TURKS AND CAICOS ISLANDS FINANCIAL SERVICES COMMISSION (AMENDMENT) ORDINANCE 2014 (Ordinance 5 of 2014) ARRANGEMENT OF SECTIONS SECTION
1. 2. 3. 4. 5. 6.
Short title and commencement Interpretation Section 2 amended Section 23 amended Section 28 amended Section 29 amended
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TURKS AND CAICOS ISLANDS (Ordinance 5 of 2014) Assent…………………………………………….4th February 2014 Publication in Gazette………………………….7th February 2014 Commencement…………………………………7th February 2014 AN ORDINANCE TO AMEND THE FINANCIAL SERVICES COMMISSION ORDINANCE; AND FOR MATTERS CONNECTED THERETO.
ENACTED by the Legislature of the Turks and Caicos Islands.
Short title and commencement 1. This Ordinance may be cited as the Financial Services Commission (Amendment) Ordinance 2014 and shall come into operation on publication.
Interpretation 2. In this Ordinance the “principal Ordinance” means the Financial Services Commission Ordinance.
Section 2 amended 3. Section 2 of the principal Ordinance is amended by inserting in its appropriate alphabetical position the following definition— “competent authority” means a competent authority designated under an enactment for purposes of enforcing provisions, relating to exchange of information for tax purposes, or as
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may be required for a function exercised by the Commission;”.
Section 23 amended 4. Section 23 of the principal Ordinance is amended— (a) in the chapeau to subsection (1) by inserting after “Ordinance,”, the following— “or for ensuring compliance with a request from a competent authority acting pursuant to an enactment,”.
Section 28 amended 5. Section 28 of the principal Ordinance is amended— (a) by inserting after paragraph (a), the following paragraph— “(b) a competent authority acting pursuant to an enactment; or”; and (b) by re-designating the existing paragraph (b) as paragraph (c).
Section 29 amended 6. Section 29 is amended by inserting after subsection (2), the following subsection— “(2a) Notwithstanding the provisions of this Ordinance, where the Commission considers it appropriate in any case to do so, and without request from a foreign regulatory authority, the Commission may provide a foreign regulatory authority with information in its control or possession, in securing compliance with the Laws and Regulations applicable to its jurisdiction.”. ____________________
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