations, the Anti-Money Laundering and Terrorist Financing Code and other applicable enactments.
The FSC is also the prescribed supervisor of Non-Profit Organizations (NPOs), that registers NPOs, monitors NPOs compliance with the requirements in the Proceeds of Crime Act, the NPO Regulations and other applicable enactments and monitors the effectiveness of the NPO legislation.
Companies and Intellectual Property functions
The FSC administers the functions of the Companies and Intellectual Property Offices under the various enactments: the Companies Act and Companies Regulations, the Trademarks Acts, the Patent Acts, the Registration of Business Name Act, the Friendly Societies Act, the Micro and Small Business Act and any other appliable enactment.