| Press Releases
The Eleventh Eastern Caribbean Securities Market Certification Programme is scheduled to take
place from 14 to 22 April 2008. Press Releases
The Eastern Caribbean Securities Regulatory Commission has issued a notice advising that all persons soliciting or conducting securities business or providing investment advice in the Eastern Caribbean Currency Union must be licensed by the Commission. The notice, issued on 6 March 2008 on the Commission’s website, indicates that in keeping with the provisions of the Securities Act, securities must be registered by the Commission before they can be issued to the public. The notice reminds all investors and potential investors of the need to seek and accept advice only from licensed securities dealers or investment advisers and ensure that they have full information about the investment product, entity and the person with whom they have chosen to invest. They should also request audited financial statements and other pertinent documents, such as investment and loan agreements, and certificates of participation and seek advice from an attorney or licensed investment adviser. A list of current licensed securities dealers and investment advisers is available on the ECSRC website at www.ecsrc.com.
The Monetary Council at its 59th Meeting held on 21 July 2007, appointed three persons to serve as Commissioners to the Eastern Caribbean Securities Regulatory Commission (ECSRC). These Commissioners replace Mr Dunbar McIntyre of Grenada, the outgoing Chairman, and Mr Charles Brisbane of St Kitts-Nevis whose terms of service ended on 18 October 2007. Mr Calvin Rodgers was re-appointed to serve a third term with the Commission. The appointments are effective 19 October 2007. The following are the new appointments who, with Mr Crispin Sorhaindo of the Commonwealth of Dominica and Mr Errol Allen of St Vincent and the Grenadines, comprise the five Commissioners of the ECSRC. Mr Calvin Rodgers of Antigua and Barbuda (Chairman), to serve for a period of five years. Mr Arthur Thomas of Antigua and Barbuda, to serve for a period of three years. Mr Ambrose Sylvester of the Commonwealth of Dominica, to serve for a period of three years. The ECSRC is the regulator of securities business in the Eastern Caribbean Currency Union (ECCU), including the Eastern Caribbean Securities Market (ECSM) which came into being on 19 October 2001. The ECSM facilitates securities trading in eight English speaking territories in the Eastern Caribbean, namely, Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines. The industry in these territories is governed by uniformed securities legislation, the Securities Act 2001 and amendments, and Regulations to the Act.
The tenth Eastern Caribbean Securities Market Certification Programme is scheduled to take place 14 to 23 May 2007.
The Eastern Caribbean Securities Regulatory Commission announces the following appointments: The Monetary Council at its 57th meeting held on 18 October 2006 appointed Mr. Dunbar McIntyre, Chairman of the Commission. Mr. McIntyre, who replaces Mr. Crispin Sorhaindo, will serve in this capacity for a period of one year. Mr. Errol Allen was appointed as Deputy Chairman for a period of five years. Mr. Crispin Sorhaindo who previously served as Chairman of the Commission was appointed as a Commissioner for three years. Mr. L Everette Martin was appointed Secretary to the Commission on 01 February 2007. Mr. Martin replaces Mr. Niguel Streete. All future correspondence to the Commission should be addressed for the attention of Mr. Martin.
FirstCaribbean International Bank Limited has announced today that, CIBC, following its acquisition of 599.4 million shares of FirstCaribbean, has made an offer to all remaining shareholders, to acquire their shareholding in the regional bank. The mandatory offer to FirstCaribbean shareholders was made by way of an Offer Circular from CIBC Investments (Cayman) Limited, to acquire all the issued common shares at a price of US$1.62 a share, plus accrued but unpaid dividends. The offer is valid until January 30th, 2007. While the offer has been made to all shareholders in fulfilment of the regional securities take over codes, both CIBC and FirstCaribbean have publicly stated that they are committed to maintaining a strong minority ownership in FirstCaribbean, which they expect to grow in the future. The Barclays sale to CIBC was first announced in March of this year, and closed on December 22nd.
