73 / 174
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.
German Savings Banks for International Cooperation
Project
•
•
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).
Access to Credit and Other Financial Services
The Bank will:
•
•
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;