Anguilla Financial Services Commission Charting The Course Ahead in 2010 By Eleanor M Astaphan, Deputy Director.

Slides:

Advertisements

Similar presentations

Implementation of 2008 SNA AEG Meeting on National Accounts May 28-31, 2013 Luxembourg.

Advertisements

State Bank of Pakistan Various Departments

Auditing, Assurance and Governance in Local Government

SEMINAR NAIC/ASSAL/SVS REGULATION & SUPERVISION OF MARKET CONDUCT © 2014 National Association of Insurance Commissioners Overview and Purpose of Market.

Ensuring Effective Monitoring, Certification and Verification of Emissions by Jed Jones Lloyd’s Register.

IAEA International Atomic Energy Agency. IAEA Outline Learning objectives Introduction Functions of Regulatory Body (RB) on EPR Appraisal guidance: Part.

PUBLIC BANKS THE BRAZILIAN EXPERIENCE LATIN AMERICAN FINANCE NETWORK BUENOS AIRES – DECEMBER 2003.

Assignment Four Underwriting. Definitions Underwriting – The process of selecting policyholders by recognizing and evaluation hazards, establishing prices.

Preparing Supervisory Authority and Pension Industry for Risk-based Supervision Nzomo Mutuku Manager, Research & Development Retirement Benefits Authority,

1 Supplement to the Guideline on Prevention of Money Laundering Hong Kong Monetary Authority 8 June 2004.

CEP Industry Research Group 2 Hong Kong Financial Regulation and Supervision.

THE CFATF MUTUAL EVALUATION PROCESS (IN A (SMALL) NUTSHELL) Robin Sykes Financial Investigations Division.

Quality evaluation and improvement for Internal Audit

First Practice - Information Security Management System Implementation and ISO Certification.

Compliance Policy & Procedures An Overview for Staff Prepared by MSM Compliance Services Pty Ltd.

Eurasian Corporate Governance Roundtable

IAIS Recent Developments Hyderabad, 16 November 2005 Yoshi Kawai – Secretary General International Association of Insurance Supervisors (IAIS) Website:

IOPS Principles of private pension supervision

Internal Auditing and Outsourcing

Corporate Governance in Financial Institutions OCDE/IAIS/ASSAL Conference on Insurance Regulation & Supervision in Latin America Punta Cana, Dominican.

1 Inspection of LCPs: System for Inspection. ECENA Training Workshop Bristol, March 2008.

1 Financial Services Commission Presentation to Financial Journalists 13 June 2007 Marcus Killick Chief Executive Officer.

IAIS Standards Setting Activities and the Insurance Core Principles Washington – 4 May 2004 Luc Cardinal – Member of Secretariat International Association.

Strategic, Annual Performance & Operational Planning Process

Governance of the Treasury Function CIPFA Scottish Treasury Management Forum Alan George, Regional Director 23rd February 2012.

Establishment and Development of the Internal Audit System for the Public Sector in Kyrgyz Republic INTERNAL AUDIT COMMUNITY OF PRACTICE ISTANBUL

OECD Guidelines on Insurer Governance

ADB Project TA 3696-PAK, Regulation for Corporate Governance 1 REGULATION FOR CORPORATE GOVERNANCE IN PAKISTAN CAPITAL MARKETS.

The Bulgarian pension model: regulatory and supervisory practices Bisser Petkov Deputy chairperson of the Financial Supervision Commission, head of the.

Financial Conglomerates, What are the Inherent Risks? 2006 CIAB Conference Port-of-Spain, Trinidad & Tobago November 16, 2006 Thordur Olafsson, CARTAC.

Planning an Audit The Audit Process consists of the following phases:

Principles of good practice Jana Kunická Community Philanthropy Initiative Coordinator European Foundation Centre.

International International Standards on Regulating DNFBPs & The way forward Mr Peter KWOK Assistant Secretary for Security 19 February 2009 Narcotics.

Anguilla Financial Services Commission: Responding to the Challenges of 2009 By Niguel S Streete Director - FSC.

NO FRAUD LEFT BEHIND The Effect of New Risk Assessment Auditing Standards on Schools Runyon Kersteen Ouellette.

CCAB Training Providers Event 17 November 2008 Reviews Required by QAC Heather Briers Director Chartered Accountants Regulatory Board.

