Frequently Asked Questions



Does a limited service broker perform the same functions as a full service broker dealer?


No. Unlike a broker dealer, a limited service broker is precluded from:

  • providing investment advice, investment banking and underwriting; and
  • holding discretionary accounts for customers.

More information on limited service brokers can be accessed via Licensee/Prospective Licensee Resources.


What is a broker dealer?


A broker dealer is a company that carries on the business of dealing in securities, or holds itself out as conducting such business, as defined in the legislation. This market participant generally provides full broker dealer services including investment banking, buying and selling of securities, underwriting, holding discretionary and non-discretionary accounts, and providing investment advice. The legislation informs that carrying on business dealing in securities, (whether acting as principal or agent) by way of business involves:

  1. making or offering to make an agreement to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities;
  2. making or offering to make an agreement that effects or causes to effect a securities transaction; or
  3. managing a portfolio of securities for another person where the portfolio manager may hold property of the other person.


Where can I find a listing of persons licensed to provide securities services within the Eastern Caribbean Securities Market?


The ECSRC maintains a Register of Licensees which provides the following information on licensees, as well as licensed market institutions:

  1. the name and address of the licensee;
  2. the date on which the licence was granted;
  3. the type of securities business permitted by the licence;
  4. any conditions attached to the licence;
  5. the name and address of every accredited representative;
  6. the name and address of every manager and officer;
  7. the location of the premises at which the records or other documents of the licensed business are kept;
  8. in the case of a company licensee, the name of the principal(s), the name of each director and of the corporate secretary, and the names and respective shareholding of each shareholder;
  9. any disciplinary action against the licensee;
  10. any order of suspension or revocation; and
  11. such other particulars as the ECSRC considers necessary in the interest of the investing or general public.

The register may be view via this link. The register is open to inspection by members of the public.


Are licensees the only market participants in the Eastern Caribbean Securities Market licensed by the ECSRC to provide securities business or services?


Apart from licensees the ECSRC is also the sole licensing authority for the following securities market institutions:

  • Securities Exchanges
  • Securities Registries
  • Securities Clearing Agencies
  • Collective Investment Scheme Custodians
  • Collective Investment Scheme Management Companies
  • Self-Regulatory Organisations


What is a licensee?


A licensee refers to a person (individual or company) licensed under Part IV of the Securities Act. The following persons are considered licensees:

  1. Broker dealers;
  2. Limited service broker dealers;
  3. Investment advisers;
  4. Custodians;
  5. Principals of broker dealers, limited service brokers, or corporate investment advisers; and
  6. Representative of broker dealers, limited service brokers, or investment advisers.


What are the functions of the Market Regulation Division of the Eastern Caribbean Securities Regulatory Commission (ECSRC)?


The division of Market Regulation establishes and maintains appropriate standards for fair, orderly and efficient securities dealings in the Eastern Caribbean Securities Market. The division:

  • establishes certification, operating, licensing, reporting and conduct requirements for licensees;
  • assesses applications for licence from prospective market participants;
  • conducts on-site examinations of market participants;
  • undertakes market surveillance; and
  • sets examinations for, and certifies, potential licensees

What is the purpose of the ECSRC Secretariat

It is the office that performs the administrative and technical functions of the ECSRC.

Click here for more information

How many staff are employed by the ECSRC

Currently the staff complement is seven persons.