ECSRC Completes its First 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 ( in December 2002.