The Financial Services Commission (the “Commission”) prides itself on Belize’s strong reputation and integrity in financial services. The Commission is evolving, and continued efforts are being made to modernize the existing legislative framework and to develop new and emerging financial services to compete globally. The Financial Services Commission Act, (the “FSC Act”) No. 8 of 2023 was amended to meet new challenges and provide a regulatory framework to safeguard from reputational damage to the jurisdiction. Belize gained a reputation as an economically sound and politically stable country ideal for investment.
In 2007, the scope of the Financial Services was broadened to include the services that we continue to offer to date. Another major milestone of the financial services sector is the erosion of secrecy and anonymity laws through best practices and recommendations which international standard-setters have adopted to address what is considered harmful tax practices. Belize has made transformations to automatic exchange of financial information based on a global Common Reporting Standard as well cross-border agreements undertaken by the Commission as it relates to the Exchange of Information on Request. These moves were significant steps to fight against tax evasion and fraud. In addition to international cooperation and international standards to which the Commission adheres such as the Caribbean Financial Action Task Force; the Commission is a member of the National Anti-Money Laundering Committee and works in tandem with fellow national regulators and industry supervisors to ensure the safety and security of the jurisdiction’s economy by continuing to monitor risks.
As of December 2021, the Commission expanded its responsibility to oversee and manage the proper administration of the Securities Industry in Belize. In doing so, the Commission will oversee the registration and regulate the conduct of firms and individuals doing business in the Securities Industry.
In addition to the Commission’s responsibility to properly manage the administration of the Securities Industries, the Commission also regulates the following businesses and persons operating in and from Belize, as is required by the regulatory Acts governing each sector:
- Fiduciary services: trust companies, trust services providers; corporate service providers/company managers;
- Investment funds and fund administrators: These are set out in the Mutual Funds Act;
- Securities investment businesses including broker-dealers, market-makers, securities arrangers, securities advisors and securities managers;
- Persons to serve as directors, officers and managers of licensed entities; and
- Auditors of regulated entities
Belize has taken a modern stance to adopt a more inclusive and flexible approach to balancing the non-bank financial services with competing forces to ensure a well-regulated and sound non-bank financial services sector.
Therefore, this section sets out all laws applicable to the subject of non-bank financial services sector. Although reasonable care is taken to ensure that these documents are up to date with relevant amendments, they are only provided for ease of reference. The FSC does not guarantee their completeness and accuracy and shall not be liable for any consequences of actions/decisions taken based on the above information.
