Presentation Anguilla Financial Services Commission

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					Anguilla Financial Services Commission:
 Responding to the Challenges of 2009


                 By


           Niguel S Streete
           Director - FSC
Overview
   Regulatory Philosophy
   Year in Review
   The Year Ahead
   Regional Initiatives
   External Challenges
   The Way Forward
Regulatory Philosophy
   Partnership and Consultation
   Coordination
   Consistency
   Responsiveness
   Flexibility
   Comprehensiveness
   Mission: To enhance the safety, stability and integrity of Anguilla’s
    financial system and contribute to Anguilla being a premier financial
    centre, through appropriate regulation and legislation, judicious
    licensing, comprehensive monitoring and good governance.
Year In Review
   Operating Performance
       Policies
       Licensing
       Surveillance
       Onsite monitoring
       Legislation, regulations and guidelines
   Financial performance
Policies
   Underlying philosophy of regulatory consistency
   Onsite examination guidelines (internal)
   Audited accounts guidelines (internal)
   Insurance solvency guidelines
   Licensing procedures guidelines
   Summary of the Commission’s Fees
   Regulatory Code of Conduct (final draft)
Licensing
                                                         Growth in Licensees
                      140

                      120

                      100
No. of Institutions




                      80

                      60

                      40

                      20

                       0
                             Off. Ins.   Mutual Fd     Co.        Ins.    Dom. Ins.   Trust Co.   Mutual Fd   Off. Bks
                                                     Managers   Interm.                            Inter.
                      2005      40           8          30         20        19          16          3           3
                      2006      71          42          34        24         20          17          13          3
                      2007     110          43          41        34         22          20          29          3
                      2008     128          56          48        41         24          20          35          3
Surveillance
   Actively followed up on outstanding financial
    returns
   Reviewed and provided comments on accounts
   Maintained a statistical database
   Held discussions with licensees on financial
    performance (emphasis on capital adequacy)
   Plans are in place to institute enforcement actions
    for outstanding returns.
Onsite Examinations

   Company Managers:           12

   Insurance Intermediaries:   4

   Insurance Companies:        3

   Trust Companies:            3
Legislation/Regulations
   Anguilla Foundation Act (Passed 13 June)
   Foundation Regulations (final draft)
   AML Guidelines (amended)
   FSC Act (amended)
   Fee Regulations (amended)
   Offshore Banking Fees Regulations (amended)
  Financial Performance
    Performance         August 2008      August 2007     August 2006
     Indicators       US$ (un-audited)   US$ (audited)   US$ (audited)



License Fees              772,398          757,246         626,272



Total Assets             1,139,149         959,131         651,916



Surplus                   346,714          319,036         258,088

Accumulated Surplus      1,103,029         897,414         578,378
The Year Ahead

   CFATF

   General Operations

   Legislation and Regulations
CFATF
   CFATF Mutual Evaluation
       Timing
       Scope
       Process
       Preparation
       Importance
Operations
   Targeted Sectors (Emphasis on Capital Adequacy and Due Diligence)
        Insurance
        Mutual Funds
        Company Managers
   Legislation and Regulations
        Proceeds of Criminal Conduct Act
        Foundation Regulations
        Money Services Business
        Credit Union
        Insurance
Regional Initiatives
   Collaboration with ECCB and CARTAC on
    uniform/harmonised legislation
   Work with the FCO in enhancing regulatory
    standards
   Partner with CAIR and CARTAC on training
   Other regulatory partnerships
       British Overseas Territories
       ECCU Regulatory Units
       International Associations
External Challenges
   CFATF Mutual Evaluation
   Change in administration in the USA
   Current international financial crisis
The Way Forward

   Regulator/industry partnership
   Self regulation
   Promotional agency
   Culture of regulatory compliance
   International compliance
Questions/Feedback

				
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posted:9/18/2011
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