St. Kitts and Nevis (WINN); Bankers, regulators and legislators from throughout the Eastern Caribbean Currency Union (ECCU) will meet on Tuesday (Apr 11) at a Consultative and Legislative Drafting Workshop to discuss proposed amendments to the Banking Act 2015.
The workshop, hosted by the Eastern Caribbean Central Bank (ECCB) will take place in St. Vincent and the Grenadines. Various stakeholders are expected to attend the workshop including Chairman of the Ministerial Subcommittee on Banking Prime Minister Dr. Ralph Gonsalves, along with Prime Ministers Gaston Browne and Dr. Timothy Harris, Members of the Ministerial Subcommittee on Banking.
Other attendees include Attorneys General from ECCU member countries, Legislative Draftspersons/Parliamentary Counsel; Financial or Permanent Secretaries from Ministries of Finance; a representative from the ECCU Bankers Association; Representatives from each local Bankers Association; and Representatives from the Central Bank.
The objectives of the workshop are to consult with stakeholders and forge consensus on the proposed amendments to the Banking Act 2015; conduct a technical review of and finalize the drafting of the amendments; and develop a targeted approach to the efficient enactment of the amendments.
The Banking Act 2015 is a harmonized piece of legislation enacted in all ECCU member countries, which outlines the ECCB’s regulatory responsibility and authority with regard the supervision of domestic banks and other institutions deemed to be carrying on banking business in the region.
The ECCU Monetary Council agreed at a recent meeting that the amendments to the Banking Act would be submitted for approval at its next meeting scheduled for July 2017, with a view to have the draft amendments finalized in preparation for passage by December 2017.