Identify the specific entities in your chosen country

Reference no: EM133264709

Produce a reflective paper assessing the adequacy of the current financial sector regulations in Barbados and the ability to prevent the crises of the past.

The following is required:

You will be expected to reference the document under review as well as at least three other reputable sources. References from a minimum of 4 sources should be clearly identified in the references/bibliography at the end of your paper.

The article discusses details of specific crises in the Caribbean, when reading consider if there were weaknesses in the financial regulations that allowed the players involved to act in the way they did.

When writing your reflective paper, select any country of your choice.

Provide some background into financial regulation from a general perspective i.e. why must financial institutions be regulated.

Identify the specific entities in your chosen country that are tasked with regulating financial institutions. It may or may not be different regulators for each segment of the industry such as banks, insurance companies, and credit unions.

Some financial institutions may have multiple regulators eg; a publicly traded bank may be regulated by the Central Bank and the SEC.

Identify the specific legislation eg "Central Bank Act of 19**" that provides the regulator with authority.

Use any crisis such as CLICO or a bank failure and identify if there were any gaps or shortcomings in the regulations that allowed this to happen. For example in Trinidad & Tobago when International Trust collapsed, deposit insurance was not yet in effect. Similarly, in the case of Clico, the Central Bank stated they did not have sufficient powers to regulate Clico at that time. Both these events resulted in changes to the regulatory framework.

Assess the safeguards in the respective legislation example - authorizing bank inspections, filing of returns, regulatory limits on capital, lending etc., fit and proper rules.

Reference no: EM133264709

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