Clarke steps down as FSC Chairman

The July meeting of the Board of the Financial Supervisory Commission was held without a familiar face at the head of the table. Trevor Clarke has been Chairman of the Financial Supervisory Commission Board since its establishment in 2003. During this time he has overseen significant change in the financial regulatory environment and provided invaluable assistance to four different Commissioners.
Clarke was an influential figure in the establishment of the financial services industry in the Cook Islands in the 1980’s. This in-depth knowledge of the industry combined with Clarke’s experience as a director on other boards on Rarotonga and his extensive legal background have made him an invaluable member of the FSC Board.
Under his Chairmanship, the FSC has over the years worked diligently to ensure that the financial sector of the Cook Islands is safe and well supervised. The jurisdiction’s reputation as a legitimate and well regulated environment in which to conduct financial business has continued to grow. The removal of the Cook Islands from the Financial Action Task Force Black List in 2006 and its emergence as a leader in the fight against money laundering and terrorism financing in the Asia Pacific region are significant achievements. Under Clarke’s stewardship, the FSC has also been responsible for the removal of stand-alone international banks.
Current Commissioner John Hobbs remains fully appreciative of the support of Clarke in his first eight months on Rarotonga. “Having someone with not only industry experience and a sharp legal mind, but an extensive knowledge of the ways of the Cook Islands was invaluable in settling into the role. We met regularly to discuss any matters that I may require his thoughts on or merely to update him on progress in certain areas” said Hobbs. “It was very informal, but just ensured that things ticked along between Board meetings and that my efforts and those of the staff were headed in the right direction”.
Long term Board member Raymond Newnham has now assumed the role of Chair and will continue where Clarke left off. He has been joined on the Board by newly appointed directors Geoffrey Stoddart and Heinz Matysik. The two new directors will further supplement the financial and legal experience of the Board as the FSC continues to advance the regulatory platform so strongly built under the chairmanship of Trevor Clarke.

Headlines : Times 290 02 March 2009
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