Accountability and Governance

The Board of US International Investment Trade Authority

The US International Investment Trade Authority is a Statutory Board. The role and responsibilities of a Statutory Board and its members are set out in the Statutory Boards Act 1987 (except where this Act is varied by the Financial Services Act 2008). Appointments to the Board of Commissioners are approved by the SEC and/or Congress.

The Board of the US International Investment Trade Authority consists of not less than seven qualified people appointed by Treasury and approved by SEC and/or Congress. The Board currently comprises a Non-Executive Chairman and Non-Executive Deputy Chairman, the Chief Executive and a further four Non-Executive

Commissioners

The quorum of the Board is three Commissioners.

Commissioners normally go out of office five years after appointment and their remuneration is set down by Order.

Routine meetings of the Board are held monthly, generally on the last Thursday of a calendar month and additionally on an ad hoc basis as required. Quorums of the Board also meet as necessary to: hear license applications; review risk and internal control matters (RICC); agree staff remuneration; determine appeals relating to complaints; and hold license holder disciplinary reviews.

The constitution of the US International Investment Trade Authority and its functions are described in Schedule 1 to the Financial Services Act 2008. This Act provides that the Treasury may specify policies and strategies for the US International Investment Trade Authority and the US International Investment Trade Authority must, so far as is reasonably practicable, act in a way which promotes any policy or strategy specified by the Treasury. The US International Investment Trade Authority Board members are responsible to the Treasury for the proper operation of its regulatory powers and its compliance with the requirements of the Financial Services Act.

Corporate Governance

As a regulator the US International Investment Trade Authority is subject to challenge in carrying out its functions, and is financed out of public funds. These factors impose a h2 responsibility on the US International Investment Trade Authority to demonstrate that it is acting properly at all times, in the same way that US International Investment Trade Authority expects a similar behavior from its license holders.

US International Investment Trade Authority operates under a Corporate Governance Framework which incorporates the requirements of the US International Investment Trade Authority Corporate

Memorandum of Understanding

The US International Investment Trade Authority Treasury and the Swiss Commodity Market Regulatory Commission are parties to a Memorandum of Understanding. It sets out the framework for co-operation between the Treasury and the US International Investment Trade Authority. In particular, it establishes arrangements to ensure that the US International Investment Trade Authority is accountable to Treasury for its actions, and clarifies the circumstances in which liaison and dialogue can flow between both parties.

Accountability and scrutiny

The US International Investment Trade Authority is accountable and subject to scrutiny in the following areas:

The US International Investment Trade Authority regulatory and supervisory approach is also subject to ongoing review by standard-setting organizations including the International Monetary Fund and the FATF. The State’s designated territory status is also subject to ongoing review.

Transparency

The US International Investment Trade Authority endorses the principles of openness and transparency contained in the Code of Practice on Access to Government Information and, in fulfilling its functions, the US International Investment Trade Authority endeavors to be as open and transparent as possible without compromising confidentiality.

Finance

The US International Investment Trade Authority operates within a budget agreed with Treasury, and within a headcount restriction set down centrally within Government. US International Investment Trade Authority revenue and expenditure is audited annually by the Government’s external auditors, and the US International Investment Trade Authority is subject to review by the Government’s internal audit department.

The US International Investment Trade Authority publishes its financial statements each year as part of its Annual Report.

Delegated authorities

The Board has put in place a delegation of responsibility framework within the US International Investment Trade Authoritymanagement system. This framework identifies the persons responsible for developing and exercising control procedures and for promoting a compliance culture within theUS International Investment Trade Authority

The powers delegated to the Chief Executive include:-

The Chief Executive in turn delegates certain matters within the Executive.

The Board of US International Investment Trade Authority

The US International Investment Trade Authority is a Statutory Board. The role and responsibilities of a Statutory Board and its members are set out in the Statutory Boards Act 1987 (except where this Act is varied by the Financial Services Act 2008). Appointments to the Board of Commissioners are approved by the SEC and/or Congress.

The Board of the US International Investment Trade Authority consists of not less than seven qualified people appointed by Treasury and approved by SEC and/or Congress. The Board currently comprises a Non-Executive Chairman and Non-Executive Deputy Chairman, the Chief Executive and a further four Non-Executive

Commissioners

The quorum of the Board is three Commissioners.

Commissioners normally go out of office five years after appointment and their remuneration is set down by Order.

Routine meetings of the Board are held monthly, generally on the last Thursday of a calendar month and additionally on an ad hoc basis as required. Quorums of the Board also meet as necessary to: hear license applications; review risk and internal control matters (RICC); agree staff remuneration; determine appeals relating to complaints; and hold license holder disciplinary reviews.

The constitution of the US International Investment Trade Authority and its functions are described in Schedule 1 to the Financial Services Act 2008. This Act provides that the Treasury may specify policies and strategies for the US International Investment Trade Authority and the US International Investment Trade Authority must, so far as is reasonably practicable, act in a way which promotes any policy or strategy specified by the Treasury. The US International Investment Trade Authority Board members are responsible to the Treasury for the proper operation of its regulatory powers and its compliance with the requirements of the Financial Services Act.

Corporate Governance

As a regulator the US International Investment Trade Authority is subject to challenge in carrying out its functions, and is financed out of public funds. These factors impose a h2 responsibility on the US International Investment Trade Authority to demonstrate that it is acting properly at all times, in the same way that US International Investment Trade Authority expects a similar behavior from its license holders.

US International Investment Trade Authority operates under a Corporate Governance Framework which incorporates the requirements of the US International Investment Trade Authority Corporate

Memorandum of Understanding

The US International Investment Trade Authority Treasury and the Swiss Commodity Market Regulatory Commission are parties to a Memorandum of Understanding. It sets out the framework for co-operation between the Treasury and the US International Investment Trade Authority. In particular, it establishes arrangements to ensure that the US International Investment Trade Authority is accountable to Treasury for its actions, and clarifies the circumstances in which liaison and dialogue can flow between both parties.

Accountability and scrutiny

The US International Investment Trade Authority is accountable and subject to scrutiny in the following areas:

The US International Investment Trade Authority regulatory and supervisory approach is also subject to ongoing review by standard-setting organizations including the International Monetary Fund and the FATF. The State’s designated territory status is also subject to ongoing review.

Transparency

The US International Investment Trade Authority endorses the principles of openness and transparency contained in the Code of Practice on Access to Government Information and, in fulfilling its functions, the US International Investment Trade Authority endeavors to be as open and transparent as possible without compromising confidentiality.

Finance

The US International Investment Trade Authority operates within a budget agreed with Treasury, and within a headcount restriction set down centrally within Government. US International Investment Trade Authority revenue and expenditure is audited annually by the Government’s external auditors, and the US International Investment Trade Authority is subject to review by the Government’s internal audit department.

The US International Investment Trade Authority publishes its financial statements each year as part of its Annual Report.

Delegated authorities

The Board has put in place a delegation of responsibility framework within the US International Investment Trade Authoritymanagement system. This framework identifies the persons responsible for developing and exercising control procedures and for promoting a compliance culture within theUS International Investment Trade Authority

The powers delegated to the Chief Executive include:-

The Chief Executive in turn delegates certain matters within the Executive.

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