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Breakfast News

Breakfast News. Financial Supervision Commission 14 July 2004. Discussion topics. General update Launch of a Regulatory Impact Assessment approach Fiduciary Services Bill Public View Internet project: Companies Registry Supervisory developments; Basel II

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Breakfast News

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  1. Breakfast News Financial Supervision Commission 14 July 2004

  2. Discussion topics • General update • Launch of a Regulatory Impact Assessment approach • Fiduciary Services Bill • Public View Internet project: Companies Registry • Supervisory developments; Basel II • Prevention of money laundering update • The way forward

  3. News Update Challenging climate Post IMF visit: review and implementation of recommendations Closer communication with the industry: funds, PCCs, new business opportunities Level playing fields: Crown Dependencies and UK Revised PQs/BQs

  4. Regulatory Impact Assessment Regulation has a cost; key part of the impact assessment Evaluation process and balance of necessity Incremental assessment according to perceived level of impact Quantification of cost where possible Comments invited

  5. Fiduciary Services Bill Broad agreement on key areas First Reading: 29 June Legislation to progress through remainder of 2004 Preparation for licensing and supervising TSPs A number of other changes, eg appeals

  6. Companies Registry Launch of Public View Internet project • Positive reception from test panel • Search and download facilities • Further development phases planned • Important marketing opportunity for the Island Consultation on forms

  7. Supervisory developments Risk and impact based approach Consolidated supervision: liaison with other regulators Financial Reporting System: User Group contact Basel II: recent FSC questionnaire Corporate Governance document for banks Endowment selling survey Visit template for Supervisory Visits to CSPs

  8. Prevention of Money Laundering FSC’s letter to the industry (April 2004) Revised draft AML Code Discussions with other Crown Dependencies on converging AMLGNs Wire transfers (SR VII)

  9. International Regulatory Initiatives likely to impact Basel II Regulatory co-operation Professional competence Risk-based supervision Prevention of money laundering/terrorist financing Continuing reviews

  10. Key initiatives Going Forward Annual Report 2003/04; corporate plan Participation in the Government’s Review of Economic Strategy (including regulatory strategy) New business opportunities Possible review of companies and insolvency legislation by Treasury Consolidation of financial services legislation Close liaison on taxation issues

  11. Breakfast News Financial Supervision Commission 14 July 2004

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