ECCU Regulatory Framework

Based on a careful assessment of the structure and operations of the financial system, the Monetary Council, at its 59th meeting in July 2007, approved an enhanced regulatory and supervisory framework in response to the need for more effective and efficient supervision of the financial system.  The framework involves a harmonised approach to supervision of the financial system by the national regulators, the Eastern Caribbean Securities Regulatory Commission (ECSRC) and the Eastern Caribbean Central Bank (ECCB).  The national regulators, ECSRC and the ECCB collectively form the Regulatory Oversight Committee (ROC).

The ROC facilitates the sharing of information among these regulatory bodies, particularly on matters pertaining to the impact of global and regional developments on the Eastern Caribbean Currency Union (ECCU) financial system, and discussion on policy measures to mitigate threats to financial sector stability.

The national regulators regulate and supervise all financial institutions, except those licenced under the Banking Act, 2015. The ECSRC is responsible for the regulation and supervision of securities business in the ECCU. The ECCB maintains monetary and financial stability in the ECCU, and regulates and supervises institutions licenced under the Banking Act, 2015. The ECCB is also the supervisory authority for Anti-Money Laundering/Combatting the Financing of Terrorism for licenced financial institutions, where it is so named in the relevant legislation in ECCU member countries.