San Fernando businessman Kirby Mohammed has gone missing and relatives are now begging the public to assist them in finding him. Mohammed, a director of the popular Trinizuela Technical and Vocatio
You are here
Bharath: Government committed to reform of finance sector
Published:
Thursday, January 9, 2014
The signing of a memorandum of understanding between the T&T Securities and Exchange Commission (TTSEC) and the Central Bank is an invaluable step forward to ensure the agency is able to discharge its mandate and be an effective regulator of the capital market, Trade Minister Vasant Bharath said on Monday. At the time he was speaking at the signing ceremony of the MOU for the exchange of information and co-operation consultation between the two entities at Hyatt Regency in Port-of-Spain.
“This MOU allows the Securities and Exchange Commission to consult, co-operate with and provide information to the Central Bank of Trinidad and Tobago, the Financial Intelligence Unit, any other regulatory agency or other entity in Trinidad and Tobago to minimise duplication of effort and to maximise the protection of investors,” said Bharath who was acting as MInister of Finance.
“From a more strategic context, I believe this MOU commits key players in the local financial sector to work together more closely towards a common goal—the growth, protection and development of our financial sector, which is a priority for the ministry and the Government.”
The minister added: “Trinidad and Tobago’s economy continues to move in the right direction, and, according to the recent IMF Article IV assessment, our local financial sector appears sound with commercial banks being liquid, profitable, and well capitalized. It is therefore imperative that Government continues its efforts aimed at ensuring growth and stability of the local financial sector, promotes financial development at all levels, and protects the economy against downside risks and existing vulnerabilities in some sectors.”
Bharath said that “Government remains committed to the progress of various financial sector reforms.”
“At present, insurance legislation is being prepared to modernize its approach to insurance regulation and supervision. The proposed Insurance Bill will strengthen corporate governance of insurance companies, and establish more effective protection of policyholders. It will address fundamental prudential deficiencies, and will include important requirements for insurance companies which are consistent with international best practice.
Other regulatory reforms relating to the credit union sector and private pension funds are currently under preparation as the respective pieces of legislation are substantially complete.” He challenged guests at the signing ceremony to co-operate, not just with information as specified in Section 19 of the Act, but also with expertise, best practices, and productive relationships for the common purpose of protecting investors inT&T and promoting a financial system that provides a solid foundation for strong sustainable economic growth.
In case you missed it.
The T&T Coast Guard and Air Guard were yesterday engaged in a search for a southern-based pirogue with a group of about eight aboard—including two women—which went missing since last Friday whi
Legendary West Indies batsman Brian Lara is ready to throw his hat in the ring and contest the post as president of the West Indies Cricket Board (WICB).
My name is Michael “Baldhead” Jacob, better known as, “Mr B,” and I’m a birdman.
This year will be 18 years I’m coming to the bird ground on Queen’s Park East.
Sacrifice and dedication to duty are the two features which have made recently retired Assistant Commissioner of Police in charge of the North-Western Region, Stephen Ramsubhag, a household name in
Assuria NV has acquired a second insurance company in Trinidad and Tobago. In a notice to shareholders, the company announced its 77 per cent shareholding in Mega Insurance Company (MIC) with an ac
The Chikungunya or ChikV virus has spread to the Caribbean, Central and South America infecting over a million people.
Jean Claude Petit picks up a pair of thongs, reaches into the glass cabinet and selects a small cube-shaped masterpiece from a tray.
MIC Institute of Technology chairman David Lee said introduction of a welding caravan is part of the agency’s strategy to make skills training more accessible A 25-seater bus has been converted for
Mega and small-scale sport tourism has the potential to contribute to the social, cultural, economic and infrastructural development of the host country or city.
Trinidad & Tobago Guardian Online