Governance
Universal Consumer Protection
UCP Law No. 1 of 2004 (the Regulatory Law) provides that the UCP shall operate through the Chief Executive and members of his staff and shall be governed by its Board of Directors, duly appointed from time to time by the President of the Universal Consumer Protection (UCP).
The Board has established five Committees to assist it in performing its functions: the Legislative Committee, Governance and Nominations Committee, Audit Committee, Risk Committee and Remuneration Committee. Certain Committees may include Members who are not Members of the Board but individuals with specialist expertise who can support the Committees to discharge their responsibilities.
The Regulatory Law requires the UCP to maintain the Financial Markets Tribunal, a specialist and operationally independent tribunal, which can hear and determine appeals against UCP decisions, as well as other specified regulatory matters.
UCP Values and Ethics
The UCP Values reflect the core GFC (Global Financial Centre) operating principles of Integrity, Transparency and Efficiency and are firmly embedded in the UCP’s Rules and Procedures and in the UCP Code of Values and Ethics for employees.
The Code sets appropriate international best practice standards, in relation to the use of confidential regulatory information, conflicts of interest and the giving and receiving of gifts and benefits. It is designed to complement the conflict of interest and confidentiality provisions in the Regulatory Law 2004.
The UCP Board of Directors has adopted a similar Code of Values and Ethics appropriate for members of the Board, Committees and Tribunals.
Regulatory and Supervisory Approach
UCP is the integrated regulator and supervisor of financial institutions between Luxembourg and United States.
UCP establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices. Guidelines have also been formulated to encourage best practices among financial institutions. Combined with close supervision, these instruments help UCP achieve the outcome of a sound and progressive financial services sector.