Conference highlights need to regulate region’s ‘lagging’ securities markets
The region’s securities regulators must come together to regulate “lagging” securities markets and strengthen the Caribbean’s resilience to exposure from the rapid development of financial technology (fintech), Caribbean Regional Technical Assistance Centre’s (CARTAC) Resident Advisor in Financial Stability Dr. Brian Langrin said during the 15th Annual Caribbean Group of Securities Regulators (CGSR) Conference at Atlantis last week, noted a press release from the Securities Commission of The Bahamas (SCB).
The conference was hosted by the SCB and co-sponsored by CARTAC. Langrin
said the event was focused on highlighting the direct and indirect costs associated with not only the introduction of fintech, but also cybersecurity and climate change.
“These three vital topics are far-reaching and borderless threats to financial stability,” Langrin said.
“Regulation throughout the region is lagging far behind the threats. There is a clear role for regional policy coordination to appropriately regulate securities markets such that information asymmetries around these threats are minimized.”
In the release, Attorney General and Minister of Legal Affairs Carl Bethel, who delivered the keynote address at the conference’s opening ceremony, echoed Langrin’s sentiment of regional inclusion in strengthening the Caribbean’s securities regulators.
Bethel discussed with the conference delegates The Bahamas’ recent legislative achievements in financial services, “and the improvement in its ratings under the Financial Action Task Force’s (FATF) peer review process”.
“New and improved legal and regulatory frameworks are important to build resilience, as is being seen to comply with sensible standards that protect investors, consumers and the financial markets from abuse and contagion,” Bethel said.
“In the context of this gathering there is another critical element to discuss, and that is regional cohesion to further our shared interests.”
SCB Executive Director Christina Rolle said her staff has been exposed to many “technical capacity-building opportunities provided in areas such as risk-based supervision, enhancing financial stability, building market confidence and the opportunities and threats presented by financial technology”.
“It has been a pleasure to work with all participating regulators from across the Caribbean and to build and deepen our relationships,” she said.
This year’s conference brings to an end the SCB’s four-year run as chair and secretariat of the CGSR.
Education: Florida International University, BS in Journalism
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