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REGIONAL STANDARD SETTING BODY LEGISLATIVE FRAMEWORK 

1. BACKGROUND

The Eastern Caribbean Currency Union (ECCU) uses a single currency with a common central bank.  In addition, the ECCU has achieved a degree of harmonized legislation (for example, the Banking Act), consolidated regulation and supervision and the establishment of regional capital markets. This suggests that the ECCU already has some of the elements for the establishment of a single financial space. While these elements are essential they are not sufficient for a fully integrated, open and inclusive single financial space. 

In an effort to further support financial integration and strengthen financial stability in the ECCU, the Monetary Council of the Eastern Caribbean Central Bank approved an optimal regulatory framework as a construct that augments the current regulatory arrangements with an Eastern Caribbean Financial Standards Board to ameliorate regulatory gaps in the financial sector, reduce the scope for regulatory arbitrage and enhance the regulation of multi-jurisdictional firms and financial conglomerates. 

The regional standards setting body will be responsible for designing and issuing standards for regulation of the non-bank financial sector across the eight (8) member jurisdictions of the ECCU.

2. OBJECTIVE

To draft, based on approved policy recommendations, a harmonized piece of legislation that will:

• provide the framework for the establishment, governance and operations of the Eastern Caribbean Financial Standards Board that will be responsible for developing and issuing uniform standards for the regulation and supervision of all non-bank financial institutions regulated and supervised by the National regulators in the eight (8) member jurisdictions of the Eastern Caribbean Currency Union (ECCU);
• define the roles and responsibilities of the Eastern Caribbean Financial Standards Board, including its powers, functions, and accountability mechanisms;
• align with relevant international and regional standards and practices;
• ensure clarity in the interaction between the Eastern Caribbean Financial Standards Board and other regulators, governmental and non-governmental entities;
• facilitate the sustainability and effectiveness of the Eastern Caribbean Financial Standards Board in carrying out its mandate.

3. SPECIFIC REQUIREMENTS
3.1 Research

• Review existing legislative and regulatory frameworks, and policies related to global and regional standards setting bodies including the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors(IAIS), the European Insurance and Occupational Pensions (EIOPA), the Federal Financial Institutions Examination Council’s (FFIEC) and the International Organisation of Securities Commission (IOSCO); and CARICOM regional standard setting bodies;
• Evaluate best practices from other jurisdictions to inform the legislative framework;
• Examine the current institutional landscape including the legal and regulatory infrastructure of the National regulators in the eight (8) member jurisdictions of the ECCU; and assess the model proposed for the Eastern Caribbean Financial Standards Board and determine suitability or any required adjustments;
• Evaluate needs, expectations, challenges and best practices related to standard setting bodies; The Consultant should also take into account policies and initiatives aimed at enhancing the regulation and supervision of standard setting bodies and any proposed legislative and regulatory developments and other policy documents both globally and regionally that touch and concern standard setting;
• Assess the impact on other key legislation and the requirements for amendments and any implications for drafting legislation to govern the establishment of the Eastern Caribbean Financial Standards Board on other legislation;
• Take account of policy recommendations as directed by the Eastern Caribbean Central Bank;

3.2 Drafting

Draft, consistent with approved policy recommendations, a harmonised legislative framework to facilitate the establishment of the Eastern Caribbean Financial Standards Board as a body corporate having perpetual succession and including–

• The purpose and mandate of the regional standard setting body;
• Governance structure, including composition of the board and appointment process;
• Powers and functions, including setting, monitoring, and enforcing standards;
• Procedures for consultation, review, and approval of standards;
• Mechanisms for ensuring transparency, accountability, and stakeholder participation;
• Funding and resourcing arrangements;
• Conflict resolution and dispute settlement mechanisms;
• Mechanisms for monitoring and evaluation of the regional standard setting body’s effectiveness.

3.3 Consultation

• Co-ordinate and discuss with the Eastern Caribbean Central Bank to ensure consistency with policy recommendations;
• Lead discussions on the draft legislation with key stakeholders across the eight (8) member jurisdictions of the ECCU including government agencies, industry representatives, regulatory authorities, consumer groups, and other relevant parties;
• Document and analyze stakeholder feedback for integration into the draft legislation.

3.4 Review and Refinement

• Revise the draft legislation based on internal review and feedback from stakeholders;
• Ensure that the drafted legislation complies with constitutional and legal requirements.

3.5 Final Report and Presentation

1. Prepare a final report that includes:

• A summary of the legal and institutional analysis conducted;
• A draft of the legislation for the establishment of the Eastern Caribbean Financial Standards Board;
• A discussion of the key provisions and their intended impact;

2. Present the draft legislation and key findings to the Eastern Caribbean Central Bank for final review and endorsement.

4. DELIVERABLES

A draft legislative framework for the establishment of the Eastern Caribbean Financial Standards Board;

• A final legislative framework incorporating stakeholder feedback;
• A final report.

5. TIME TABLE

The Consultant will commence the project by 15 March 2025 and complete same by 15 November 2025.

6. CONSULTANT QUALIFICATIONS AND EXPERIENCE

The consultant(s) should possess the following qualifications and experience:

• Proven expertise in drafting legislation, particularly in the fields of regulatory frameworks, governance, and standard-setting bodies;
• Familiarity with national and international standards relevant to the financial services sector;
• Strong understanding of legal drafting principles, including clarity, precision, and accessibility;
• Experience in conducting stakeholder consultations and integrating diverse inputs into legal frameworks;
• Excellent written and verbal communication skills.

7. REPORTING AND SUPERVISION

The Consultant will report to the Working Committee on the Eastern Caribbean Financial Standards Board at the Eastern Caribbean Central Bank. Regular progress meetings will be held to ensure that the consultancy is on track, and any adjustments in timelines can be made as necessary. 

8. APPLICATION PROCESS

Interested consultants should submit the following documents by 31 January 2025:

• A proposal outlining their approach, methodology, and timeline for completing the assignment.
• A detailed CV highlighting relevant experience and qualifications.
• A financial proposal indicating the consultancy fee, including a breakdown of costs.
• Contact information for at least two references.

9. EVALUATION CRITERIA

Proposals will be evaluated based on the following criteria:

• Relevant experience and expertise;
• Proposed methodology and approach;
• Understanding of the project objectives;
• Quality and clarity of the financial proposal; and
• Value for money.

10. CONTACT INFORMATION

Please direct all queries related to this request for proposal to the Office of Chief Director, Policy at the Eastern Caribbean Central Bank: sec_cdp@eccb-centralbank.org

11. SUBMISSION OF PROPOSALS

Proposals should be addressed for the attention of:

Chief Director, Policy
Eastern Caribbean Central Bank
PO Box 89
Bird Rock
St Kitts

Proposals should be emailed to sec_cdp@eccb-centralbank.org  with the subject line “Proposal for Legislative Drafting Services for the establishment of the Eastern Caribbean Financial Standards Board.

Click here for full text of the RFP