CIBC Acquires Majority Stake in First Caribbean International BankFirstCaribbean International Bank Limited has today announced that CIBC has purchased 599,401,230 shares of FirstCaribbean under the previously announced plans to acquire Barclays Bank’s 43.7 per cent ownership in the regional financial institution. CIBC paid US$988,652,389 in cash. The purchase price paid to Barclays represents US$1.62 for each FirstCaribbean share, plus accrued but unpaid dividends. CIBC will now move forward with its planned mandatory offer to all shareholders in FirstCaribbean. The mandatory offer will also be at a price of US$1.62 a share plus accrued but unpaid dividends. Under its agreement with CIBC, Barclays will have the option to tender all or a portion of its remaining 66, 600,137 FirstCaribbean shares under that offer. Both CIBC and FirstCaribbean are committed to maintaining a strong minority ownership that they expect to grow in the future. FirstCaribbean, which is listed on the Barbados, Jamaica, Trinidad and Tobago and the Eastern Caribbean Stock Exchanges, is the largest regionally-listed bank in the English-speaking Caribbean, with assets of $12.4 billion and a market capitalization of over US$2.8 billion. CIBC’s history in the Caribbean dates to 1920. In 2002, CIBC acquired a 43.7 per cent ownership stake in FirstCaribbean when its Caribbean operations were merged with those of Barclays to form FirstCaribbean. CIBC’s President and CEO Gerry McCaughey said: “We are pleased to have concluded this part of the transaction successfully. We look forward to participating in the future growth of FirstCaribbean in this dynamic region.” FirstCaribbean has over 3,400 staff, 100 branches and banking centres, and offices in 17 countries comprising: Anguilla, Antigua, The Bahamas, Barbados, Belize, The British Virgin Islands, The Cayman Islands, Curacao, Dominica, Grenada, Jamaica, St Kitts & Nevis, St Lucia, St Maarten, St Vincent and the Grenadines, Trinidad & Tobago and The Turks & Caicos Islands. The bank has approximately 780,000 active accounts. It has maintained an “A-Stable” rating by Standard & Poor’s from FirstCaribbean’s inception in 2002, the highest rating of any commercial bank in the Caribbean Community. Barclays PLC is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. It is one of the largest financial services companies in the world by market capitalisation. CIBC is a leading North American financial institution with more than 11 million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world.  ECSRC NEWS RELEASE #24Basseterre, January 24, 2006 Appointment of New Secretary to the CommissionThe Eastern Caribbean Securities Regulatory Commission announces the appointment of Mr Niguel Streete as Secretary to the Commission, effective 24 January 2006. Mr Streete replaces Mrs L Mignon Wade. Kindly address all future correspondence to the Commission for the attention of Mr Streete. Your continued co-operation is appreciated.
ECSM Certification Workshop Series ContinuesThe eighth in the series of Eastern Caribbean Securities Market certification programmes is slated to get underway on 21 November 2005. The workshop will be open to persons wishing to operate as investment advisors, principals or representatives of broker-dealer firms, as well as to members of the public wishing to learn about the principles and features of the Eastern Caribbean Securities Market. The five-day workshop, which will take place at the ECCB Headquarters in St Kitts, will provide participants with an understanding of the role and functions of the various ECSM institutions, the legislation and the rules and regulations governing market operations. The topics to be covered include the fundamentals of economic analysis and evaluating government securities; brokerage operations and customer account management; portfolio management and asset allocation. Sessions will also be devoted to providing participants with hands-on experience in the systems used in the trading environment, as they participate in mock trading and settlement activities. The details of the workshop can be obtained from the Eastern Caribbean Institute of Banking and Financial Services at the ECCB complex in St Kitts.
