Modernisation of financial market infrastructure and capital market integration towards enhanced domestic resource mobilization

To modernize the financial market infrastructure, enhance domestic resource mobilization and to integrate capital markets across the participating CSME States, several model legislation have been drafted or revised for eventual adoption (in whole or to bring existing relevant national legislation in line with the CARICOM model) by Member States.  These include the following:

Financial Consumer Protection Bill.  The Bill along with draft regulations and a CARICOM Financial Consumer Protection Policy constitutes a common financial consumer protection regime for Member States of the CSME.  The objective is to protect clients of financial institutions, promote consumer confidence and preserve regional financial stability.  The consultancy to develop these instruments commenced on 14 May 2021 and concluded on 14 May 2023.

Deposit Insurance Bill and Regulations: The Bill and its associated regulation seek to modernize depositor protection and resolution regimes so as to enhance the financial safety-net architecture in Member States and to strengthen the financial stability framework in the Community.  The main stakeholders are central banks, ministries of finance, deposit insurance agencies and depositors, especially small savers, in Member States.  The consultancy to draft the model Bill and regulations commenced in August 2025 and ended in December 2025.

Cross-Border Sharing of Credit Information Model Bill and the draft Securities Market Bill, both of which were prepared under the 10th EDF programme, were revised under the 11th EDF programme.

In addition, the draft CARICOM Policy on the Resolution of Financial Institutions Operating in CARICOM Member States to strengthen the financial safety-net and enhance financial stability in the Community and protocols to govern the application of the mutual recognition principle in the securities industry across the CSME countries were prepared.1  Both initiatives, which were undertaken by consultants in 20252, will be considered by the relevant Organs and Bodies of the Community for approval decision.