Regulatory Alerts2023-01-01
Consultation Paper on the Methodology for the Treatment of Debarred Persons
The Bank of Jamaica proposes a methodology for the Supervisory Committee to evaluate regulatory waiver requests from individuals debarred under Section 38 of the Banking Services Act, 2014. The framework mandates assessment based on criteria including degree of influence, honesty and integrity, and fit and proper status, while introducing a mandatory five-to-ten-year lapse period depending on the severity of misconduct. Additionally, the paper outlines specific information requirements for applicants and proposes legislative amendments to extend debarment rules to substantial shareholders and centralize decision-making authority within the Supervisory Committee.
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