ECCB 2016/2017 Annual Report

59

ECCB ANNUAL REPORT 2016/2017

Legal Services The Bank intends to pursue the following initiatives in keeping with its vision for a strong and resilient financial system and for the development of the single financial and economic space: •  • Banking Act – Proposed amendments to the Banking Act will be finalised for enactment by member territories. Banking (Licensing) Regulations to be issued under the Act have been prepared for issuance by member territories; •  • Amendments to AML/CFT Legislation – Complete the drafting of amendments to the AML/CFT legislation to transfer legal authority for AML/CFT for financial institutions licensed under the Banking Act from the national regulators to the ECCB; •  • Realisation of Mortgage Collateral – Reform of Land Registration Process and Foreclosure Processes and Procedures; •  • Proceed with the commissioning of legislation to give effect to recommendations emanating from the report of a Foreclosure Committee established in 2014 to reform the land registration systems and the foreclosure processes and procedures; and •  • Eastern Caribbean Appraisal Institute – Conduct consultations on the draft Bill and Agreement to establish the Eastern Caribbean Appraisal Institute Agreement. FINANCIAL SECTOR DEVELOPMENT FIRST Project for the Diversification of the ECCU Financial System •  • The Bank will collaborate with the Eastern Caribbean Securities Exchange (ECSE) and the Eastern Caribbean Securities Regulatory

Commission (ECSRC) to assess the current legal and regulatory framework that governs SMEs participation on the securities market. This will include assessing the current ECSE Entry Level Tier Market and evaluating the viability of a reformulated framework for increasing access to capital for SMEs, volumes and market activity on the securities market; and •  • The Bank will collaborate with the ECSRC to conduct a thorough review of the Collective Investment Schemes (CIS) legislation to identify deficiencies, prepare detailed recommendations regarding areas for enhancement/amendments, and draft revised CIS legislation that is compliant with international standards. •  • The Bank will collaborate with the German Savings Bank for International Cooperation Project (SBFIC) project manager to conduct the first set of capacity building workshops during the second quarter of 2017, in Saint Lucia. The workshops will focus on corporate lending activities for lending institutions, and financial literacy for small and medium enterprises (SMEs). •  • Collaborate with The World Bank and member countries to operationalise the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) to increase access to finance by SMEs. This will also include the development of a framework for regulation and supervision of the ECPCGC by the ECCB; German Savings Banks for International Cooperation Project Access to Credit and Other Financial Services The Bank will: