Paragraph 130B Regulation of international financial servicesF1

There shall be in the Turks and Caicos Islands an independent body for the regulation of international financial services, governed by suitably qualified and experienced persons appointed by the Governor after consultation with the Premier and the Leader of the Opposition.

Subject to this Constitution, a law enacted by the Legislature shall provide for the functions, membership of and appointment to the independent body referred to in subsection (1).

The independent body referred to in subsection (1) shall make an annual report to the Parliament about its activities, and shall send a copy of each report to the Governor. In making an annual report, the independent body shall consider the need for confidentiality where appropriate.

In the exercise of their functions under this Constitution, the independent body referred to in subsection (1) and its members shall not be subject to the direction or control of any other person or authority.