Consultation on the Draft Guideline for Publishing Abridged Financial Statements

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) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank. org. tt Website: www.central-bank.org.tt June 13, 2022 CIRCULAR LETTER TO:
BANECERS ASSOCIATION OF TRINTOAD AND TOBAGO
ASSOCIATION OF TRINIDAD AND TOBAGO INSURANCE COMPANIES (ATTIC) INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO (ICATT) LICENSEES AND FINANCIAL HOLDING COMPANIES PURSUANT TO THE FINANCIAL DESTITUTIONS ACT, 2008 INSURERS AND FINANCIAL HOLDING COMPANIES PURSUANT TO THE INSURANCE ACT, 2018 FOREIGN INSURERES REGISTERED UNDER THE BSTSURANCE ACT, CHAP 84:01 REF: CB-OIFI-1343/2022 CONSULTATION ON THE DRAFT GUIDELINE ON THE PUBLICATION OF ABRIDGED FINANCIAL STATEMENTS PURSUANT TO SECTION 152(5) OF THE INSURANCE ACT, 2018 AND SECTION 80 (1B) OF THE FWANCIAL DVSTITUTIONS ACT, 2008.
Section 152( 1) of the Insurance Act, 2018 ("IA") requires insurers and financial holding
companies to publish in at least two daily newspapers and exhibit in a conspicuous place at each of their offices, the audited financial statements of all their operations, both domestic and foreign, on an individual and consolidated basis. Similar requirements for licensees and their financial holding companies are contained in section 80 (1) of the Financial Institutions Act, 2008 ("FIA"). Hereinafter, licensees, insurers and their financial holding companies will be referred to as "regulated persons". Sections 80 (1A) and 152(3) of the FIA and IA, respectively, allow the Central Bank to create abridged financial statements, in consultation with regulated persons, for the purpose of publication. Further, section 2(1) of the FIA and section 4(1) of the IA define "abridged financial statements" as "a summary of financial statements, the format and contents of which are agreed to in writing between the Central Bank and the Institute of Chartered Accountants of Trinidad and Tobago (ICATT)n Accordingly, attached for your review and comment is a draft Guideline on the Publication of Abridged Financial Statements ("draft Guideline"). Comments and queries should be submitted electronically to abrid ed ideline centi-al-bank-or . tt by June 30, 2022. We advise that the draft Guideline includes preliminary feedback from ICATT and upon receipt of comments from regulated persons the draft Guideline will be updated and submitted to ICATT for agreement.

June 13, 2022
ClRCVLAR LETTER TO:
BANKERS ASSOCIATION OF TRINIDAD AND TOBAGO
ASSOCIATION OF TRINIDAD AND TOBAGO INSURANCE COMPANIES (ATTIC) INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO (ICATT) LICENSEES AND FINANCIAL HOLDING COMPANIES PURSUANT TO THE FINANCIAL INSTITUTIONS ACT. 2008 INSURERS AND FINANCIAL HOLDING COMPANIES PURSUANT TO THE INSURANCE ACT, 2018 FOREIGN INSURERES REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01 REF: CB-OIFI-1343/2022 The draft Guideline can be accessed on the Centi-al Bank's website at these locations:
Bankin Sector Draft and Consultation Pa ers Central Bank of Trinidad and Toba o central￾bank.or .tt and Insurance Sector Draft and Consultation Pa ers Central Bank of Trinidad and Toba o central-bank.or .tt The Central Bank of Trinidad and Tobago looks forward to your usual co-operation in this matter to ensure timely completion of this Guideline. Please be guided accordingly. Yours sincerely r< Michel e Francis-Pantor Deputy Inspector of Financial Institutions