ECCB 2021-2022 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 33

Legislative Agenda

Over 200 key stakeholders (public and private) from the English-speaking Caribbean and Bermuda, representatives of the ECCB, WBG and other international and regional institutions and leading international experts participated in the Roundtable. Virtual Asset Business Bill The Bank continued to follow up with member governments on the enactment of the Virtual Asset Business Bill. To date, the Bill has been passed in three member countries since being submitted to all member countries in November 2020 for enactment. Amendments to Payment System (Eastern Caribbean Automated Clearing House System) Rules, 2021 The Payment System Act, which was enacted throughout the ECCU at the beginning of 2007, empowers the Bank to make rules governing the payment system. In October 2021, the Bank submitted Amendment Rules to the member countries for publishing in the Gazette. Currently, membership in the Eastern Caribbean Automated Clearing House (ECACH) is bank-centric. The amendments broaden the Bank’s power in relation to the classes of financial institutions it may admit as direct participants to the ECACH, thereby opening access to the ECACH and facilitating the participation of other financial institutions such as credit unions. Corporate Governance The Bank recognises the critical importance of corporate governance in achieving its mandate and maintaining its position and reputation as a model regional and international institution. Accordingly, following the receipt of recommendations emanating from the 2021 International Monetary Fund (IMF) Safeguards Assessment, a review of the legislative framework was undertaken to reform its legal structures for autonomy, decision-making, accountability and transparency. This was in an effort to strengthen the Bank’s governance framework with a view to maintaining alignment with international best practices. Registration of Trademarks for the Digital Eastern Caribbean Currency In preparation for the launch and implementation of the Bank’s digital cash project, the Bank made significant progress in the registration and protection of the DXCD trademarks in all the ECCU member countries. The marks have been registered in four member countries. The rules have been published in two member countries.

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 33