Common body of regulatory institutions

Monday, 20 October 2014 00:01 -     - {{hitsCtrl.values.hits}}

The Government is to establish an Inter Regulatory Institutions Council to facilitate sharing information among financial sector regulators. Cabinet has approved a proposal made by the President, in his capacity as the Minister of Finance and Planning, to enact legislation for the purpose through an Act of Parliament and to instruct the Legal Draftsman to draft legislation for the purpose The Council is to be set up with the view to identify issues that require collective action by financial sector regulators to promote financial system stability and the development of the financial sector. Financial institutions include licensed banks, licensed finance companies and leasing companies, money brokers, primary dealers, insurance companies, insurance brokers, insurance agents, loss adjusters, institutional agents, stock exchanges and stock brokers/dealers.