Turks & Caicos Joins Global Securities Regulatory Body
by Mike Godfrey, Lowtax.net, Washington
29 April, 2016
The Turks and Caicos Islands' Financial Services Commission has been accepted as a full member of the International Organization of Securities Commissions (IOSCO).
IOSCO is the world's leading organization for securities regulatory agencies, and is recognized as the global standard setter for securities regulation. It provides an open forum for its 207 members on the development and implementation of securities regulation.
Among its various responsibilities, IOSCO provides a general framework for worldwide securities regulation, while also respecting the right of each country to regulate its own markets. IOSCO has developed core standards, the "IOSCO Objectives and Principles of Securities Regulation," against which the Turks and Caicos securities industry was assessed, as a part of the World Bank and International Monetary Fund's Financial Sector Assessment Programs.
The Commission said its formal acceptance as a member of IOSCO "is seen as a major show of confidence in the regulatory framework in the Turks and Caicos Islands and confirms its reputation as a well-regulated jurisdiction."
Speaking on its membership, the Commission's Managing Director, Niguel Streete, noted that "this latest positive development will provide greater certainty and build public confidence in the regulatory system, as it confirms the territory's commitment to fully participate in cross-border information exchange and assistance."
Streete added: "The Commission would like to thank the multiple government agencies and the private sector for their invaluable support and cooperation during the IOSCO screening and assessment period. We are looking forward to a continued partnership in our efforts to raise the standard of regulation and supervision of financial services in the Turks and Caicos Islands."
The Commission said that efforts to strengthen the Turks and Caicos regulatory framework, and to ensure its continued resilience amid the more challenging global environment, will remain a priority.
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