Please enable JavaScript.
Coggle requires JavaScript to display documents.
The Regulator (Role (Authorise and supervise the financial services sector…
The Regulator
Role
Authorise and supervise the financial services sector, including TSPs and CSPs
-
-
May also contribute to the development of the financial services industry within the offshore jurisdiction
May also liaise with its local government and legislators and the regulated entities in their jurisdiction
Powers
-
-
Grant an authorisation to conduct a regulated activity, to vary any authorisation granted and to withdraw such an authorisation
Rule making powers and powers to investigate and gather information in order to assess whether an authorised person is abiding by any such rules or regulations
Enforcement powers
-
-
-
-
Place a restriction on the licence of a regulated person (eg prohibited from accepting new clients / acting in a particular capacity)
-
-
-
-
-
-
-
-
-
Financial service regulator in offshore jurisdictions is usually established by statute and given its statuary powers under a law similar to the UK's Financial Services and Markets Act 2000, the primary legislation in the UK
-
May have a board of directors and sometimes independent commissioners who are experts in their field to offer guidance and advice
Usually had added characteristics such as perpetual succession and limited liability and may have power to sue or be sued
Usually funded by the annual licence fee which is payable by regulated and registered entities in tat jurisdictions. In some jurisdictions, the regulatory body may also receive an annual grant from the local government and from the financial services industry