GUERNSEY INSURANCE FORUM 12 November 2008 Diane Colton - Director of Insurance Guernsey Financial Services Commission.

Advanced Program in Auditing and Accounting Regulation Module 12 Enhancing Statutory Audit Quality from a Financial Regulator’s Perspective Presenter:

MTRA 16 th Annual Conference November 14, 2006 The Banking Environment for Money Services Businesses Lisa Arquette FDIC Associate Director Anti-Money Laundering.

Corporate Governance.  According to King III, the board should: ◦ be responsible for the strategic direction and control of the company; ◦ set the values.

2006 End-Year Review and Prospects and Priorities for 2007 Hong Kong Monetary Authority 31 January 2007.

1 End-Year Review and Outlook for 2001 David Carse Deputy Chief Executive Hong Kong Monetary Authority 22 January 2001.

“The Regulatory Challenge” By Dr. Bassel Hindawi Director General of The Insurance Commission of Jordan at The 42 nd Annual Seminar of the International.

1 Regulatory framework for Gibraltar- domiciled funds Munich Presentation 19 November 2007 Marcus Killick Chief Executive Officer Financial Services Commission.

1 Regulatory framework for Gibraltar- domiciled funds London Funds Seminar 13 th February 2008 Marcus Killick Chief Executive Officer Financial Services.

The World Bank Supervision of Banking Sector on AML/CFT - Introduction to the Workshop - SB Koh Sr. Financial Sector Specialist Financial Market Integrity.

European Commission IDEAS - New Delhi 14 April 2005 European Commission DG Budget – Evaluation Unit.

Staffing and training. Objectives To understand approaches to the development of strategies and policies for staffing of a Regulatory Authority including.

Compliance Audit Subcommittee Reporting Work Plan Copenhagen, Denmark 6th of May 2010.

Financial Services Commission1 International Insurance Regulation Michael Oliver Director of Insurance Financial Services Commission British Virgin Islands.

1 Trusts and Private Clients Seminar – “The regulatory environment” Marcus Killick, Financial Services Commissioner Manchester - Thursday 24 February 2005.

Role of Montana State Fund. Montana State Fund is committed to the health and economic prosperity of Montana through superior service, leadership and.

An Overview of Hong Kong’s Anti-Money Laundering & Counter- Terrorist Financing Regime (AML & CTF Regime) Michael YIP Assistant Secretary Financial Services.

1 The Future Role of the Food and Veterinary Office M.C. Gaynor, Director, FVO EUROPEAN COMMISSION HEALTH & CONSUMER PROTECTION DIRECTORATE-GENERAL Directorate.

Page 1 | Proprietary and Copyrighted Information The Australian framework Marisa Orbea IESBA Meeting New York April 2015.

Financial Sector Development: Building Market Foundations Through International Codes And Standards Sherman G. Boone, Assistant Director Office of International.

TOURISM, TRADE, INDUSTRY & COOPERATIVES SECTOR. Policy Issues in Regard to “Production and Marketing” A Presentation by Ministry of Trade, Industry and.

International International Standards on Regulating DNFBPs & The way forward Mr Peter KWOK Assistant Secretary for Security 27 February 2009 Narcotics.

An Overview THE AUDIT PROCESS. MAJOR PHASES IN AN AUDIT Client acceptance and retention Establish terms of the engagement Plan the audit Consider internal.

BUSINESS WITH CONFIDENCE icaew.com What does it mean for me? Practice Assurance.

Amina Maknoon Senior Director, Investigation & Enforcement Financial Services Commission.

 Cooperation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system.

THE ROLE OF THE CBA IN THE AREA OF CONSUMER PROTECTION WITH RESPECT TO FINANCIAL SERVICES Presented by: Prakash Mungra, Executive Director CBA Aruba, March.

On-Site Inspections & Senior Officer Approval Regime Kenneth Baker Deputy Managing Director, Regulation.

Explorative Analysis of the Implications and Compliance of the Protection of Personal Information (POPI) Act in a Open and Distance Learning (ODL) Institution:

Deputy Managing Director

FISCAL & BANKING REFORMS IN MOLDOVA

International Insurance Regulation

Institutional arrangements for financial sector supervision Establishment of the Prudential Authority in South Africa Dr Janet Terblanché Head: Policy.

