History

		The Eastern Caribbean Securities Regulatory Commission (ECSRC) is the regulatory body for the Eastern Caribbean Securities Market (ECSM), which came into being on 19 October 2001 with the appointment of a Chairman, a Deputy Chairman and three other Commissioners. The ECSM facilitates the dealing in securities in eight English speaking territories in the Eastern Caribbean, namely, Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and The Grenadines.The Eastern Caribbean Securities Regulatory Commission Agreement, was signed by seven member territories on 24 November 2000, and acceded to by Anguilla on 26 October 2001.
The Agreement gained the force of law with the passage of the Eastern Caribbean Securities Act, 2001. The effective date of the Act was 8 October 2001, with the exception of Anguilla.

What We Do

The primary functions of the Commission are to:

	This is done by enacting legislation, establishing an appropriate regulatory structure, training, certifying, licensing and regulating market participants.

The objectives of these rules and legislation are investor protection through the promotion of the highest standards of professionalism in the market, market efficiency through uniform and transparent application of rules, and the promotion of capital markets development.

Structure of the Commission

The highest decision making authority for the Commission is the Monetary Council of the Eastern Caribbean Currency Union. The Council is a monetary policy body comprising the Ministers of Finance of each participating government. It has the authority to appoint and remove a member or members of the Commission.

Eastern Caribbean Security Regulatory Commission
The Eastern Caribbean Central Bank (ECCB) provides staff to undertake the technical work of the Commission.

Secretary to the Commission
The Secretary manages the daily operations of the Commission. The Secretary coordinates all activities of the Commission including communicating with market participants, and allocating, reviewing and approving technical and administrative work performed on behalf of Commission.

Market Regulation, Examination and Enforcement Division
This division is responsible for establishing and maintaining appropriate standards for fair, orderly and efficient securities dealings in the ECSM. The division reviews applications for licences of all prospective market participants and makes recommendations to the Commission, conducts training and examinations of individual market intermediaries, and performs ongoing supervision and onsite examination of market participants.

Legal Division
This division drafts laws, rules and regulations for the fair and orderly dealing in securities. It is also responsible for advising the Commission and assisting with the interpretation of laws and rules in force in the ECSM.

Corporate Finance Division
This division reviews and has general oversight of corporate disclosure of information to the public. Reporting issuers (public companies, other issuers of securities) are required to comply with public disclosure regulations. The disclosure by Reporting Issuers must be made initially on the sale of securities and then on a continuing and periodic basis.

Staff of this division routinely reviews disclosure and material change information filed by companies which is then posted on the Eastern Caribbean Securities Information Network (ECSIN). The division is also responsible for reviewing the applications of collective investment schemes and regulating these entities.

Meetings of the Commission
Regular meetings of the Commission are held quarterly or more regularly based on the exigencies of the market. The Chairman of the Commission is required to call a special meeting of the Commission within seven days of receipt of a written request for such a meeting from at least two commissioners. The Chairman can call an emergency meeting of the Commission to review and act on a market emergency.

Commissioners

The Monetary Council at its 51st Meeting held on 23rd July 2004, reappointed the following Commissioners to serve for a period of three years effective 9th October 2004:

• Mr. Calvin Rodgers GCM - Antigua and Barbuda
• Mr. Errol N. Allen - St. Vincent and the Grenadines
• Mr. Crispin Anselm Sorhaindo - Dominica
• Mr Arthur G B Thomas – Antigua and Barbuda
• Mr Ambrose M. J. Sylvester - Dominica
• Mr. L Everette Martin (Secretary) - St. Kitts and Nevis

		The Commission comprises five commissioners. Two were appointed from the public sector, two from the private sector and one from the Eastern Caribbean Central Bank, the promoter of the market. The Chairperson and Deputy Chairperson were appointed for terms of five years, while the other commissioners were appointed for three year terms. The commissioners serve on a part-time basis. The commissioners are individuals of recognised standing and experience in, accountancy, banking, economics, finance, and commerce and industry.
View Profiles of Commissioners

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