Tweet
http://www.jis.gov.jm/parliament/htm...R___DAVIES.asp
Opposition Spokesman on Finance, Dr. Omar Davies, has proposed that the two major regulatory institutions for the financial sector be given additional powers in terms of their investigative capacity.
Dr. Davies, who was making his contribution to the 2008/09 Budget Debate in Gordon House yesterday (April 15), suggested that the Financial Services Commission and the Bank of Jamaica be asked to prepare a comprehensive assessment of the legislative and administrative steps which need to be taken, to improve regulatory efficiency. "This position paper should be tabled either as a Ministry Paper or as a paper for a special committee of Parliament for consideration and action," he said.
The Opposition Spokesman said officials must be free to carry out their tasks in investigating operations, which have not been duly authorized by the regulatory authorities. "There have been points in time when there was reason to question whether there was a uniform response from the political directorate on the manner in which such operations should be treated. That cannot represent the way for the future. We may defer on some matters, but on the question of the regulation of the financial sector, there must be no doubt as to where Parliament stands," he stated.
Meanwhile, Dr. Davies said the Opposition welcomed some of the initiatives that were outlined in the Finance Minister's Budget presentation, including the adjustment of Customs user fees, whereby payment may be used as tax credit by certified manufacturers, and the increase in gun licence fees, which he noted is "still too modest" as the fees should cover the cost of regulating this activity.
Dr. Davies also described the introduction of the Constituency Development Fund as a "commonsense initiative that basically combines the various different programmes, which have the input of members of Parliament, but provide us with more money.there is no way that such an initiative could fail to receive maximum support from all 60 of us."
Opposition Spokesman on Finance, Dr. Omar Davies, has proposed that the two major regulatory institutions for the financial sector be given additional powers in terms of their investigative capacity.
Dr. Davies, who was making his contribution to the 2008/09 Budget Debate in Gordon House yesterday (April 15), suggested that the Financial Services Commission and the Bank of Jamaica be asked to prepare a comprehensive assessment of the legislative and administrative steps which need to be taken, to improve regulatory efficiency. "This position paper should be tabled either as a Ministry Paper or as a paper for a special committee of Parliament for consideration and action," he said.
The Opposition Spokesman said officials must be free to carry out their tasks in investigating operations, which have not been duly authorized by the regulatory authorities. "There have been points in time when there was reason to question whether there was a uniform response from the political directorate on the manner in which such operations should be treated. That cannot represent the way for the future. We may defer on some matters, but on the question of the regulation of the financial sector, there must be no doubt as to where Parliament stands," he stated.
Meanwhile, Dr. Davies said the Opposition welcomed some of the initiatives that were outlined in the Finance Minister's Budget presentation, including the adjustment of Customs user fees, whereby payment may be used as tax credit by certified manufacturers, and the increase in gun licence fees, which he noted is "still too modest" as the fees should cover the cost of regulating this activity.
Dr. Davies also described the introduction of the Constituency Development Fund as a "commonsense initiative that basically combines the various different programmes, which have the input of members of Parliament, but provide us with more money.there is no way that such an initiative could fail to receive maximum support from all 60 of us."