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) 465-7512, or by E-mailing