Anguilla Financial Services Commission proposes new legislation

Friday, February 6, 2004

THE VALLEY, Anguilla: According to Mr. John Lawrence, the Director of the newly constituted Anguilla Financial Services Commission, the Commission is proposing under the Companies Act that all companies be required to have a registered agent, who is a licensed service provider. 

Under the Limited Liability Companies Act it is proposed to allow the continuation of any foreign company, not just a foreign LLC, into an Anguillian LLC.

Consideration will also be given to forming a new Limited Liability Partnership Act. The Commission will be reviewing its application and benefits to the jurisdiction.

The Commission also intends to take a look at the Trusts Act since it has not undergone any amendment since 1994 and see what developments over the last 10 years in the practices of trusts and trust administration need to be incorporated.

The Commission will also be putting forward proposals to meet the recommendation pending from the 2000 KPMG Review that all bearer shares should be immobilized.

Mr Lawrence says that the public can expect Integrity, fairness, a level playing field, high ethical standards, and access to the Commission on a wide range of financial services issues. 

He noted that the public can also expect the Commission to consult with industry and industry sectors on major issues, to give general help and assistance on financial services matters, and to provide a highly focused regulatory environment and oversight.

However he pointed out there are some expectations too of practitioners and licensees including high standards of service and conduct in respect of client business, compliance with legislation and regulations and standards set, and early consultation with the Commission in respect of problems or concerns affecting either their own financial services business or their industry.

He also called for a strong Anguilla Financial Services Association - AFSA in which all licensees and service providers are members.

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