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Following the passage of the amendments to the Financial Institutions Act (FIA) and the repeal of the International Financial Services Act (IFSA) in December 2018, the Central Bank of Barbados on February 8, 2019 issued Guidelines to advise its licensees of the transitioning arrangements for former IFSA licensees. The Guidelines essentially speak to two categories of licensee, the first of which is where the licensee is "grandfathered" and the other where the licensee transitions to a Part lllB licensee under FIA.
In addition, the Central Bank of Barbados on February 8, 2018 issued an Administrative Statement to clarify the parameters of the "grandfathering" regime.