Regulatory Alerts2008-12-31 | 24065Added · Updated
Financial Institutions Act, 2008
The Financial Institutions Act, 2008 establishes a comprehensive regulatory framework for banks and other financial institutions in Trinidad and Tobago, replacing the Financial Institutions Act, 1993 and Act No. 49 of 1981. It mandates licensing for banking and financial business, defines connected parties and credit exposures, and imposes limits on credit exposures to connected parties and large exposures. The Act grants the Central Bank of Trinidad and Tobago powers to issue compliance directions, appoint inspectors, and oversee payment systems, while prescribing duties for directors, auditors, and licensees regarding internal controls, reporting, and ownership restructuring.