Overview
Registration and Licensing is the process by which the Commission assesses the suitability of applicants who wish to operate within the Insurance, Securities, Pension, and Credit Union sectors. Against the criteria established, assessments are conducted and where entities, including individuals, have met the criteria, and are determined to be fit and proper, they are issued a license or certificate of registration, so that they may carry on the conduct and provision of financial services and products in or from Barbados.
Licensing is a critical component in the regulatory framework and serves as a key function in supervising and regulating the operations of financial institutions. The Registration and Licensing process takes all relevant circumstances into account from the customary services and products to the novel and orhighly complex activities of prospective applicants and ensures that the applicable laws specific to the industry are applied. It also ensures the applicants can appropriately manage the risks posed by their proposed activities and that they can be adequately supervised. Criteria established for among other things fitness and probity, risk management, capital adequacy, solvency, and ownership structures are evaluated when reviewing applications.
Registration and Licensing Division - Roles and Responsibilities
The Registration and Licensing Division has been given the mandate to among other things, manage the Registration and Licensing process of applicants, as well as to oversee the payment of annual license and registration fees of existing individuals and entities. Registration and Licensing is the first point of entry for prospective regulated entities wanting to provide financial services. Liaising with other Divisions of Supervision and Regulation, the Registration and Licensing Division conducts preliminary reviews of the application package and documentation and substantively coordinates the issuance of licenses and certificates of registration to individuals and entities. The Division manages or assists in the other processes related to registration and licensing including termination of licenses and certificates, changes to the registration and licensing details of entities, management of records, and review and assessment of applications for specific types of applicants.
Registration and Licensing review and response
Our commitment is to provide prompt responses, quality service, and respond to the changing business environment as we seek to increase the efficiency and effectiveness in the processing of applications. We aim to review applications promptly and provide decisions to applicants within a specified time. Specific categories of applicants can benefit from our fast-track and expedited application facilities. The fast-track and expedited facilities are predicated on all licensing requirements completed and submitted at the initial submission of the account opening package.
Share transfer adjudication
Share transfer adjudications are administered by the Division. This function is carried out by the Commission pursuant to the Property Transfer Tax Act - CAP. 84 which requires that where shares are to be transferred other than by sale, the transfer will be exempt from the payment of Property Transfer Tax.
Registration and Licensing Division – Functions
- Initial processing of applications
- Full processing (including analysis) of “very low risk” applications.
- Fit and proper assessments (initial and on an ongoing basis)
- Annual registration & licensing management
- Management of databases & record-keeper
- Producer of information, records, and documentation
- Communications center
- Secretariat for registration and licensing process and matters
