Regulatory Alerts2022-09-16
Banks and Financial Institutions (Enforcement of Orders) Regulations, 2006
The Central Bank of Belize issued these regulations to establish procedures for enforcing its orders, directives, and regulations under the Banks and Financial Institutions Act. The rules authorize the Central Bank to apply summarily to the Supreme Court for enforcement orders when a person fails to comply with its directives. Such court orders may grant the Registrar of the Court authority to take necessary steps to secure compliance with the original regulatory requirements.
No. 106] Banks and Financial Institutions 1
BELIZE:
STATUTORY INSTRUMENT
No. 106 of 2006
REGULATIONS made by the Central Bank of Belize, with the approval of the Minister responsible for Finance in exercise of the powers conferred upon them by section 81 of the Banks and Financial Institutions Act, Chapter 263 of the Laws of Belize, Revised Edition 2000-2003, and all other powers thereunto them enabling.
(Gazetted 21st October, 2006.)
- These Regulations may be cited as the Short title.
BANKS AND FINANCIAL INSTITUTIONS (ENFORCEMENT OF ORDERS) REGULATIONS, 2006.
- (1) Where the Central Bank has issued any order, directive, circular or regulation pursuant to the provisions of the Banks and Financial Institutions Act, and any person refuses, neglects or otherwise fails to comply therewith, the Central Bank may, without prejudice to any other remedy available to it under the said Act or any other law, apply summarily to the Supreme Court for such Orders of the Court as may be necessary for enforcing such order, directive, circular or regulation.
(2) Without limiting the generality of subregulation (1) above, such Order of the Court may include an Order conferring on the Registrar of the Court authority to do any
Enforcement of orders, directives, etc., of Central Bank CAP. 263.
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act or take any step necessary to secure compliance with such order, directive, circular or regulation.
MADE by the Central Bank of Belize this 5th day of October, 2006.
[Signature] CHAIRMAN Central Bank of Belize
APPROVED by the Minister responsible for Finance this 13th day of October, 2006.
[Signature] (SAID W. MUSA) Minister of Finance
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