Financial Services Commission to expand regulatory functions


Financial Services Commission to expand regulatory functions

Wednesday, April 08, 2020

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The Financial Services Commission (FSC) will be looking to expand its regulatory functions this year, to include domestic and international trust service providers and virtual asset service providers.

Additionally, the FSC will be seeking to enhance the regulations, guidelines, and practices under the Anti-Money Laundering & Counter Financing of Terrorism (AML/CFT) framework over the period, for the non-banking sector.

These and other programmed engagements are in keeping with the FSC's mandate to protect users of the insurance, securities, and pension industries, according to the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2021.

The document indicates that the FSC will also be looking to create an enabling environment to expand the range of investment options available to registered entities and investors.

Additionally, the commission plans to pursue measures to enhance consumer protection and financial capability, in support of the Government's National Financial Inclusion Strategy.

Meanwhile, the FSC will be seeking to incorporate forward-looking, risk-based assessments of the financial condition and outlook for regulated entities.

The commission will, in particular, look to enhance its financial group supervision and crisis-resolution framework and practices.

The entity forecasts a net surplus of $79.6 million from its activities, which are programmed for implementation with an unchanged staff complement of 127.

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