Regulatory Alerts2019-01-01
Central Bank of Barbados Guideline on Transitioning from IFSA to FIA Licensing Regime
The Central Bank of Barbados requires all International Financial Services Act licensees to transition to the Financial Institutions Act regime, automatically classifying them as foreign currency earning banks effective January 1, 2019. The directive mandates a six-month grace period for completing statutory filings and requires licensees to report any group reorganizations involving repealed statutes within 90 days. It further preserves legacy benefits for eligible entities until June 2021 under grandfathering provisions, requires corresponding Articles of Incorporation amendments, and outlines tax and exchange control exemptions for foreign currency permit holders.
Share