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| Creation Of Barbados Financial Regulator On Track |
by Phillip Morton, Investors Offshore.com
Monday, November 16, 2009
Plans for the establishment of a Financial Services Commission (FSC) in Barbados
are progressing fast, according to Minister of International Business and International
Transport, George Hutson, who said that the proposal has gained parliamentary
approval and a model for its implementation is to be received by month-end.
The FSC, which will become operational next year, will regulate the insurance
subsector, the cooperative sector, the Stock Exchange, and all non-banking
financial sectors in general.
"The careful and effective supervision and regulation of international
business and financial services activity in Barbados constitutes a critical
element of the government's policy for the development and expansion of this
sector,” commented Hutson.
"Consequently, ensuring the adequacy and soundness of its legal basis,
either through the revision of existing legislation or the introduction of new
ones, is fundamental to the achievement of that objective."
The establishment of the FSC will help to regulate the sector, and "certainly
increase Barbados' presence as a financial services domicile of good international
repute,” he explained.
"Specific legislation will need to be enacted and the dynamics of the
staffing and administrative matters determined. We project that the FSC will
be established by the end of the second quarter of 2010," Hutson concluded.
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