Finance Minister to introduce bill to prevent recurrence of regulatory debacle stemming from SSL fraud case

Finance Minister Dr. Nigel Clarke has indicated that before the end of this month he will be taking to parliament a bill for new legislative amendments that will help to prevent a recurrence of the regulatory debacle stemming from the fraud case at Stocks and Securities Limited, SSL.

This as a recent court ruling highlighted gaps in the oversight for entities that become insolvent.

During yesterday’s sitting of the Lower House, Opposition Spokesman on Finance Julian Robinson raised questions about the government’s response to the court ruling.

Dr. Clarke explained that the court matter related to determining which entity should have jurisdiction over SSL during its winding up process so the court decided that, that should be the SSL appointed directors and shareholders.

The Minister pointed out that the case centred on the property rights of the shareholders which trumped the rights of society to a secure financial system.

The Insolvency Bill is intended to fix this challenge.

He added that the new legislation will also ensure that taxpayers are not called to account to pay for failed financial institutions.


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