The Trinidad and Tobago IFC aims to position Trinidad and Tobago as the financial hub of Latin America. This will be achieved by providing an efficient, business-oriented environment with transparent and principle-based legislation and regulations. The Trinidad and Tobago IFC will also leverage the modern and cost efficient infrastructure, skilled workforce and attractive quality of living currently available in Trinidad and Tobago to appeal to international financial institutions.
The operations of the Trinidad and Tobago IFC will be managed by three independent bodies responsible for management and business development, for regulating and supervising the activities conducted in the Trinidad and Tobago IFC and for dispute resolution.
The management and business development body will be tasked with the responsibility of overseeing the strategic development and management of the operations of the Trinidad and Tobago IFC and for drafting and proposing non-financial services related by-laws and regulations.
The regulator will license, regulate and supervise the operations of firms engaged in specified activities and take enforcement action against firms that breach the regulations of the Trinidad and Tobago IFC. In order to be flexible and responsive to the needs of its clients, the regulator will be responsible for hosting consultations with clients and for passing by-laws to regulate the activity of financial firms. The regulator will, where necessary, establish and operate bodies such as Stock Exchanges and Clearing Houses to facilitate operations within the Trinidad and Tobago IFC.
The regulator and business development bodies will meet with potential clients and provide guidance on the authorisation process and the immediate steps required to establish operations in the Trinidad and Tobago IFC. Applications made by potential clients will also be considered and approved by these bodies.
Operations of the Trinidad and Tobago IFC will be enhanced by a Dispute Resolution Centre which will be operated according to international best practice by a judiciary with expertise in commercial and regulatory matters. This will provide a forum for the focused and specialised resolution of disputes. The centre is essential in order to develop the strong reputation that will be needed to attract and retain international financial institutions.
A well-functioning, rigorous and market-leading regulatory framework will be vital to the reputation and success of the Trinidad and Tobago IFC and will engender a feeling of confidence in its operations. At each of the three independent bodies, operations will be overseen by Directors and other individuals who are highly regarded in their fields, with a wealth of relevant expertise and experience and the capability to effectively develop and implement the strategy of the Trinidad and Tobago IFC.
Trinidad and Tobago intends to become a centre of excellence for Finance & Accounting and Financial Services Outsourcing. Trinidad and Tobago will be established as a strategic location to complement other global centres of excellence, with the aim of addressing emerging client needs and fostering innovation. Plans are already on the way by the government to construct additional BPO business parks so that companies will have easily accessible office space to set up their operations.