Strengthening the Institutional Capacity of Financial Services Commission (FSC) (IADB-JA-T1101)

Countries
  • Jamaica
Where the impacts of the investment may be experienced.
Financial Institutions
  • Inter-American Development Bank (IADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 6, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Financial Services Commission
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.27 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 0.37 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IADB website

Updated in EWS Jun 27, 2017

Disclosed by Bank Nov 7, 2016


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Project Description
The FSC is embarking on a broader program geared to facilitate policy shifts to mitigate reputational risks; improve its business processes, including updating its ICT infrastructure and its research and statistical tools, increase financial literacy and sophistication; putting strategies in place to facilitate staff training and retention as well as promoting improvements in the regulatory environment through the modernization of legislation. The polices and legislative changes are supported by the Policy Based Loan “Financial System Reform Support Program” (JA-L1058) and this technical assistance is intended to support the institutional and operational changes required under the enhanced legislative framework, in order that FSC fulfills its mandate. Specifically, this TC will support (i) supervisory frameworks to the Securities Act; and (ii) retail repo regulations and Insurance (Amendment) Act. 4. The TC will also support the FSC’s effort in educating the financial sector and general public on the enhanced supervisory measures proposed under the Policy Based Loan, such as improving operational and technological capacity to conduct risk based supervision across the insurance, securities and pensions sectors.
Investment Description
  • Inter-American Development Bank (IADB)
This funding is for technical cooperation.
Contact Information
ACCOUNTABILITY MECHANISM OF IADB The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).