The Financial Supervision Commission has issued a consultative paper on the planned modernisation of the financial services regulatory legislation under which it operates. A statement says this aims to make the legislation easier to use by "consolidating and streamlining the regulatory requirements relating to banking, investment business (including collective investment schemes) and fiduciaries under one Financial Services Act". It goes on..." It is hoped that this will assist those who are regulated and further enhance the Island’s reputation as a modern international finance centre". After discussion with Treasury, it is proposed that the legislation will also – · introduce new mechanisms and procedures to ensure that the Commission is fully accountable and that its performance can be measured against its objectives, · enhance the transparency under which the Commission operates, and · give the industry a clear stake in the setting of regulatory strategy. In addition, the opportunity will be taken to embrace developments in the finance sector and introduce a regulatory regime for e-money providers. The Commission has established, and intends to work closely with, a Legislative Liaison Group made up of representatives from the relevant industry bodies, advocates, accountants and other professionals in taking forward its proposals for this modernisation. FSC Chief Executive John Aspden says that the document contains very important proposals on how, working with Treasury, a regulatory body can be put onto a more accountable and transparent footing, with a direct involvement of industry in the setting of regulatory strategy. The consultative paper is on the Commission’s website