Regulatory Framework

FCIC promotes a comprehensive regulatory framework designed to ensure the stability, integrity, and transparency of financial markets. Our framework is built on internationally recognized principles and adapted to local market conditions.

Core Principles

• Proportionality: Regulatory requirements are proportionate to the risks posed by activities and the systemic importance of institutions.
• Transparency: Clear and accessible rules that enable market participants to understand their obligations.
• Accountability: Clear allocation of responsibilities between regulators, firms, and individuals.
• Innovation: A framework that supports responsible innovation while managing associated risks.
• International Alignment: Alignment with international standards and best practices.

Legislative Foundation

The FCIC regulatory framework is established under the Financial Services Act, which provides the legal basis for the regulation and supervision of financial services. The Act empowers FCIC to:

• Set and enforce regulatory standards for financial institutions
• Authorize and supervise regulated firms
• Protect consumers of financial services
• Maintain market integrity and stability
• Combat financial crime including money laundering and terrorist financing

Regulatory Approach

FCIC adopts a risk-based supervisory approach, focusing resources on areas of greatest risk to consumers and market integrity. This approach allows for:

• Early identification and mitigation of risks
• Efficient allocation of supervisory resources
• Tailored supervisory engagement based on firm-specific risks
• Preventive and remedial supervisory action