Remarks By His Excellency The Governor, Mr Peter Johnstone Cmg made at The Launch Of The Financial Services Commission, 2 February 2004, The Valley, Anguilla

In 1995, the Government of Anguilla took the decision to develop the financial services sector as a means of strengthening and diversifying the overall economic base and to provide another employment source for Anguillians many of whom were obtaining university educations

There was considerable legislative activity in Anguilla during the year 2005. Three significant pieces of legislation have been submitted to the House of Assembly as follows and it is anticipated that they will soon be enacted.

The new Mutual Funds Act 2004 came into effect on 1<SUP>st</SUP> October 2004. It covers the registration of public funds, recognition of private and professional funds and licensing of administrators and managers. Under the Act, a mutual fund refers to a company incorporated, a partnership formed, a unit trust organized or other similar body formed under the laws of Anguilla or any other jurisdiction that collects and pools investor monies for the purpose of investing collectively.

Speech made by Mr. John Lawrence, the newly appointed Director of the Financial Services Commission at the Launch of the Financial Services Commission, 2 February 2004, The Valley, Anguilla

Anguilla, a British Overseas Territory, is a relatively recent international financial services jurisdiction. The main pieces of legislation, which were either new or brought up to date since 1995, were:

A new Insurance Act was passed by Anguilla in September 2004. The new Act covers the licensing and regulation of domestic insurance, offshore or foreign insurance, particularly captive insurance, and of insurance intermediaries i.e. agents, sub-agents, brokers and insurance managers.

This policy guidance sets out a strategy for addressing the fast tracking of private and professional funds, which are required to be recognized under the Mutual Funds Act 2004 ("the Act") with the view towards establishing Anguilla as a jurisdiction of choice in the offshore mutual funds industry.