Our Board Of Directors
The policy and general administration of the affairs of the Commission are directed by the Board of Directors, which constitute seven or no more than nine directors including Chairman and Deputy Chairman. Each a director shall hold qualifications in business administration, accounting, banking, finance, law and/or experience in business management.
Financial Services Regulatory Commission
In 2013 the Government created a stand-alone legislation referred to as The Financial Services Regulatory Commission Act No. 5 of 2013 (“the FSRCA”). This continued the Commission as a statutory body pursuant to section 4 of the FSRCA which preserved the Commission as a body corporate with its corporate identity, rights and obligations.
The duties and powers of the Commission continued under the FSRCA as established under the IBCA. Accordingly, the Commission continues to regulate and supervises the international financial services sector with international business corporations incorporated and licensed under the IBCA. The Commission also continues to regulate and license domestic non-banks financial services sector which includes the regulation and supervision of insurance companies, co-operative societies; money services businesses; corporate management and trust services providers; international insurance, foundations, trust and limited liability
Regulatory Laws
The Regulatory Laws through which the Commission functions is provided for in section 2 of the Financial Services Regulatory Act No. 5 of 2013 these include:
- The International Business Corporations Act, 2016 (to be enacted);
- The International Banking Act, 2016 (to be enacted);
- The Insurance Act, 2007;
- The Co-operative Societies Act 2010;
- The Money Services Business Act, 2011;
- The Interactive Gaming and Interactive Wagering Regulations, 2007;
- The Corporate Management and Trust Services Providers Act, 2008;
- The International Trust Act, 2007;
- The International Foundations Act, 2007;
- The International Limited Liability Companies Act, 2007;
Principal Functions
The principal functions of the Commission are provided for at section 5 of the Financial Services Regulatory Act No. 5 of 2013 and include:-
(a) Regulatory functions, namely to regulate and supervised financial service business carried on in or from within Antigua and Barbuda accordance with this Act and the regulatory laws; and to perform any other regulatory or supervisory duties that many be imposed on the Commission by the other Act;
(b) Collaborative functions, namely to provide assistance to overseas regulatory authorities in accordance the Act; and
(c) Advisory functions, namely to advise the Government on matters to include whether the regulatory functions and the collaborative functions are consistent with function discharged by an overseas regulatory authority; whether the regulatory laws are consistent with the laws and regulations of counters and territories outside Antigua and Barbuda; and recommendations of international organizations.
In performing its functions and managing its affairs, the Commission shall:-
- Have regard to the requirements of a sound financial system in Antigua and Barbuda;
- Have regard to the maintenance of market confidence, consumer protection and the reputation of Antigua and Barbuda as a financial center;
- Use its resources prudently for its efficient and economic operation;
- Have regard to generally accepted principle of good corporate governance;
- Comply with the Act an any other act, including any regulations or directions made or given thereunder; and
- Have such ancillary powers as may be required to fulfill the functions.
In performing its functions and managing its affairs, the Commission shall:-
- Co-operate with domestic with domestic and international government agencies and statutory organizations with a view to reduce the possibility of financial services business or relevant financial business being used for the purpose of money laundering or other crime;
- Recognize the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;
- Recognize the desirability of facilitating innovation in financial services business; and
- Recognize the need for transparency and fairness on the part of the Commission.
Regulation & Supervision
The Commission is responsible for the regulation and supervision of all institutions licensed under the IBC Act. These institutions are subject to annual on-site examinations to ascertain their compliance with the relevant laws, regulations and international standards. Annual on-site examinations involve the following:
- determining solvency, (quality of investments and the loan portfolio);
- reviewing policies and procedures which govern operations;
- reviewing general and money laundering prevention internal control systems
- verifying compliance with proper customer account management guidelines;
- verifying compliance with internationally recognized prudential standards;
- assessing the quality of management;
- verifying the accuracy of returns submitted to the Commission;
- enforcing enhanced due diligence and KYC requirements; and
- determining whether detailed records of transactions and customer files are maintained.
In addition to on-site examinations, there is continuous off-site supervision in the form of an analysis of quarterly returns and annual audited financial statements, with follow-up on prescribed corrective actions.
Tax Agreement
Tax Exchange Information Agreement
Antigua and Barbuda has signed Tax Information Exchange Agreements with the following countries:
- Aruba
- Australia
- Belgium
- Curacao
- Denmark
- Faroe Islands
- Finland
- France
- Germany
- Greenland
- Iceland
- lreland
- Liechtenstein
- Netherlands
- Norway
- Portugal
- Sint Maarten
- Sweden
- Switzerland
- United Kingdom
- United States
Legislation
The IBC Act is available for Viewing online in pdf format CLICK HERE to download a copy of the INTERNATIONAL BUSINESS CORPORATIONS ACT.
For a hard copy please contact the Antigua and Barbuda Government Printery at (268)462-0410
