Amidst the ongoing financial landscape transformation towards the ‘twin peaks’ regulatory model, the Financial Services Commission, FSC, is set to embark on a comprehensive review of the stock market’s regulatory framework. This evaluation aims to ensure that investor protection, market integrity, and the efficiency of the capital market are all optimally maintained in alignment with international standards.
Key points to consider in this regulatory review include:
- The impending consolidation of financial sector regulation under the central bank through the ‘twin peaks’ model.
- The shift of regulatory functions from the FSC to the Bank of Jamaica, BOJ, with the FSC focusing on market conduct oversight.
- The collaboration between the FSC and Jamaica Stock Exchange, JSE, to share information on market activities, conduct, and rule changes.
While the Jamaica Stock Exchange has endeavored to align its regulatory framework with international standards, there are identified areas needing further enhancement. The review consultancy opportunity presents a crucial chance to bridge these regulatory gaps and ensure that Jamaica’s market oversight is robust and effective.
Interested bidders have until this month to apply for the consultancy role, with the selected expert expected to provide recommendations on necessary regulatory amendments within three months. The outcome of this review will contribute significantly to aligning Jamaica’s stock market regulations with global benchmarks, reinforcing investor confidence and market efficiency.
In light of the evolving financial landscape and the growing complexities of capital markets, this regulatory review is a pivotal step towards sustaining Jamaica’s financial sector integrity and competitiveness. It underscores the commitment to continuous improvement and adaptation to ensure a secure and flourishing investment environment for all stakeholders.
