Regional meeting to advance harmonised legal and regulatory credit reporting

A regional meeting on the proposed CARICOM Legislative Framework for Credit Reporting will be convened from 30 October – 2 November 2023.

The purpose is to allow Member States to review the Draft Model Credit Reporting Bill and the Draft Model Credit Reporting Regulations following the approval of the CARICOM Credit Reporting Policy by the Eighth Special Meeting of the Council for Finance and Planning (COFAP). The finalisation of the model credit reporting legislation and regulations is critical in advancing the harmonised legal and regulatory credit reporting regime that Member States have agreed to adopt.

The initiative reflects the commitment of Member States given in Article 44 of the Revised Treaty of Chaguaramas to adopt measures to facilitate the establishment, provision of services and movement of capital. This includes, among others, establishing market intelligence and information systems in the Community. Credit reporting systems, comprising credit bureaus and reporting institutions, contribute to establishing a robust financial infrastructure. They provide information for financial institutions to assess the lending risks to borrowers. Conversely, credit-worthy borrowers can access capital from financial institutions in other Member States.

Besides cross-border credit reporting, the 11th EDF Strengthening the Framework for CARICOM Integration and Cooperation Process (SFCICP) Programme supports other areas of financial sector development and integration.

These include a common financial consumer protection regime, legal and regulatory frameworks for securities market and deposit insurance and developing a reform agenda for modernising the financial market infrastructure.

Source: CARICOM TODAY