Global Financial Services Authority (GLOFSA) is is a non-governmental regulatory organization that aims to provide financial services monitoring in an effective and efficient manner in order to promote a healthy financial environment, protect the public from financial loss and enhance Marshall Islands’ reputation as a quality financial center. Our Mission statement sets out our core purpose. Everything that we do at the GLOFSA is designed to support its delivery.
Our Vision is to be recognized as a model non-governmental international financial services regulator. Our Vision provides the guidance and inspiration to our staff and is the driving force behind our work at the GLOFSA.
Underpinning the Vision and Mission statements are our organizational objectives. These are:
- To act in the best economic interests of the Marshall Islands;
- To promote and maintain a sound financial system in the Marshall Islands;
- To use its resources in the most efficient and economical way;
- To have regard to generally accepted principles of good corporate governance;
- To endeavor to promote and enhance market confidence, consumer protection and the reputation of the Marshall Islands as a financial center;
- To recognize the international character of financial services/markets and the need to be competitive for consumers and suppliers while complying with appropriate and relevant international standards;
- To recognize the principle that a burden or restriction that is imposed should be proportionate to its expected benefits;
- To recognize the desirability of facilitating innovation in financial services business;
- To be transparent and fair.
Our overall purpose is to monitor the financial services industry in Marshall Islands. Our aim is to protect consumers, enhance the reputation of Marshall Islands as a quality finance services center and promote healthy business. Our work focuses around three main functions:
We aim to deliver a streamlined and un-bureaucratic authorization process which is supported by a risk-based approach that will facilitate consistent, fair and more efficient decisions, with appropriate appeal mechanisms. Our assessment of risks at the application stage will focus on ensuring that any new entrant does not pose an unacceptable degree of risk to the public or the reputation of Marshall Islands, whilst avoiding the creation of excessive or unnecessary regulatory barrier or the stifling of competition or choice.
We supervise both the application of prudential standards to, and the conduct of, firms across the financial services sector. This includes, but is not limited to, banks, insurance companies and insurance intermediaries, investment firms, brokers, fund service providers and funds, fiduciary service providers and auditors.
Our approach to enforcement is underpinned by a desire to encourage and facilitate compliance with regulatory principles and requirements. We provide guidance and deal with perimeter issues whilst seeking to achieve appropriate outcomes via our enforcement actions. In doing so we will ensure that we deliver a credible deterrent in our enforcement activity.