What We Do
Our main role is to protect the integrity and stability of the non-bank financial services sector and by so doing protect the interest of investors and consumers.
To achieve this:
- We oversee all participants in the non-bank financial industry including the stock exchange, the depository and settlement system, market intermediaries, collective investment schemes, insurance companies, and the global business sector.
- We monitor and supervise them to reduce the risks of non-compliance with laws and regulations and to ensure financial soundness.
We License and Approve
Attention is focused on ensuring Competence, Integrity, and Financial soundness of applicants.
- Our licensing process requires that all applicants for a licence meet the fit and proper criteria to operate and provide in a transparent and comprehensive manner all financial and other information about themselves.
- Our approval process ascertains the appropriateness and the level of disclosure of the Collective Investment Schemes.
- We monitor all off-site statutory filings submitted by licensed companies to ascertain that they comply with licensing and on-going obligations particularly that of financial soundness. We examine financial statements and annual reports to verify disclosures made by companies and foster compliance.
- When minor deficiencies are detected, a compliance letter is issued identifying the problems that need to be rectified and the situation is monitored until compliance is achieved. More serious violations are referred for enforcement actions and, where circumstances of the case require, revocation of licence.
- We review rules and propose new mechanisms to check for market malpractices. This includes monitoring stock markets for market manipulation, insider trading, money laundering practices and products mis-sellings by market intermediaries.
- We regulate the industry by establishing rules to adapt our regulatory structures to new circumstances.
- We issue Guidelines in line with international standards of regulation. We foster good governance and establish in consultation with the industry, Codes of best practice.
We Enforce Laws
- Matters, which are referred to after investigation are taken up by the Enforcement Unit.
- While minor breaches of the law are dealt with by the Enforcement staff, more serious breaches are brought to Court after the Commission has secured the necessary evidence through formal enquiries, examining records, and other methods the Commission may deem appropriate that there has been breach of legal requirements.