CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Barbados To Regulate Financial Services

Barbados To Regulate Financial Services

by Mike Godfrey, Tax-News.com, Washington

15 March 2011


Barbados has established a Financial Services Commission, designed to regulate and supervise the operations of the non-banking financial sector.

The Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, said on March 8 that Parliament had recently passed a bill approving the creation of the new body which, she explained, is expected to oversee the work of the non-financial services sector. McClean said: "The creation of this new entity entails the strengthening and consolidation of the functions carried out by the Supervisor of Insurance, the credit union arm of the Cooperatives Department and the Securities Commission", adding that: "Barbados now has in place a supervisory and regulatory regime that is efficient and effective enough to govern the country's overall financial system and ensure that it continues to operate at a standard that satisfies best practices."

According to the Minister, the Commission's establishment is intended to strengthen the system, for: "As we become more sophisticated in our operations, the level of regulation has to change [and] the degree and scope of regulation has to be enhanced."

"The creation of this new body is not intended to restrict the practices of private sector organizations and third sector organizations - as I like to call [financial] cooperatives, as they seek to deliver service to Barbadians. It is meant to encourage prudent corporate principles which will preserve their long-term stability and secure the financial services sector," she explained.

TAGS: business | law | financial services | offshore | legislation | regulation | Barbados | services

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »