Principal Licence



Requirements for Principal Licence

 

 

The conditions for a principal licence are as follows:

  1. The applicant must be an individual;

  2. The applicant must satisfy the ECSRC that he/she has sufficient educational or other qualifications or experience - a first degree or equivalent training and experience in accounting, banking, finance, investment, economics and or securities business.

  3. The applicant must have sufficient authority within the company - must be a member of senior management;

  4. The applicant must be a fit and proper person to supervise the securities operations. In assessing whether the applicant is a fit and proper person the ECSRC looks at a number of factors including the following:
    • Financial status
    • Ability to perform proposed function efficiently, honestly and fairly
    • Reputation, character, financial integrity and reliability
    • Satisfactory completion of any examination requirements as may be prescribed

  5. The ECSRC on approval of an application for a licence, shall grant a licence to the applicant on payment by the applicant of a licence fee of Five Hundred Eastern Caribbean Dollars (EC$500.00).

  6. Licences are to be renewed annually on 1 April.On application for renewal of a licence, the ECSRC, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee of Five Hundred Eastern Caribbean Dollars (EC$500.00).

Documents to be submitted

An individual wishing to apply for a principal licence must submit similar documents as that required for an Investor Advisor (Individual) licence, with the exception of the following:

  • A duly completed (typewritten) application form for a principal licence (FORM 4)
  • A non-refundable application fee of Two Hundred Eastern Caribbean Dollars (EC$200.00)

Please refer to the General Application Procedures for more information on how to apply.