Second Trinidad Company Receives ECSRC Broker Dealer LicenceRBTT Merchant Bank Limited has received a licence from the Eastern Caribbean Securities Regulatory Commission, (ECSRC) to operate as a broker-dealer in the Eastern Caribbean Securities Market. Incorporated in Trinidad and Tobago in 1975, RBTT Merchant Bank Limited offers a wide range of services including floating and underwriting of securities, loan syndication, securities trading, financing, advisory services and capital market transactions, throughout the English and Dutch-speaking Caribbean Countries. According to Everette Martin, Acting Secretary of the ECSRC, the entry of RBTT Merchant Bank into the securities industry in the Eastern Caribbean Currency Union is indicative of efforts to expand the operations of the Eastern Caribbean Securities Market to the wider CARICOM region. “We welcome the company's participation which we expect will strengthen the market and provide both the public and private sectors with greater access to funding for project development, ” Mr. Martin stated. In commenting on the grant of the licence to his company, Lyndon Guiseppi, the Managing Director of RBTT Merchant Bank, stated, “This licence will allow the licensees of RBTT Bank to approach institutional investors in the Eastern Caribbean Currency Union, with a view to distributing securities originated in any CARICIM territory which will positively impact their portfolio”. The RBTT Merchant Bank is a wholly owned subsidiary of RBTT Financial Holdings and an affiliate of RBTT Bank, which operates in several ECCU countries. This is the second Trinidad company to be licensed by the Securities Commission, the first being Caribbean Money Market Brokers in January 2005. The granting of this new licence brings to ten the number of broker dealers licensed by the ECSRC.
Trinidad Company Receives ECSRC Broker Dealer LicenceCaribbean Money Market Brokers (CMMB), a full-service brokerage house headquartered in Trinidad and Tobago , has received a licence from the Eastern Caribbean Securities Regulatory Commission, (ECSRC) to operate in the Eastern Caribbean Securities Market. CMMB, which will be conducting business as a full service broker dealer from its home base, becomes the first company operating from offices outside of the ECCU; however having been registered as an external company in St Kitts and Nevis, the company will maintain an agent in the Eastern Caribbean currency union. Established in 2000 from a partnership between the Jamaica Money Market brokers Limited and Trinidadian companies CL Financial and CLICO Investment Bank, CMMB operates as a full service brokerage house in Trinidad and Tobago , offering investments in both debt and equity. The granting of this new licence brings to nine the number of broker dealers licensed by the Commission. The others are Antigua Commercial Bank, ABI Bank Ltd, Bank of Nevis Ltd, Bank of St Lucia Ltd, National Commercial Bank (SVG) Ltd, National Mortgage Finance Company of Dominica, the St Kitts Nevis Anguilla National Bank and Republic Finance and Merchant Bank (FINCOR) of Grenada. The ECSRC is the regulator for the securities market in the Eastern Caribbean Currency Union, which comprises the eight member countries of Anguilla , Antigua and Barbuda , Dominica , Grenada , Montserrat , St Kitts and Nevis , St Lucia and St Vincent and the Grenadines .
Mr Errol Allen, Deputy Chairman of the Eastern Caribbean Securities Regulatory Commission, (ECSRC), says that corporate leaders are recognising that human capabilities and performance cannot be measured in the same way as accounting for assets, liabilities and equities or physical assets. In an address at the opening of the 7th Securities Market Certification Workshop on 29 November 2004 the ECSRC Deputy Chairman noted that winning companies were investing in training, research and development and brand building, since the intangible assets were the source of greatest value to modern corporations. “It is the skill sets, the spirit of individuals and groups, the strategies, methods and processes, ideas and intellectual property… which will separate winning from lagging companies,” he stated. He urged the participants to make use of the skills acquired at the workshop in an effort to convince corporate leaders of the value added that can be derived from such exposure. The workshop entitled “Fundamentals of Operating in the Eastern Caribbean Securities Market” is taking take place at the ECCB Headquarters. Mrs Mignon Wade Secretary of the ECSRC welcomed the participants from the ECCB member countries and Jamaica , Trinidad and Tobago and Barbados.
