Regulatory Alerts2018-01-01
Financial Institutions (Amendment) Act, 2018-51
The Parliament of Barbados enacted this legislation to comprehensively amend the Financial Institutions Act, Cap. 324A, transferring primary regulatory oversight from the Minister to the Central Bank of Barbados. The Act introduces updated statutory definitions for financial entities and related parties while imposing strict capital adequacy standards, mandatory reserve fund allocations, and stringent limits on single exposures, related-party transactions, and unsecured lending to directors and officers. It further establishes a dedicated licensing framework for trust companies, finance companies, merchant banks, and money or value transmission service providers, alongside formalized appeal procedures for license revocation and transitional savings provisions.