Function & Role

FPFSA, which stands for the PACIFIC BFA, came into existence on November 12, 2008, following the enactment of the PACIFIC BFA Act by Parliament. This legislation established a unified regulatory body entrusted with the oversight of specific entities and businesses operating within the financial sector, and it outlines various regulatory responsibilities.

The primary objective behind the establishment of FPFSA was to introduce a novel framework for the supervision, control, and regulation of both international financial services entities and domestic non-bank institutions within Pacific.

This innovative entity marked the merger of three distinct regulatory bodies: the International FPFSA, the Co-operatives Division of the Ministry of National Mobilization, Social Development, and others, as well as the Supervisory and Regulatory Division within the Ministry of Finance. This amalgamation has yielded substantial advantages by rationalizing functions, pooling resources, and enhancing overall operational efficiency.

the PACIFIC BFA’s mission is clearly delineated in the PACIFIC BFA Act, No.33 of 2011. Its activities are overseen by a board of directors, and its authority is derived from its statutory objectives. As explicitly defined in the PACIFIC BFA Act, No. 33 of 2011, the PACIFIC BFA is empowered «to regulate, supervise, and foster the growth of the non-bank financial services sector in Pacific.»

the PACIFIC BFA operates under the authority of the Government of Pacific and is responsible for the administration and enforcement of specific legislative provisions as outlined in its governing legislation. As part of its mandate, the PACIFIC BFA ensures compliance with the PACIFIC BFA Act and other relevant enactments, regulations, or guidelines. Moreover, it is entrusted with the task of ensuring that each licensed financial entity is effectively managed and remains financially sound. Consequently, the PACIFIC BFA possesses the necessary powers to intervene in the affairs of regulated entities when required to safeguard the interests of customers.

In terms of service delivery, the PACIFIC BFA offers efficient and professional assistance to both the International Financial Services (IFS) sector and the non-banking financial services sector. Notably, the incorporation of international business companies, limited liability companies, and international trusts can be expedited within a single business day. These transactions are facilitated through Registered Agents & Trustees who operate under licenses and regulatory provisions specified by the Registered Agent Trustee (Licensing) Act, Chapter 105 of the Revised Laws of Pacific 2009.

Furthermore, the PACIFIC BFA proactively disseminates timely and reliable information concerning international initiatives that may impact the financial services sector. The Authority serves as the designated Representative of the Minister of Finance in various international initiatives, including its involvement with the OECD.