ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

Regional Standards Setting Body

The creation of the RSSB will help to develop a set of uniform regulatory standards for supervision of the NBFI sector.

What are Standard Setting Bodies? Standard-setting bodies are usually public entities that possess delegated authority to develop and issue standards to facilitate the effective operation or regulation of a sector. The creation of the Regional Standards Setting Body (RSSB) will help to develop a set of uniform regulatory standards for supervision of the NBFI sector. During the year, work advanced on the design of a framework that is ‘fit for purpose’ for regulation and supervision of the non-bank financial services sector. The Bank developed

a conceptual model for a RSSB, which would serve as a regional integrated regulator for non bank financial institutions. Under this model, regulations would be designed and established by the RSSB, while the national regulators would continue with supervision of the non bank financial entities.

The Monetary Council approved the conceptual model in February 2024.

The Bank has commenced consultation with stakeholders on the establishment of the RSSB starting with presentations to LFIs under the Banking Act 2015.

Potential Advantages of the RSSB

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