Regulatory Alerts2023-02-06
Added · Updated
Draft Guidelines for Consolidated Supervision of Non-Deposit Taking Financial Institutions in Jamaica
The Financial Services Commission of Jamaica issued draft guidelines establishing a group-wide supervision framework for non-deposit taking financial institutions to mitigate systemic risks from complex corporate structures. The document mandates comprehensive oversight of capital adequacy, liquidity management, and contagion risks across entire financial groups, requiring parent companies to maintain sufficient resources for loss absorption. It further outlines supervisory powers including information sharing mechanisms, supervisory colleges, and strict requirements for corporate governance and risk management to ensure financial stability.
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