ECSM Certification Workshop and Examination

The ECSM Certification Programme is intended for individuals with at least a first degree in finance or similar certification or commensurate years of experience within this discipline. The programme is offered jointly by the Eastern Caribbean Securities Regulatory Commission (the Commission/ECSRC) and the Eastern Caribbean Securities Exchange (ECSE).

In keeping with the objective of maintaining the highest standard of professional conduct in the Eastern Caribbean Securities Market (ECSM), candidates for the certification examinations are expected to conduct themselves professionally throughout the examination process.

Success in the certification examinations is a prerequisite for obtaining a licence to operate as a Principal, Representative or Investment Adviser in the ECSM. The certification examination consists of two parts: A theoretical section administered by the Commission and a practical/system application section administered by the ECSE.

Registrants may choose to attend the entire ECSM Certification Programme which comprises the workshop and examination or may register for either the workshop or the examination.

The objective of this examination is to assess prospective market participant's competence in securities market issues and the laws and regulations in force in the ECSM. The assessment will be used to determine candidates' eligibility to be licensed as market participants.

The pass mark for the certification examinations is seventy percent (70%).

Examination results will be provided to candidates and their sponsors (if any) within four (4) weeks of completing the examination. A certificate of accomplishment is provided to all successful candidates in the ECSM Certification Examinations. This certificate is not a licence to operate in the ECSM.

Success in the ECSM Certification Examination is one of the eligibility criteria for obtaining a licence to operate as a principal, representative or investment advisor in the ECSM. The Eastern Caribbean Securities Regulatory Commission (the Commission) will not grant a licence to an individual who has not been successful in the required examinations in the Certification Programme.

The ECSM Certification Programme is targeted at persons with a background and/or experience in finance and investment, banking, accounting, and economics. The ideal candidate is someone with academic training and practical experience in securities market issues. This Programme will be of particular interest to recent graduates who wish to specialise in securities business. Candidates will find that the Programme contains challenging theoretical and practical elements, which would equip them for responsibility in a broker-dealer firm or as an investment advisor. The workshops and examinations for this programme are conducted at a postgraduate level, and as such, candidates are expected to have a first degree or extensive experience in one of the recommended disciplines.

The structure of the examination consists exclusively of multiple-choice questions, with four available choices per question.  There are 200 questions divided into two papers, each consisting of 100 questions. The examination is completed in two sittings, one for each paper.  Two hours is allotted to complete each paper. The practical examination is conducted by the ECSE and covers key functionalities of the system software utilized for facilitating securities trades.

All queries and/or complaints about the administration, conduct, procedures, results, etc, of an examination should be forwarded to the Commission, to reach the Commission within 30 days of completing the examination. Failure to submit queries and/or complaints within the stipulated timeframe would result in the candidate losing his/her right of complaint or query.

For a list of the complete Examination Rules and Regulations, and other pertinent information for individuals who desire to participate in the ECSM Certification and Examination Programme, please refer to the ECSM LICENSING POLICY FOR INDIVIDUALS.

1. The Securities Act 2001 and Amendments

2. The Securities Regulations

3. The Eastern Caribbean Central Securities Depository Participant Operations Procedures Manual

4. The Eastern Caribbean Securities Exchange Composite Rules

5. A general text on finance and investment

6. A general text on accounting and financial analysis