Regulatory Alerts2015-01-01
Financial Institutions Act, 1997
The Government of Barbados enacted the Financial Institutions Act to regulate commercial banks, trust companies, finance companies, and merchant banks through a comprehensive licensing and supervisory framework. The legislation mandates strict capital adequacy, reserve, and audit requirements while granting the Minister and Central Bank authority to issue, revoke, or impose remedial measures on licenses based on public interest and financial stability. It further establishes detailed procedures for the winding-up, re-organization, and seizure of licensees, alongside provisions for the transfer of business and the handling of abandoned property.
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