The Eastern Caribbean Securities Regulatory Commission is continuing its series of certification workshops for persons wishing to operate as investment advisors or as principals or representatives of firms in the Eastern Caribbean Securities Market. The workshops are also open to members of the public wishing to learn about the principles and features of the market. The next workshop entitled “Fundamentals of Operating in the Eastern Caribbean Securities Market” is scheduled to take place at the ECCB Headquarters in St Kitts from 29 November to 3 December 2004. It will provide participants with an understanding of the role and functions of the various ECSM institutions, the legislation and the rules and regulations governing market operations. The topics to be covered include public offerings, brokerage operations and customer accounts management, portfolio management and asset allocation. Those participants wishing to become licensed market operators will be required to successfully complete the certification examinations on Friday, 3 December 2004. Details of the workshop are available at the Eastern Caribbean Securities Regulatory Commission website at www.ecsrc.com. [Click here for workshop information]
Twenty-two persons from the Eastern Caribbean Countries, Barbados, Trinidad and Jamaica are seeking to understand the fundamentals of the Eastern Caribbean Securities Market, and to equip themselves with the skills required for operating in the market. They are participating in the sixth certification workshop being hosted by the Eastern Caribbean Securities Regulatory Commission at the ECCB Headquarters in St Kitts, from June 7-10, 2004. The workshop will provide participants with an understanding of the functions of the various ECSM institutions, the rules and regulations governing market operations and the role and responsibilities of all participants in the market. They will be instructed in the basics of bond and equity markets; ECSM trading market principles and brokerage operations and customer accounts management. Participants will sit the certification examinations on Friday, 11 June 2004 and will become eligible to apply for an intermediary licence to operate in the market upon successful completion of the examinations. In the opening ceremony on Monday, 7 June 2004, Mr Errol Allen, Deputy Chairman of the ECSRC, noted the changes to the structure of the region’s financial system from globalisation, which made the countries receptive to inflows of international funds. He emphasised the importance of individuals developing their own human capital to provide value in the market place and commended participants for seeking to acquire the training being offered at the certification workshop, which would allow them to take advantage of opportunities in the globalised, connected economy.
The Eastern Caribbean Securities Regulatory Commission will be hosting the sixth in its series of certification workshops at the ECCB Headquarters in St Kitts, from June 7-11, 2004. According to Mr Crispin Sorhaindo, Chairman of the Eastern Caribbean Securities Regulatory Commission, the Eastern Caribbean Securities Market, ECSM, provides possibilities for persons to operate as investment advisors, investment bankers, or as principals or representatives of firms in the market. The objective of the seminar is to equip participants to take advantage of these emerging business and job opportunities. The workshop entitled “The Fundamentals of Operating in the ECSM” will acquaint participants with the principles and features of the Eastern Caribbean Securities Market. They will be exposed to a series of lectures and case studies on various topics, including Brokerage Operations and Customer Account Management; Public Offerings; Investment Advice and Collective Investment Schemes. They will also review the Securities Act 2001 and the regulations, which govern the operations of the ECSM. On
completion of the workshop, persons wishing to operate in the Eastern
Caribbean Securities Market will be required to successfully complete
the requisite certification and submit applications for licences
to the Eastern Caribbean Securities Regulatory Commission. Details
of the workshop are available on the ECSRC website at www.ecsrc.com - [Download Registration Form]
Twenty participants from six ECCU member countries and Trinidad and Tobago are in St Kitts to learn the fundamentals of operating in the Eastern Caribbean Securities Market, at a one-week certification workshop, being hosted by the Eastern Caribbean Securities Regulatory Commission. In a brief opening ceremony at the Eastern Caribbean Central Bank on October 20, 2003, Deputy Chairman of the ECSRC Mr Errol Allen acknowledged that the certification process would provide the skills necessary to enter and operate in the Eastern Caribbean Securities Market. He however admonished participants to engage in continuous learning and self-development in order to remain at the cutting edge of new ideas and technological development and to face the challenges of the changing environment. Mr Glenford McLeish, General Manager of Mayberry Investments Limited, and one of the facilitators of the workshop provided an overview of the Jamaican Securities Industry, in light of current discussions to integrate the Caribbean securities markets. During the week, participants will be instructed on several topics including the regulatory and operational
framework developed for the Eastern Caribbean Securities Market; the interrelationships of institutions in Since the start of the Eastern Caribbean Securities Market two years ago, seventy-four candidates have participated in the certification examinations. Of the sixty-six successful candidates forty have applied for and been granted licences, nineteen as principals and twenty-one as representatives of broker dealer firms.
