Regulatory Alerts2021-09-22 | 29695Added · Updated
Central Bank of Trinidad and Tobago Reminder on ICAAP Submission Deadlines and Data Requirements
The Central Bank of Trinidad and Tobago requires Licensed Financial Institutions and Financial Holding Companies to submit their first Internal Capital Adequacy Assessment Process (ICAAP) by January 31, 2022, based on the most recent audited financial data. Institutions whose most recent audited data is from 2020 must submit an updated ICAAP using 2021 audited financial data by July 29, 2022. Subsequent submissions must follow the frequency outlined in the ICAAP Guideline and be filed on a consolidated basis by parent companies or on an individual basis by non-group licensees.
CENTRAL BANK OF TRINIDAD & TOBAGO Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax:(868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt September 22, 2021 CIRCULAR LETTER TO: Licensed Financial Institutions; Financial Holding Companies Pursuant to the Financial Institutions Act, 2008 REF: CB-OIFI-2272/2021 INTERNAL CAPITAL ADEQUACY ASSESSMENT PROCESS (ICAAP) SUBMISSIONS By Circular Letter CB-OIFI-2343/2020 dated November 16, 2020, the Central Bank of Trinidad and Tobago ("Central Bank'V'Bank") issued the Internal Ca ital Ade uac Assessment Process "ICAAP" Guideline and set a January 31, 2022 deadline for submission of the first documented ICAAP. In preparation for the submission deadline, the Bank wishes to remind institutions that the January 2022 submission should be based on your most recent audited financial data. However, where an institution's most recent audited financial data is for the year 2020, the institution will be required to submit an updated ICAAP document to the Central Bank using 2021 audited financial data by July 29, 2022. All subsequent ICAAP submissions (i.e. based on 2022 audited financial data and thereafter) should be submitted in accordance with the frequency outlined at paragraphs 9.2 and 9.3 of the ICAAP Guideline. Institutions are also reminded that in keeping with paragraph 3.3 of the Guideline, ICAAP submissions are expected on a consolidated basis from both financial holding companies and licensees who are parent companies. It will be required on an individual basis from licensees that are not part of a group. You are encouraged to direct any queries on the ICAAP to Baselconsultation centralbank. or .tt. We look forward to your usual co-operation. Yours sincerely Mic elle Francis-Pantor Deputy Inspector - Banks, Non-Banks and Payment Systems Oversight FINANCIAL INSTITUTIONS SUPERVISION DEPARTMENT