St Kitts-Nevis Parliament passes amendments to ensure financial business regulation

Amendments made to five Acts in the sitting of the National Assembly on December 19 will ensure that individuals be regulated and all financial business taking place in St. Kitts and Nevis be brought under the Financial Services Regulatory Commission (FSRC).

The amendments are encapsulated in five bills. These bills include the Companies (Amendment) Bill, 2018; Financial Services Regulatory Commission (Amendment) Bill, 2018; Captive Insurance Companies (Amendment) Bill, 2018; Trusts (Amendment) Bill, 2018; and Limited Partnerships (Amendment) Bill, 2018.

In giving the raison d’etre for the amendments, Attorney General, Honourable Vincent Byron, said that “Individuals will be still regulated. All financial business in this country must be regulated and we will bring them under the Financial Services Regulatory Commission to be very clear so that authorized persons, whether you are an accountant, whether you’re a lawyer or whatever it is or whoever you are, who does business in financial dealings, you must get a licence from the Financial Services Regulatory Commission and that is the nub of what we do here today.

“You will see Mr Speaker as we move to do other amendments subsequent to this…that these are contingent on the Financial Services Regulatory Commission having control over individuals who do business and finance in this country, to protect individuals who do business with them…,” the attorney general added.

All five bills were passed unanimously in the House on December 19, 2018. Copies of the bills can be found on the website (sknis.kn) of the St. Kitts and Nevis Information Service under Notices.