The Eastern Caribbean Securities Regulatory Commission is preparing to host the fifth in its series of certification workshops for prospective principals and representatives of firms wishing to operate in the Eastern Caribbean Securities Market. The workshop, under the theme The Fundamentals of Operating in the Eastern Caribbean Securities Market, will take place at the ECCB Headquarters in St Kitts, from October 20-24, 2003. The workshop will expose prospective participants to the principles and features of the Eastern Caribbean Securities Market, and prepare them for the Certification examinations, successful completion of which is a prerequisite for obtaining a licence to operate in the ECSM. Participants will be lectured on various topics, including Brokerage Operations and Customer Account Management; Public Offerings; The Basics of Equities and Bond Markets; and Portfolio Management and Asset Allocation. They will also review the Securities Act 2001 and the regulations, which govern the operations of the ECSM. On completion of the workshop and examinations, participants can submit applications for licences to the Eastern Caribbean Securities Regulatory Commission, the authority responsible for licensing, monitoring and supervising all securities trading activities. Details of the workshop are available on the ECSRC website at www.ecsrc.com
The Eastern Caribbean Securities Regulatory Commission, has developed a website through which information will be available to all stakeholders of the Eastern Caribbean Securities Market. The website, www.ecsrc.com becomes operational on July 1 2003. It outlines the history, structure and functions of the Commission, and provides profiles of the Commissioners and the Commission's Secretary. It details filing instructions for public companies and allows for online completion of the requisite forms, which can be returned electronically to the Commission. Information is also available for investors about issuers and broker dealers. Persons and organisations desirous of participating in the Eastern Caribbean Securities Market as broker dealers, representatives, principals, collective investment schemes, exchanges, clearing agencies and registries, will be able to download application forms from the site. Information on the ECSM Certification Examinations is provided, and investors will be able to submit complaints online to the Commission. The site will be updated on a regular basis with all press releases, speeches by Commissioners and public statements. Developmental
work to facilitate access via the site to the Eastern Caribbean
Securities Information Network (ECSIN) is ongoing, and should be
completed within 60 days. ECSIN is a database that stores the filings
of public companies.
ECSRC
Issues New Broker Dealer Licence Republic Finance and Merchant Bank Limited (FINCOR) has received a broker dealer licence from the Eastern Caribbean Securities Regulatory Commission, and is now eligible to operate in the Eastern Caribbean Securities Market. FINCOR, a Trinidad based company, owned by Republic Bank Limited of Trinidad, will conduct business as a full service broker in the market through its branch in Grenada. As a broker dealer, the company will be able to trade on behalf of investors, providing them with advice on the purchase and sale of securities, as well as in the area of financial planning. The granting of this new licence to FINCOR brings to eight the number of licensed intermediaries operating in the Eastern Caribbean Securities Market. The others are Antigua Commercial Bank, Antigua Barbuda Investment Bank, Bank of Nevis, Bank of St Lucia, National Commercial Bank (SVG) Ltd, National Mortgage Finance Company of Dominica and the St Kitts Nevis Anguilla National Bank.
ECSRC Joins International Regulatory Council The Eastern Caribbean Securities Regulatory Commission (ECSRC) was granted full membership of the Council of Securities Regulators of the Americas (COSRA) at its recent spring meeting held in Miami, Florida. Formed in 1992, COSRA is actively involved in the maintenance of the integrity of securities markets through co-ordination of and co-operation in market surveillance, and the enforcement of market laws and regulations. According to ECSRC Secretary, L. Mignon Wade, the ECSRC as a member of COSRA will now benefit from resource capacity building opportunities and will be positioned to collaborate with other securities regulators, in implementing international standards and receive general assistance with the development of the Eastern Caribbean Securities Market (ECSM). COSRA
is committed to the development of trading systems based on principles
of enhanced transparency and the efficient clearance and settlement
for all participants in the securities markets. Membership in COSRA
is open to securities regulatory authorities of North, South and
Central America and the Caribbean.
