GEORGETOWN, GUYANA, CMC – Caribbean Neighborhood (CARICOM) member states will assessment the Draft Mannequin Credit score Reporting Invoice and the Draft Mannequin Credit score Reporting Rules at a gathering from October 30 to November 2.
The Eight Particular Assembly of the Council for Finance and Planning (COFAP) not too long ago authorised the CARICOM Reporting Coverage, the finalization of which is “important in advancing the harmonized authorized and regulatory credit score reporting regime that Member States have agreed to undertake,” a press release from the CARICOM Secretariat mentioned.
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“The initiative displays the dedication of Member States given in Article 44 of the Revised Treaty of Chaguaramas to undertake measures to facilitate the institution, provision of providers and motion of capital.”
When adopted, the credit score reporting methods, which can comprise credit score bureaus and reporting establishments, would contribute to establishing a strong monetary infrastructure, the CARICOM assertion mentioned.
“They supply info for monetary establishments to evaluate the lending dangers to debtors. Conversely, credit-worthy debtors can entry capital from monetary establishments in different Member States.
“Apart from cross-border credit score reporting, the eleventh EDF Strengthening the Framework for CARICOM Integration and Cooperation Course of (SFCICP) Programme helps different monetary sector improvement and integration areas.
“These embody a typical monetary shopper safety regime, authorized and regulatory frameworks for the securities market and deposit insurance coverage, and creating a reform agenda for modernizing the monetary market infrastructure,” CARICOM mentioned.
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