Did you know that the Financial Services Regulatory Authority (the FSRA) has the responsibility of administering eight (8) pieces of legislation?
The Financial Services Regulatory Authority Act (the Act) established the Financial Services Regulatory Authority and entrusted it with the administration of the following pieces of legislation which are specified in Schedule 2 of the Act:
· Insurance Act, Chapter 12.08
· International Insurance Act, Chapter 12.15
· International Banking Act, Chapter 12.17
· International Mutual Funds Act, Chapter 12.16
· Co-operative Societies Act, Chapter 12.06
· Registered Agent and Trustee Licencing Act, Chapter 12.12
· Money Services Business Act, No.11 of 2010
· Saint Lucia Development Bank Act No.12 of 2008
Therefore the FSRA is charged with the supervision of the entire domestic and international financial services sector, with the exception of commercial banks which are supervised by the Eastern Caribbean Central Bank (ECCB).
Additional information on the operation of the FSRA can be found under the “About Us” section on the website.