Parliament of Jamaica - The Banking Services Act, 2014


The Banking Services Act, 2014 repeals the Banking Act and the Financial Institutions Act and amends the Building Societies Act and the Bank of Jamaica Act. The Act creates the "Supervisory Committee", which is to advise and make recommendations to the Supervisor on matters such as the grant, refusal and revocation of licenses; the determination as to whether a person is fit and proper; the establishment of branch operations and representative offices; monitoring the enforcement of any code of conduct; and the variation of prudential capital adequacy requirements.

The Act covers the following topics:

1. Prohibition and Restriction on Deposit Taking
2. Licensing of Deposit Taking Institutions and Financial Holding Companies
3. Governance of Licensees Alteration of Incorporating Documents
4. Capital and Reserves
5. Cash Reserves and Liquidity Requirements
6. Fixed Assets
7. Restricted, Prohibited and Permitted Activities of Licensees
8. Counter Party Exposure Limits
9. Supervision and Examination of Licensee
10. Supervision of Financial Groups
11. Obligations Specific to Financial Holding Companies
12. Regulation of Shareholding and Controlling Interests in Licensee
13. Returns and Accounts
14. External Auditors
15. Amalgamation and Transfer
16. Voluntary Winding up of Licensee
17. Banking Business Through Agent Arrangements
18. Enforcement
19. Additional Enforcement Measures
20. Unclaimed Moneys
21. Offenses and Penalties
22. Transitional Arrangements

Document Details

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Date of Document: 
Tuesday, September 30, 2014
Document Authors: 
Parliament of Jamaica
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