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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