4th
Securities Market Certification Workshop Opens With the deepening of the region's financial infrastructure, our countries have the opportunity to become more closely integrated with the international financial systems, and carve out new growth opportunities geared towards maintaining sound macroeconomic policies and adequate regulatory structures. So said Mr Errol Allen, Deputy Chairman of the Eastern Caribbean Securities Regulatory Commission (ECSRC) and ECCB's Deputy Governor, while addressing the opening ceremony of the 4th Securities Market Certification Workshop at the Maltin Moving Conference Centre, ECCB Headquarters today (20 January). The workshop, under the theme The Fundamentals of Operating in the ECSM, is geared at providing the participants with a sound working knowledge of the main principles of securities markets. Topics will include The Importance of a Sound Regulatory and Supervisory Framework, Licensing Procedures for Market Participants and The Basics of Portfolio Management and Asset Allocation. The twenty (20) participants of the January 20 - 24 certification workshop are from Antigua and Barbuda, Dominica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Trinidad and Tobago, and the ECCB. This ECSM Certification Programme is presented by the ECSRC, in collaboration with the ECCB and the ECSE.
The Eastern Caribbean Securities Regulatory Commission is inviting applications for its certification workshop and examinations from persons desirous of operating as Principals and Representatives of broker dealer firms or as Investment Advisors, in the Eastern Caribbean Securities Market (ECSM). The workshop, which will have as its theme "The Fundamentals of Operating in the Eastern Caribbean Securities Market", will be held at the Headquarters of the Eastern Caribbean Central Bank from January 20 to 23, 2003. During the four days, participants will be apprised of the ECSM infrastructure and the Interrelationships between institutions within the market. They will also be instructed in ECSM Trading Principles; Licensing Procedures for Market Participants; Brokerage Operations and Customer Account Management and the Basics of Portfolio Management and Asset Allocation. The workshop will be followed by examinations on January 24, 2003, successful completion of which is the first step towards acquiring a licence to operate in the ECSM. Persons
wishing to attend the workshop may obtain application forms and
any further information from the Secretary of the Eastern Caribbean
Securities Regulatory Commission, at PO Box 1855 Basseterre St Kitts,
telephone 869-465-2537, extension 302, by emailing eccbsup@caribsurf.com
or by visiting the ECSE website at www.ecseonline.com.
ECSRC
Issues Reporting Rules For Public Companies In an effort to ensure that investors have access to full information when making investment decisions, the Eastern Caribbean Securities Regulatory Commission (ECSRC) has issued new reporting and disclosure requirements for public companies. The Commission requires that all public companies file an annual report, within one hundred and twenty days of their financial year-end and a semi-annual report, no later than thirty days after the first half of the financial year. Companies must also advise the Commission of any significant changes in a "Material Change report", within seven days of the event, and provide shareholders with an annual audited financial statement. The Securities Act 2001 stipulates that all public companies should complete a process of registration with the Commission. Companies must file a registration statement providing basic information about their operations, including the date and place of incorporation, the management team, and the main line of business. The statement should also include a summary of past offerings of securities, the size of the company's capitalization and the names of any substantial shareholders. New public companies will also be required to comply with the registration process within ninety days of the date of incorporation. Updated statements must be submitted annually, reflecting any changes that occur during the course of the year. Any Company wishing to issue securities to the public must first file a registration statement along with a prospectus with the Commission. The information in the reports and the registration statements will be available to the public through the Commission.
