JAMAICA INTERNATIONAL FINANCIAL SERVICES AUTHORITY ACT

ARRANGEMENT OF SECTIONS

PART I
Preliminary

   1   Short title

   2   Interpretation

 

PART II
Establishment and Functions of Authority

   3   Establishment of Authority

   4   Object of Act

   5   Functions of Authority

   6   Delegation of certain functions

   7   Ministerial directions

 

PART III
Administration

   8   Appointment of Chief Executive Officer, other officers and employees

   9   Delegation of powers by Chief Executive Officer

   10   Pensions, gratuities and other retiring benefits

   11   Obligation to secrecy

   12   Disclosure of information in certain circumstances

   13   Protection of members of Authority

   14   Minister may amend monetary penalties

 

PART IV
Miscellaneous

   15   Regulations

      SCHEDULE

 

THE JAMAICA INTERNATIONAL FINANCIAL SERVICES AUTHORITY ACT

[Date of Commencement: 9th May, 2011]

Act 10 of 2011.

PART I
Preliminary

1   Short title

   This Act may be cited as the Jamaica International Financial Services Authority Act.

2   Interpretation

   In this Act, except where the context otherwise requires-

   "Authority" means the Jamaica International Financial Services Authority established by section 3;

   "chairman'' means the chairman of the Authority, appointed under paragraph 4 of the Schedule;

   "Chief Executive Officer" means the Chief Executive Officer of the Authority, appointed under section 8 (1);

   "document" includes, in addition to a document in writing-

   (a)   any map, plan, graph or drawing;

   (b)   any photograph;

   (c)   any disc, tape, sound track or other device in which sounds or other data (not being visual images) are embodied so as to be capable of (with or without the aid of some other equipment) of being reproduced therefrom; or

   (d)   any film (including microfilm), negative, tape or other device in which one or more visual images are embodied so as to be capable (with or without the aid of some other equipment) of being reproduced therefrom;

   "financial institution" means-

   (a)   a bank licensed under the Banking Act;

   (b)   a company-

         (i)   licensed under the Financial Institutions Act; or

         (ii)   registered under the Insurance Act;

   (c)   a building society registered under the Building Societies Act;

   (d)   a society registered under the Cooperative Societies Act;

   (e)   a person licensed under the Securities Act as a dealer or investment advisor;

   (f)   an individual or entity licensed by a foreign regulator;

   (g)   any other person declared by the Minister, by order subject to affirmative resolution, to be a financial institution for the purposes of this Act;

   "financial regulator" includes-

   (a)   the Bank of Jamaica;

   (b)   the Financial Services Commission; and

   (c)   any other person who regulates the provision of international financial services in Jamaica;

   "foreign regulator" means a supervisory authority in a country other than Jamaica which has supervisory duties and responsibilities-

   (a)   with respect to any person who or body that is incorporated in and provides international financial services in that country; and

   (b)   which are similar to the duties and responsibilities of the Bank of Jamaica and the Financial Services Commission;

   "functions" includes powers and duties;

   "international financial service"-

   (a)   includes any business activity consisting of-

         (i)   the formation or management of international business companies;

         (ii)   the formation and management of offshore trusts;

         (iii)   offshore banking;

         (iv)   international insurance;

         (v)   international asset protection and management;

         (vi)   international collective investments; or

         (vii)   such other business activity as may be prescribed by the Minister by order as an international financial service, being an activity in Jamaica, involving the provision of financial services that is carried on-

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