Attorney General’s Chambers
3rd January, 2014
TURKS AND CAICOS ISLANDS FINANCIAL SERVICES COMMISSION (AMENDMENT) BILL 2014 ARRANGEMENT OF CLAUSES CLAUSE
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 A PROPOSAL FOR A
BILL FOR 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 may be required for a function exercised by the Commission ;”.
Section 23 amended 4. Section 23 of the principal Ordinance is amended –
Attorney General’s Chambers
3rd January, 2014
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(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, whether or not obtained pursuant to the exercise of any power under this Ordinance.”. ____________________ PASSED by the House of Assembly this
day of
2014.
………………………….. Tracey Parker
………………. Robert Hall
Clerk to House of Assembly
Speaker
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EXPLANATORY MEMORANDUM The Financial Services Commission (Amendment) Bill seeks to provide further provisions to enable the Commission to be able to liaise with the competent authority for provision of information in order for the competent authority to comply with the provisions of the Ordinance under which it is designated, for the provision of information This is to ensure that there is no gap in providing information for purposes of the TCI to fulfil its obligations of reporting or provision of information related to tax purposes as provided under the Tax Information Exchange Ordnance and the Retention of Tax Ordinance. It is also to ensure enforcement under these Ordinances and the Financial Services Commission Ordinance. THE BILL. Clause 1 and 2 provides the short title, commencement and interpretation provisions of the Bill. Clause 3 amends section 2 by inserting the definition of “competent authority�. Clause 4 amends section 23(1) to include provision liaising the Commission with a competent authority designated under an enactment. Clause 5 amends section 28 to include cooperation by the Commission with a competent authority designated by an enactment. Clause 6 amends section 29 to insert a subsection which will enable the Commission to spontaneously share information with a foreign regulatory authority, without the request of that foreign regulatory authority.