Financial Institutions (Resolution and Winding Up) Act, 2024, Tabled In The Senate

The Financial Institutions (Resolution and Winding Up) Act, 2024, was tabled in the Senate on Friday (June 28).

According to the Fiscal Policy Paper for Financial Year 2024/25, the legislation provides a framework to address the resolution of non-viable financial institutions in an orderly manner that minimises the need to resort to public funds whilst preserving vital economic functions.

The legislation was tabled in the House of Representatives on Tuesday (June 25) by Minister of Education and Youth, Hon. Fayval Williams, on behalf of Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, who is in Singapore.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, who tabled the Bill in the Upper House, explained that the legislation is intended to meet International Monetary Fund (IMF) requirements.

“Because of the commitments we have with the IMF, it has to be tabled today (June 28) to meet the commitments. There is a timing issue, and we have to make that timing requirement. So, it is being tabled today in the Senate… to make sure we meet the timeline of the IMF,” Senator Hill stated.

Other legislation tabled in the Senate on Friday included the Trade Marks (Regulation of Agent) Rules, 2024, Resolution; Trade Marks (Regulation of Agent) Rules, 2024; Trade Marks (Amendment) (No. 2) Rules, 2024, Resolution; and Trade Marks (Amendment) (No. 2) Rules, 2024.