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HomeNewsPress ReleaseNevis International Banking (Amendment) Bill, 2024 passes in the Nevis Island Assembly

Nevis International Banking (Amendment) Bill, 2024 passes in the Nevis Island Assembly

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NIA CHARLESTOWN NEVIS (June 19, 2024)- Acting Premier of Nevis the Honourable Eric Evelyn successfully guided the Nevis International Banking (Amendment) Bill, 2024 through the second and third readings to have the legislation passed in the Nevis Island Assembly on Tuesday, June 18, 2024.

 

The Hon. Evelyn presented the Bill in the parliament and led the debate in Minister of Finance in the Nevis Island Administration (NIA) Premier the Honourable Mark Brantley’s stead.

 

He said the Bill introduced important amendments to the island’s International Banking Ordinance which provides the statutory and regulatory environment that underpins Nevis’ emerging international banking sector.

 

“You will appreciate that the evolution of the international banking sector requires that a vigilant and responsive regulator be provided with the statutory framework for properly supervising the sector. The Bill seeks to address some hurdles to adequate oversight and to respond to some suggestions from the banks themselves regarding the licensing process.

 

“As we seek to enhance our position as a reliable and effective international financial services centre, Nevis has begun to attract international banks. We therefore must be alert to ensure that our regulatory architecture meets not only global best practice standards, but also keeps us competitive enough to attract new entities. Indeed, as the Minister of Finance outlined in his Budget address, we have grown from three international banks to six licensed entities in the last six months. Therefore, the imperative for enhancing our regulatory capability is clearly established.”

 

Amendments to the Ordinance include taking a risk-based approach to the capital adequacy of a Licensee to ensure that it is sufficiently capitalized in the event of loss or other factors which pose a risk to its continued operations in a financially prudent manner; re-defining “Senior Management” to capture those persons who are appointed to certain senior positions designated as senior officials by the Licensee’s Board or its constituent documents or those persons who perform certain functions within the Licensee which the Regulator determines constitute senior management type functions; revision to the process by which a licensee will maintain its new license and fees applicable for non-compliance; and revision to the reserve fund requirements of a Licensee to imposes an obligation on the Licensee to maintain a reserve fund which is equivalent to two percent of its deposits.

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