Regulatory Alerts2014-01-01
Amendment of the Bank of Jamaica Act (Tenth Schedule, Banking Services Act 2014)
The Jamaican Parliament issued this amendment to the Bank of Jamaica Act to harmonize its regulatory framework with the Banking Services Act 2014. The legislation updates key regulatory definitions, restructures the central bank’s Board of Directors, and establishes fixed-term appointments with explicit removal procedures for the Governor and Deputy Governors. It also replaces previous commercial banking rules with comprehensive cash reserve, special deposit, and liquid asset mandates for all deposit-taking and specified financial institutions, including calculation methodologies, adjustment notice periods, and penalty interest for shortfalls.
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