Birth of the International Financial Centre
The Government of Saint Lucia on June 4, 1999 signed an agreement (the Establishment Agreement) with a private sector promoter, International Financial Partners (IFP) which formalized St. Lucia’s entry into the international financial services industry. Government’s approach to establishing the industry is unique as it is based on a private sector / Government partnership. This agreement outlines the strategic plan on which the development of the industry has been based.
The Agreement required the promoter to form a company known as Financial Centre Corporation (FCC) and the Government to form the International Financial and World Investment Centre (IFWIC), a 100% government owned company. The Government controls the operation of IFWIC.
Under the Establishment Agreement (EA), IFWIC is to provide the Registry for all companies and trusts registered under the international financial services legislation. The Registrar is employed by IFWIC upon the approval of the Minister with responsibility for Financial Services.
For purposes of market acceptance and branding IFWIC is promoted as PINNACLE ST. LUCIA.
Responsibilities of the different entities
The model adopted clearly distinguishes between the responsibilities (stated in the Establishment Agreement) of the promoter and that of the Government.
Promoter
The Financial Centre Corporation (FCC) is charged with the promotion of the jurisdiction and the development of information systems and other infrastructural requirements for the functioning of the International Financial and World Investment Centre (IFWIC). To promote the jurisdiction effectively, FCC took the strategic decision to develop an online registry and to promote and market IFWIC as Pinnacle St. Lucia, which was the world’s only public online IBC registry.
Registry
The role of the Registry of International Business Companies is registration. It is the function of the Registrar to ensure that procedures specified under the Acts are adhered to prior to the incorporation/registration of the various entities. These procedures include ensuring that the correct forms are filed, fees paid, and time limits met. With great deliberation the Government has chosen to provide a unique system with a separation of the registry function from that of the office dedicated to the regulation of the industry.
Financial Services Regulatory Authority (FSRA)
The Government is responsible for the regulation of the industry and licensing of entities in the industry through the Financial Services Regulatory Authority (FSRA) acting in accordance with powers conferred by the international financial services legislation : The International Business Companies Act, the Registered Agent and Trustee Licensing Act (RATLA), the International Trusts Act, the International Insurance Act, the International Banks Act, the International Mutual Funds Act, the International Partnership Act and the Financial Services Regulatory Authority Act. There are regulations for all the acts.
The enactment of the Financial Services Regulatory Authority Act in 2011 established an independent Authority for regulation of financial services in the domestic and international sector. The Registered Agent and Trustee Licensing Act makes provision for the regulation of all international financial service providers through effective regulation of the registered agents and registered trustees.