The Government is pursuing the creation of a “twin peaks model” of financial sector supervision and regulation, which is being programmed for implementation within 18 to 24 months. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, who made the disclosure, said that the model is intended to modify the existing sector-by-sector-based regulatory approach, which sees the...

Central Bank Governor, Richard Byles, says the bank has the competence to take on its enlarged role, which involves regulating non-bank financial entities alongside deposit-taking institutions (DTI). “At the Bank of Jamaica (BOJ), we accept that charge that we have to prepare to supervise the entire financial sector. We do so now for DTIs, and so we are quite adept...

The Government has no intention of socialising the debt of failed financial institutions, says Prime Minister, the Most Hon. Andrew Holness. He made the declaration, while delivering the keynote address at the opening of the Jamaica Stock Exchange (JSE) Investment and Capital Markets Conference on Monday (Jan. 24), where he said that the full force of the law must be...

The Government is aware that the case of alleged fraud being investigated at Stocks and Securities Limited (SSL) has a global dimension that must be carefully managed, says Prime Minister, the Most Hon. Andrew Holness. “I’m not aware of any systemic issues in the financial system that could cause contagion but, certainly, if actors in the sector or the common...

Tax Administration Jamaica (TAJ) is reminding the public that it will open select Tax Offices this Saturday January 28, 2023, and every last Saturday of the month for the remainder of the 2022/23 financial year. The following Tax Offices will operate this Saturday between the hours of 10:00 am – 2:00 pm: • St. Andrew (Constant Spring) • Montego Bay...

Universal Service Fund (USF) Communications Officer, Timothy Simmonds (second left) and Member of Parliament, St. Catherine Eastern, Denise Daley (second right), use a mobile phone to access the Internet. Occasion was the launch of a free secured community Wi-Fi hotspot in China Town, St. Catherine, on January 24. Looking on (from left) are community representative Z'Janae Barrett and Deputy Superintendent...

Jamaica’s securities industry remains a strong and critical pillar upon which the country, economy and the investing public depend, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has said. He notes that information from the Financial Services Commission (FSC) indicates that there are 38 licensed security dealers operating in Jamaica, with assets under management exceeding $1.45...