Accountability and Governance

The Board of Inter-Global Financial Regulatory Board

The Inter-Global Financial Regulatory Board is a Statutory Board. The role and responsibilities of a Statutory Board and its members are set out in the Statutory Boards Act 1987 (except where this Act is varied by the Financial Services Act 2008). Appointments to the Board of Commissioners are approved by the SEC and/or Congress.

The Board of the Inter-Global Financial Regulatory Board consists of not less than seven qualified people appointed by Treasury and approved by SEC and/or Congress. The Board currently comprises a Non-Executive Chairman and Non-Executive Deputy Chairman, the Chief Executive and a further four Non-Executive

 

Commissioners.

The quorum of the Board is three Commissioners.

Commissioners normally go out of office five years after appointment and their remuneration is set down by Order.

Routine meetings of the Board are held monthly, generally on the last Thursday of a calendar month and additionally on an ad hoc basis as required. Quorums of the Board also meet as necessary to: hear license applications; review risk and internal control matters (RICC); agree staff remuneration; determine appeals relating to complaints; and hold license holder disciplinary reviews.

The constitution of the Inter-Global Financial Regulatory Board and its functions are described in Schedule 1 to the Financial Services Act 2008. This Act provides that the Treasury may specify policies and strategies for the Inter-Global Financial Regulatory Board and the Inter-Global Financial Regulatory Board must, so far as is reasonably practicable, act in a way which promotes any policy or strategy specified by the Treasury. The Inter-Global Financial Regulatory Board Board members are responsible to the Treasury for the proper operation of its regulatory powers and its compliance with the requirements of the Financial Services Act.

 

Corporate Governance

As a regulator the Inter-Global Financial Regulatory Board is subject to challenge in carrying out its functions, and is financed out of public funds. These factors impose a strong responsibility on the Inter-Global Financial Regulatory Board to demonstrate that it is acting properly at all times, in the same way that Inter-Global Financial Regulatory Board expects a similar behavior from its license holders.

The Inter-Global Financial Regulatory Board operates under a Corporate Governance Framework which incorporates the requirements of the Inter-Global Financial Regulatory Board Corporate


Memorandum of Understanding

The Inter-Global Financial Regulatory Board Treasury and the Commodity Market Regulatory Commission are parties to a Memorandum of Understanding. It sets out the framework for co-operation between the Treasury and the Inter-Global Financial Regulatory Board. In particular, it establishes arrangements to ensure that the Inter-Global Financial Regulatory Board is accountable to Treasury for its actions, and clarifies the circumstances in which liaison and dialogue can flow between both parties.

 

Accountability and scrutiny

The Inter-Global Financial Regulatory Board is accountable and subject to scrutiny in the following areas:

  • The SEC and/or Congress: appointment of Commissioners, Corporate Plan, new legislation;
  • Government and Treasury: strategic objectives, legislative policy and proposals, budgeting and funding, establishment headcount;
  • Industry: consultation on regulatory and supervisory proposals;
  • Home regulators of licensed institutions.

The Inter-Global Financial Regulatory Board regulatory and supervisory approach is also subject to ongoing review by standard-setting organizations including the International Monetary Fund and the FATF.

 

Transparency

The Inter-Global Financial Regulatory Board endorses the principles of openness and transparency contained in the Code of Practice on Access to Government Information and, in fulfilling its functions, the Inter-Global Financial Regulatory Board endeavors to be as open and transparent as possible without compromising confidentiality.

 

Finance

The Inter-Global Financial Regulatory Board operates within a budget agreed with Treasury, and within a headcount restriction set down centrally within Government. Inter-Global Financial Regulatory Board revenue and expenditure is audited annually by the Government’s external auditors, and the Inter-Global Financial Regulatory Board is subject to review by the Government’s internal audit department.

The Inter-Global Financial Regulatory Board publishes its financial statements each year as part of its Annual Report.

 

Delegated Authorities

The Board has put in place a delegation of responsibility framework within the Inter-Global Financial Regulatory Board management system. This framework identifies the persons responsible for developing and exercising control procedures and for promoting a compliance culture within the Inter-Global Financial Regulatory Board.

The powers delegated to the Chief Executive include:-

  • Changes in license conditions attached to a license
  • Extensions to licenses to include new schemes etc...
  • Surrender of lapsed licenses
  • Restructure of organizations and sale or merger of license holders
  • Approving recognition of collective investment schemes

The Chief Executive in turn delegates certain matters within the Executive.

 

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