Following the recent passage of Saint Lucia’s Co-operative Societies Act, No. 16 of 2024 (New Coop Act), a proposed commencement date of January 1, 2025, has been set to coincide with the financial year of cooperatives. To support the effective implementation of the new act, draft regulations have been introduced for final consultation with sector representatives. Sancha Gervais-Victor, Manager of the International Sector and Non-Banked Financial Institutions at the Financial Services Regulatory Authority (FSRA), emphasized that the cooperative sector requires a stronger regulatory framework to keep pace with the evolving financial landscape.