Regulatory Alerts2019-01-01
Central Bank of Barbados Administrative Statement - issued February 8, 2019
The Central Bank of Barbados issued an administrative statement on February 8, 2019, restricting licensed entities grandfathered under the International Financial Services Act. Effective January 1, 2019, these licensees are prohibited from engaging in any new lines of business while the current regulatory regime remains in force. This restriction applies until the regime expires on June 30, 2021.
The Central Bank of Barbados hereby issues this administrative statement. Effective January 1, 2019, any licensee which has elected to be grandfathered under the International Financial Services Act, Cap 325 regime, pursuant to the Financial Institutions (Amendment) Act, 2018 – 51, shall not engage in any new lines of business for the duration of this regime which will expire on June 30, 2021. Central Bank of Barbados February 8, 2019