Securities
Registries Need to Be Licensed The Eastern Caribbean Securities Regulatory Commission has issued a notice informing all firms or individuals operating or intending to operate a securities registry business of the need to be licensed by the Commission. The notice, dated October 23, 2002, advises that under the Securities Act 2001, which governs the conduct of securities business in ECCU member countries, it is an offence to establish, operate or assist in operating a securities registry business, which has not been licensed by the Commission. Any person or company in breach of the law will be liable on conviction to a fine, a term of imprisonment or both. Individuals face a maximum fine of $50,000 and imprisonment for up to one year, while companies may be fined up to $100,000.00. Both the individual and the company may incur an additional penalty of $1000.00 for each day the offence continues following conviction. Persons
requiring application forms should contact the office of the Secretary
of the ECSRC, at the ECCB Financial Complex, Bird Rock, St Kitts,
by telephone, (869) 465-2537, by fax (869)-466 8954, or by E-mailing
eccbsup@caribsurf.com.
ECSRC
Completes its Firts Year of Operation Mr Crispin Sorhaindo, Chairman of the Eastern Caribbean Securities Regulatory Commission, says he is satisfied with the progress made by the Commission in its first year of operation. According to Mr Sorhaindo, the Commission has already licensed six broker dealers and is currently assisting four potential broker dealers to finalise their applications. Forty-three persons have successfully completed the ECSM Certification Workshop and Examinations, twenty-four of whom are licensed as principals and representatives in the ECSM. The Commission has also registered twenty-nine public companies, which will shortly begin reporting formally to the Commission on an annual and semi-annual basis. "This new entity, which is starting from scratch is responsible for licensing persons engaged in securities business, as well as regulating the conduct of securities business in the Eastern Caribbean Currency Union, so we must to proceed carefully. Our staff is in place and our systems have been developed. The ECSRC has already been granted associate membership in the Council of Securities Regulators of the Americas (COSRA), and we expect to receive full membership in November," said Mr Sorhaindo. Established on 19 October 2001, the Commission is governed by the Uniform Securities Act 2001. The five Commissioners are Chairman, Mr Crispin Sorhaindo of Dominica, Mr Dunbar McIntyre from Grenada, Mr Calvin Rodgers from Antigua & Barbuda, Mr Charles Brisbane from St Kitts & Nevis and Mr Errol Allen, Deputy Governor of the Eastern Caribbean Central Bank who is the Deputy Chairman. The
Commission plans to launch its website (www.ecsrc.com) in December
2002.
ECSRC
Issues Reminder to Prospective Workshop Participants The Eastern Caribbean Securities Regulatory Commission is reminding all persons wishing to participate in the Eastern Caribbean Securities Market Certification Workshop and Examination to submit applications no later than September 20, 2002. The workshop, which is geared at preparing prospective principals and representatives of broker dealer firms and investment advisors to operate in the Eastern Caribbean Securities Market, will run from October 21 to 24, followed by examinations on October 25, 2002, at the Eastern Caribbean Central Bank Headquarters in St Kitts. Successful completion of the examinations is the first step in the licensing process. Application
forms and any further information are available from the Secretary
of the Eastern Caribbean Securities Regulatory Commission, at PO
Box 1855 Basseterre St Kitts, telephone 869-465-2537, extension
302, by emailing eccbsup@caribsurf.com
or by visiting the ECSE website at www.ecseonline.com.
ECSRC
Invites Applications for Certification Programme The Eastern Caribbean Securities Regulatory Commission is inviting applications for its certification workshop and examinations from persons desirous of operating as Principals and Representatives of broker dealer firms in the Eastern Caribbean Securities Market. The workshop, which is geared at preparing prospective principals and representatives for ECSM certification, will run from October 21 to 24, followed by examinations on October 25, 2002, at the Eastern Caribbean Central Bank Headquarters in St Kitts. Deadline for the receipt of applications is September 20, 2002. Persons wishing to attend the workshop may obtain application forms and any further information from the Secretary of the Eastern Caribbean Securities Regulatory Commission, at PO Box 1855 Basseterre St Kitts, telephone 869-465-2537, extension 302, by emailing eccbsup@caribsurf.comor by visiting the ECSE website at www.ecseonline.com.