Governance Issues Learning Objectives

Presentation transcript:

Anguilla Financial Services Commission Charting The Course Ahead in 2010 By Eleanor M Astaphan, Deputy Director

Overview Review of past year (financial, operational, legal) Regional Developments External Developments Preview of 2010

Year in Review  Financial Performance Note change in financial year end for 2008 Perfmance Indicators August 2009 Unaudited December 2008 (16 mo) August 2007 License Fees921,048946,388757,246 Total Assets1,593,8491,295,821959,131 Surplus513,132296,550319,036 Acc. Surplus1,551,3571,038,224897,414

Year in Review  Operating Performance A) Supervisory & Regulatory function Licensing : process granting authorization to enter the market New Fit &Proper Guideline on website : criteria: character and integrity, competence and experience, financial soundness New regulatory approval fees- services previously gratis

Year in Review Growth in Licensees

Year in Review CaptivesCoMMF + IntTrust CoOff. BnksDom Ins

Year in Review  Operating Performance B) Surveillance/Offsite Monitoring Continuous process Purpose – compliance, EWS, understand and explain significant matters Type of activity: financial statements, prudential meetings, data collection In 2009 introduction of reporting forms ( new and revised)

Year in Review Tested standard reporting forms to assist in data collection for domestic Insurance, MFunds, MSBs, TCSPs, Cus In 2009 conducted several prudential meetings with various licensees Success of the Commission in off-site surveillance is heavily dependent on timely and accurate reporting of the industry

Year in Review  Operating Performance B(ii) Surveillance/On-site examination Selective process- leading from off-site or part of cycle of periodic examinations Purpose – high degree of familiarization with operations and performance to ensure satisfactory performance Examiners are sworn to confidentiality Caution note: Role of Commission limited to evaluation of adherence to reasonable prudential limits of risk in relation to products and services offered

Year in Review In 2008/09 32 on-sites were conducted

Year in Review  Operating performance C) Legislation( passed in 2009) Proceeds of Crime Act and the AML/CFT Regulations and Code Money Services Business Act Payment System Act Amendments to the Financial Services Act

Year in Review Commission issued Guidelines: Issues Guide on AML/CFT Procedures Manuals

Year in Review  Operating Performance D) External Relationships Interface with other regulatory bodies/authorities worldwide Commission maintains policy of disclosure and transparency- annual reports, engagement and consultation of private sector, annual meetings Use of website for information dissemination

Regional Developments Signed MOU with regional regulators AFSC participation in ROC co-ordinated by ECCB (Fallout CL Financial/BAICO/CLICO) Continued interface with regional bodies- CARTAC, ECCB, CAIR Continued participation in regional training and regulatory fora- In 2009 Anguilla hosted regional meeting of Heads of SRUs

External Developments Fallout of financial crisis in the US – slowed recovery and resulting pressures on tourism industry, financial services G20 declarations on offshore financial centres in relation to their efforts to stem leakages of tax revenues to tax havens Two external assessments of Anguilla – Foot Review and the CFATF ME Report

Preview 2010/CFATF ME Peek at Preliminary ratings assigned:- 40 FATF Recommendations:10 Compliant, 14 Largely Compliant, 14 Partially Compliant and 2 Non Compliant 9 Special Recommendation: 5 Largely Compliant, 3Partially Compliant and 1 Non Compliant One primary reasons for not achieving full compliance in some areas was newness of legislation Some ratings likely to change based on negotiations/finding of Plenary May 2010

Preview 2010/Work Programme Work programme will involve response to CFATF Plenary Guided by recurring themes in both external assessments:- Regulatory resources Restructuring to accommodate expanded scope of the Commission (possible implementation of Compliance/Enforcement Unit) Greater regulatory co-operation with UK, other OTCs

Preview 2010/Work Programme Increased regulatory coverage to include other financial service providers- DNFBPs; MSBs

Preview 2010/Work Programme  New legislation and Guidelines International Insurance Bill Domestic Insurance Bill (ECCU) Co-operative Societies Bill (ECCU) Amendments to MF Act Guidelines for Company Managers Guidance Note on Maintaining Statutory Reserves &Deposits for licensed insurers

Questions/Feedback Thank You!