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Confidence from Regulatory Platform 2 August 2004

In its Annual Report for 2003/04, published today, the Financial Supervision Commission says that a key part of the Commission's strategy has been to provide a regulatory platform from which business can plan its future expansion with confidence.

In his introductory remarks to the report, Chief Executive, John Aspden notes that the Report of the IMF, published in November 2003, was an important milestone for the Island. The Island was found to have attained a very high level of compliance with relevant international standards, a prerequisite if Island-based businesses are to enjoy public and international confidence and reciprocal access in overseas markets.

Mr. Aspden noted that the Commission recorded its 20th Anniversary during the year. The Commission was one of the first regulatory bodies established as a regulator of different markets, a model which has since been followed and adapted in many other jurisdictions.

Mr Aspden acknowledged the challenging economic climate which many sectors of the business community have been encountering during the last year. In response the Commission has worked with the industry to accommodate new business opportunities being explored, and has looked further to see how the costs of regulation can be ameliorated through a more pragmatic approach to implementation.

This yearís comprehensive Annual Report underlines the Commissionís continued commitment to greater transparency. Key highlights from the report include:

  • a detailed explanation of the IMF's assessment of financial sector regulation and supervision
  • a detailed description of how the Commission operates through a structured approach to its operations
  • the Commission's move to a more risk-based approach to supervision focussing on impact and material risks, and completion of the CSP licensing programme
  • implementation of a new Companies, etc (Amendment) Act 2003 which addressed a number of urgent matters in companies legislation
  • important regulatory changes for funds which have enhanced the attractiveness of structures in the professional and experienced investor sectors

The report states that there has been a notable increase in total deposits of 8%, and a 17% increase in the total value of funds under management in the Island.

The Commission has published accounts under the Audit Act 1983, to be followed next year by accounts prepared in line with UK generally accepted accounting principles with a full true and fair opinion from its auditors.

The focus for the forthcoming period includes continuing enhancement of the Commission's supervisory approach, implementation of new on-line public company search facilities and implementation of legislation for Trust Service providers.

The Commission will continue to work in partnership with the industry in order to maintain and enhance the Island's competitive position. The report recognises as the Island seeks to meet the highest standards of integrity, the Commission must also ensure, that as far as possible, it balances regulatory objectives with commercial viability.

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