ECSRC
Licenses Two New Intermediaries for Securities Market Antigua Commercial Bank (ACB) and the St Kitts Nevis Anguilla National Bank (SKNANB) have been licensed by the Eastern Caribbean Securities Regulatory Commission to operate as full service broker-dealers in the Eastern Caribbean Securities Market. As full service broker-dealers, the Antigua Commercial Bank and the St Kitts Nevis Anguilla National Bank can now trade on behalf of investors on the Eastern Caribbean Securities Exchange, and offer advice on the purchase and sale of securities, as well as on financial planning and the issue of new stocks.
The licensing of these two broker-dealers brings to six the number
of intermediaries operating on the Eastern Caribbean Securities
Market. The other four intermediaries, licensed since the start
of the ECSM in October 2001, are Antigua Barbuda Investment Bank,
Bank of Nevis, Bank of St Lucia and National Commercial Bank, St
Vincent and the Grenadines.
ECSRC
Issues Advisory The Eastern Caribbean Securities Regulatory Commission, the ECSRC, is advising firms and individuals involved in securities business in the Eastern Caribbean Currency Union of the need to be licensed by the Commission. The advisory, issued in accordance with section 163 of the Securities Act 2001, warns that all persons engaging in any securities related business, without a licence from the Commission, may be brought before a Magistrate's Court, where they will be liable, on conviction, to a fine of up to $100,000, a term of imprisonment, or both. Companies convicted of similar offences may be fined up to $200,000, and both companies and individuals may be charged an additional penalty of $1000 for each day that the offence continues after the conviction. The ECSRC is therefore inviting all broker dealers, limited service brokers, investment advisors and the principals and representatives of these firms, as well as collective investment schemes such as unit trusts and investment funds and the custodian and management companies of these schemes to apply for a licence. Application
forms may be obtained from the office of the Eastern Caribbean Securities
Regulatory Commission at the ECCB Financial Complex, Bird Rock St.
Kitts.
Securities
Registries Need to Be Licensed The Eastern Caribbean Securities Regulatory Commission has issued a notice informing all firms or individuals operating or intending to operate a securities registry business of the need to be licensed by the Commission. The notice, dated October 23, 2002, advises that under the Securities Act 2001, which governs the conduct of securities business in ECCU member countries, it is an offence to establish, operate or assist in operating a securities registry business, which has not been licensed by the Commission. Any person or company in breach of the law will be liable on conviction to a fine, a term of imprisonment or both. Individuals face a maximum fine of $50,000 and imprisonment for up to one year, while companies may be fined up to $100,000.00. Both the individual and the company may incur an additional penalty of $1000.00 for each day the offence continues following conviction. Persons
requiring application forms should contact the office of the Secretary
of the ECSRC, at the ECCB Financial Complex, Bird Rock, St Kitts,
by telephone, (869) 465-2537, by fax (869)-466 8954, or by emailing eccbsup@caribsurf.com.
ECSRC
Commissioners to Meet Commissioners of the Eastern Caribbean Securities Regulatory Commission (ECSRC) are scheduled to meet on Friday, February 1, 2002, to review applications for broker dealer licences and to consider other issues related to the conduct of business on the ECSE. The Eastern Caribbean Securities Regulatory Commission is the independent and autonomous regulatory body for the Eastern Caribbean Securities Market , established by agreement between the participating Governments. Under the terms of the agreement, the commissioners are responsible for licensing, monitoring and supervising all persons involved in securities trading, as well as, safeguarding and protecting the interests of investors. The five Commissioners are: Chairman, Mr Crispin Sorhaindo of Dominica, Mr Dunbar McIntyre from Grenada, Mr Calvin Rodgers from Antigua & Barbuda, Mr Charles Brisbane from St Kitts & Nevis and Mr Errol Allen, Deputy Governor of the Eastern Caribbean Central Bank who is the Deputy Chairman. The meeting will be held at the office of the ECRSC, located at the ECCB complex in St Kitts. |
