International Financial Services Commission changes name to Financial Services Commission

Published by BBNTEAM at January 3, 2022

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Posted: Monday, January 3, 2022. 3:51 pm CST.

By Rubén Morales Iglesias: The International Financial Services Commission (IFSC) is changing its name to Financial Services Commission (FSC) and expanding its portfolio, according to a press release circulated by the Government of Belize Press Office.

The FSC said it is committed to developing Belize’s financial services sector so that firms “can conduct and promote good business”.

The IFSC, established in 1999, was charged with protecting and enhancing Belize’s reputation as an international financial services center. It was also charged with regulating the provision of international financial services.

The Securities Industry Act which became effective on January 1, 2022, the Financial Services Commission will now also be responsible, according to the statement, for:

– Facilitating capital formation and economic growth

– Protecting investors from unfair, improper, or fraudulent practices

– Fostering development of fair and efficient capital markets and confidence in the capital markets in or from within Belize

– Reducing systemic risk

– Promoting public understanding of the financial system, including awareness of the benefits and risks of different kinds of investment or other financial activities

The release said that the FSC, along with its stakeholders, will be “deepening” Belize’s financial system and providing “Belizeans with additional opportunities for safe investments and creating wealth”.

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