This is a commonwealth country that is made up of several islands. The latest statistical data analyses its population to be approximately 96000. Christianity dominates most religions in the country. The country mostly uses the Spanish language as a means of communication. However, this is the most spoken immigrant language. Therefore, English is the main official language within the country. In addition, the country uses the Eastern carnelian dollar as a means of transactional exchange. In the year 2020, the country realized a gross domestic product (GNP) of about 1.415 billion USD. This article gives an in-depth discussion of the Financial Services Regulatory Commission in Antigua and Barbuda. The role and function of the regulatory commission are also identified and explained. Further considerations of the acts against unlawful regulatory practices are also considered.
Functions of Financial Services Regulatory Commission in Antigua and Barbuda
The commission board is entitled to manage the financial activities within the country. It further regulates the financial sectors and supervises their activities of the financial sectors. The commission strives to maintain the set international standards of finance. The board of directors is responsible for handling the affairs of the commission. The board of directors has about seven to nine directors that are headed by the Chairman. The directors are professionals in business-related courses such as accounting. The commission also regulates the licensing of foreign and local nonbank commercial services. Analyzing the functions of the regulatory commission according to the Financial Services Regulatory act of 2013 is important in understanding the relevance of the commission in the country’s financial activities. Another important function of the Financial Regulatory services is to provide a joint functioning to assist in the general oversight of regulatory activities. This is in accordance with the acts. It also acts as a financial advisory board that confirms whether the regulatory acts within the country meet the expectations of the international regulatory standards. This ensures that the board implements financial acts that are not outdated but instead match the global laws of finance. It initiates this process by confirming and aligning with the international regulatory bodies. Maintaining the confidential process of the market and protecting the financial status of Antigua. The country considers it to be important to secure some of the financial practices and avoid exploitation by external forces. It also protects consumers against exploitation and aims at safeguarding the reputation of the country. The commission strives to ensure that the resources in the country are utilized to improve the economic sector of the country. This becomes possible through cooperation with other commission bodies towards improving the economic activities. There is a need to sanitize the board and promote fairness in the commission. This has recently become a major concern in the financial regulatory commission inequality during the selection of directors and chair leaders. The commission calls for openness among workers in the commission and formulates laws against corruption. The board further extends its role by conducting various visits to the financial sectors both bank and non-bank sectors and identifies some crime practices within the named sectors. This implies that the financial regulatory board imposes positive acts that impact the smooth running of the commission board. All financial sectors that are under the IBC act are normally controlled by the financial regulatory commission. The board examines the activities of the institutions and confirms if they abide by the rules and regulations stipulated in the act. They proceed by checking the size of investments and confirming whether they align with the acts and regulations. The commission also analyzes the procedures that control operations and further assess management practices. In conclusion, the Financial Service Regulatory Commission has different parts that are subjected to achieve a common purpose of the entire system. The parts work closely to ensure that they achieve a common objective. This implies that the commission board in Antigua and Barbuda has achieved its role hence proving its relevance in controlling the country’s financial activities.
Address/contacts and official website of Financial Services Regulatory Commission in Antigua and Barbuda
Location address: 45Q8+X6J, St John’s, Antigua & Barbuda.
Contacts: +1 268-481-3300.
official email: info@fsrc.gov.ag
Official website: http://www.fsrc.gov.ag
