Financial Integrity Bureau (Makko Oko)
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| File:Makko Oko Financial Integrity Bureau Logo.png | |
| Agency overview | |
|---|---|
| Formed | 7 March 2022 |
| Jurisdiction |  Makko Oko |
| Agency executive |
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| Parent agency | Ministry of Finance |
| Website | fib.gov.mk |
The Financial Integrity Bureau, also referred to as the FIB, is a government financial regulatory agency in the Empire Of Makko Oko under the directive and control of the Ministry Of Finance. Its mission is to protect the interests and finances of citizen bankers both nationally and abroad. The agency was established through the International Banking Protections Act, or IBPA, enacted in March of 2022. The law sought to restrict the liabilities of the at the time unregulated, banking industry and restricting international bank participation within the nation.
The FIB is one of the most silent agencies of the government, rarely releasing press announcements or updates on agency affairs. As enforced by statute, the power to regulate international commerce (banking) is split between the TCEEA and the FIB, with the TCEEA managing tax regulations and approvals and the FIB managing institutional licenses.
History
Pre-FIB
Prior to the FIB, no agency had existed prior in the nation's history that fulfilled a mission similar to theirs. This led to a lot of bank failures, poverty and corruption throughout the lower periods of the Republic going into the Civil Transition War. Historians believe that the government kept it that way intentionally as an exchange for bribery money, among other reasons.
Post-War Era
After the war, the lack of a banking regulator continued from 2019 to 2022 when Emperor Conall Solis began cracking down on foreign manipulation, government overreach and abuse by enacting the International Banking Protections Act. The act heavily regulated stocks and securities and enforced taxation of citizens living abroad. In addition, it established the FIB and authorized them to "[...] insure money and cover it", officially creating the nation's first financial regulator.
People criticized the act for not mandating and enforcing the purchase and use of insurance to protect them as bankers. Meanwhile, many of the major banks criticized the act for "blatant overreach" and "changing the landscape that's not needed shaping since the 90's and early 2000's".
Effects Of Order #3
Organization
Insurance
Insurance, also referred to as deposit insurance, is one of the main services that the FIB provides to protect consumers and banks alike. Insurance of any level charges yearly premiums to the insured institution, with the scheme of deciding premiums being rather complex. Insurance premiums are two times the insured amount of currency, plus SLO$250 per every SLO$100 insured. This scheme allows the FIB to remain profitable while providing insurance coverage and cushioning for serious economic disasters.
Previously, insurance wasn't mandatory to operate a bank in the nation, however, after a potential economic disaster occurred with SC Trust, the ISOC enacted regulations in coordination with the FIB mandating minimum insurance coverage of SLO$350,000 be purchased and maintained to stay in operation. This led to some smaller banks collapsing due to being unable to afford the insurance premiums. That has led to calls to reform the premiums scheme.
Operating Licenses
In order for a bank to be able to provide services to citizens of the Empire, internationally or otherwise, they must have an operating license from the FIB. Operating licenses have existed since the creation of the FIB in March of 2022, and there are multiple types to choose from depending on the institution's requirements, circumstances and chosen method of operation.
I-01 Operating License
The I-01 Operating License, known as the International Financial Operating License, is an I class operating license managed by the FIB that banks or other financial institutions that are located internationally may apply for to service the people of the nation. The following requirements must be met to qualify for this license:
- Must operate internationally and not be located within the nation
- Government must run a background check on filing individual and operator and it must be passed
Cost For License: SLO$170,000/year
D-01 Operating License
The D-01 Operating License, known as the Domestic Financial Operating License, is a D class operating license managed by the FIB that non-existing domestic banks or currently operating domestic banks may use to get started/legally operate in the nation. The following requirements must be met to qualify for this license:
- Must operate domestically and be located within the nation
- Government must run a background check on all individuals working at the institution and it must be passed
- Operator and filer must be citizens (exemptions granted on a case-by-case basis)
- Operator and filer must have paid all taxes and be current with no debt owed to the government or any single person or company
Cost For License: SLO$120,000/year
D-11 Operating License
The D-11 Operating License, known as the Domestic Global Commerce Operating License, is a D class operating license managed by the FIB that currently operating banks or other financial institutions that are located domestically may use to service people internationally. The following requirements must be met to qualify for this license:
- Must operate domestically and be located within the nation
- Government must run a background check on all individuals working at the institution and it must be passed
- Operator and filer must be citizens (exemptions granted on a case-by-case basis)
- Operator and filer must have paid all taxes and be current with no debt owed to the government or any single person or company
- Must have a current D-01 operating license associated to the institution in question
- Must be approved to operate in at least one (1) foreign nation
Cost For License: SLO$215,000/year (Filing cost is SLO$245,000)
Authority
Management of Licenses
Oversight of Institution's Management
Commissioner Of FIB
History
| Name | Start year | End year | Regime |
|---|---|---|---|
| Lawrence Otto | March 7th, 2022 | Present | Conall Solis |
