East Caribbean Central Bank Appoints Legal Consultant to Develop Regulatory Framework for Investment Migration
Source: stvincenttimes.com
The Interim Regulatory Commission (IRC) has appointed Ms. Lydia Elliott as the Legal Drafting Consultant responsible for developing a unified legislative framework to facilitate the establishment of a Regional Regulator for Citizenship by Investment (CIP/CBI) programs within the Eastern Caribbean Currency Union (ECCU).
Ms. Elliott was selected through a rigorous competitive process following the issuance of a Request for Proposal. A seasoned legal professional with over four decades of experience, she has held various legal positions across the region since 1981, including serving as Legal Advisor to the Eastern Caribbean Central Bank (ECCB) from 1992 to 2003. The ECCB has contracted Ms. Elliott for a seven-month consultancy, running from January 7, 2025, to August 6, 2025.
The establishment of a Regional Regulator aims to enhance transparency, accountability, and integrity within CIP/CBI programs. This body will be responsible for setting and supervising common standards, ensuring regulatory compliance, investigating complaints, and promoting information-sharing and collaboration with regional and international stakeholders.
Ms. Elliott has commenced work on the project and presented her initial findings in an Inception Report to the IRC during a meeting on January 28, 2025. The Commission endorsed her proposed approach, recognizing the importance of broad and inclusive stakeholder consultations as a key element of her work.
As part of this process, Ms. Elliott will conduct a series of in-country consultations beginning in March 2025. These consultations will engage government officials, industry representatives, and social partners to discuss the framework for the Regional Regulator. She will be accompanied on her visits by the IRC member representing the respective country, with additional support from the ECCB. A detailed consultation schedule will be released in due course.
The IRC, appointed by CIP/CBI participating countries, is tasked with overseeing the development of the Regional Regulator. The eight-member body includes representatives from the following entities:
– Antigua and Barbuda– Lieutenant Colonel Edward Croft (Deputy Chair)
– Commonwealth of Dominica– Francine Baron
– Grenada – Julia Lawrence
– Saint Kitts and Nevis– Archdeacon Isaiah Phillip
– Saint Lucia – Evaristus Jn Marie
– CARICOM IMPACS/JRCC– Rufus Ferdinand
– OECS Commission– Henith Gabriel
– Eastern Caribbean Central Bank – Governor Timothy N.J. Antoine (Chair)
The public is encouraged to provide input and feedback on the Regional Regulator initiative through the following channels:
– WhatsApp +1 (869) 662-3543
