The FSC completes its work through several Divisions and Departments within the FSC:
The Actuarial Division is responsible for providing advice and guidance within the FSC with respect to all actuarial matters concerning registered and licensed entities.
The Investigation and Enforcement Division plays a pivotal role in enabling the FSC to execute its statutory mandate through the performance of its daily functions, pursuant to the relevant FSC administered legislation. These include:
• conducting special investigations and examinations to gather evidence where there are cases of suspected breaches of the relevant FSC administered legislation.
• conducting enhanced due diligence exercises in order to determine the fitness and propriety status of prospective and current registrants and licensees.
• receiving and processing complaints from the public concerning the practices of licensees and registrants, which fall within our regulatory remit.
The Investigation and Enforcement Division also houses the Anti-Money Laundering (“AML”) Unit. The AML Unit has responsibility for the monitoring and supervising our licensees and registrants, on a risk basis, to ensure compliance with the Proceeds of Crime Act (POCA), The Terrorism Prevention Act (TPA), and The United Security Council Resolutions Implementation Act (UNSCRIA) and their attendant Regulations as well as to lessen the possibility of our licensees/registrants being used as a conduit for Money Laundering/Terrorist Financing/Financing the Proliferation of Weapons of Mass Destruction.
The Legal Services Research and Policy Division ( LSR&P Division) has three main arms-
(a) the Board Secretariat
(b) the Legal Services Department; and
(c) the Research and Policy Unit
The LSR&P Division is staffed with an energetic team of professionals who are constantly gearing themselves to meet the challenges faced in a constantly changing regulatory environment.
One of the key functions of the Division is to ensure that the legislation administered by the FSC operates are current and relevant.
The Legal Department provides legal advice to the FSC, litigation support and legal services.,
The Legal Department in conjunction with the Research and Policy Unit serve the research needs of the organization from legal, economic and sectoral perspectives. The Research Unit provides targeted data pertaining to financial markets. This contribution drives policy development by the FSC.
The Board Secretariat provides administrate support for the FSC’s Board of Commissioners. In doing so, it coordinates the information flow between the Board and the management of the FSC; arranges meetings and ensures that proper records of Board proceedings and decisions are kept.
The Department is headed by the General Counsel who also serves as the Board Secretary and in that capacity provides guidance to the Board of Commissioners on issues of corporate governance including its obligations under the Public Bodies Management and Accountability Act.
The Legal Services, Research and Policy Department provides services for all other departments within the FSC and can therefore be seen as a backbone for the organization.
The Registration, Corporate & Trust Services Division is responsible for facilitating the registration and licensing of entities and individuals operating within the Insurance, Securities and Private Pension industries, guided by their respective Acts and attendant Regulations. In order to be licensed or registered, applicants are required to submit documents pursuant to the relevant Acts and regulations, to be assessed for fitness and propriety, thus deeming them suitable to conduct business in the relevant capacity.
The Registration Process
An entity applying to the Financial Services Commission (“FSC”) for registration or licensing is required to submit the relevant application form, properly completed and signed, accompanied by the requisite supporting documents. Applications deemed incomplete are not accepted by the FSC and will be rejected. Once an application is accepted, the FSC will assess the documents submitted to determine if the applicant has satisfied all the conditions as prescribed by the respective Acts and attendant regulations. In order to complete its determination, the FSC may require the applicant to submit additional information or will instruct the applicant to make changes deemed necessary. Once an applicant has satisfied the requirements, the application will be approved and a certificate of registration or licence issued.
If however, the assessment is completed and it is determined that the applicant has not satisfied the conditions as stipulated by the respective legislation, the FSC will inform the applicant in writing of the refusal, stating the reasons for the refusal and informing the applicant of the right to an appeal.
The Insurance Division has responsibility for the administration and enforcement of the Insurance Act and Regulations.
Discharge of these responsibilities is achieved using a combination of established supervisory techniques including regular monitoring of institutions with the aim of ensuring that all registrants are in sound financial condition and have proper internal controls and risk management systems.
The Pensions Division has oversight and monitoring of private pension funds pursuant to the Pensions Act and has responsibility for the administration and enforcement of this legislation and related regulations.
The Securities Division is responsible for the administration and enforcement of the Securities Act and Regulations.
The Securities Division discharges its responsibility by analyzing each licensee’s business activities and results and by examining financial statements.
This includes surveillance of activities on the JSE and the Jamaica Central Securities Depository. The Division also analyses and advises on JSE rule changes and decisions regarding takeovers and mergers.