Turks and Caicos Islands

Turks and Caicos Islands

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This paper reviews Financial Sector Regulation and Supervision for Turks and Caicos Islands (TCI). The TCI has a structure for financial supervision that encompasses banking, insurance, mutual funds, investment brokers, trusts, trustees, companiesa€™ registration, and company service providers. The supervisory framework has undergone major modifications since 2000, but further strengthening of the legal and institutional framework is needed. The Financial Services Commission has been transformed into a statutory body and given additional autonomous powers for supervision. Underlying financial ordinances have been amended to bring them more in line with international standards.The FSC sought technical assistance from CARTAC (the regional resource agency whose project is 50% funded by CIDA ... CARTAC has now completed a draft of the Banka#39;s Manual and on completion of this draft will proceed to prepare a ... Recommendation concerning the issue of procedure manuals and procedure guides: a€c Please see above comments on ... with regard to: a€c A statement on investment policy in the business plans submitted by applicants for insurance licences asanbsp;...

Title:Turks and Caicos Islands
Author: International Monetary Fund
Publisher:International Monetary Fund - 2005

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