Delegates of CGSR Attend Conference in St. Ann

Delegates from member countries of the Caribbean Group of Securities Regulators (CGSR), are currently participating in a conference at the Grand Bahia Principe Hotel in Runaway Bay, St. Ann.

The sessions are expected to empower the 100 delegates to be more efficient and effective in their role as professional regulators.

Countries represented in the Group include the Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guyana, Jamaica, Organization of Eastern Caribbean States (OECS), Suriname and Trinidad and Tobago.

Addressing the opening ceremony on April 22, Executive Director of the Financial Services Commission (FSC), Janice Holness, urged the delegates “not to lose focus of the enormous and critical task facing Securities Regulators in the region, as each year, billions of investment dollars are placed with companies being regulated and for whom ultimate responsibilities are shared.”

“These investments represent the means to fulfill investors’ needs, aspirations and the dreams of their loved ones and so, it is no simple charge and no light responsibility,” she added.

Ms. Holness explained that the mission of the CGSR is to: establish and maintain a regulatory framework that provides investor protection and instills a culture of market integrity, while prudently facilitating financial innovation .

“This conference will provide useful information to help us to effectively execute our task as the sessions are designed to address important elements, which I like to refer to as ‘the sound pillars’ of a regulatory and supervisory framework,” she said.

Ms. Holness called on the delegates to arm themselves with the essential elements of a sound regulatory and supervisory framework.

“We must protect the investor; we must equip the regulator; we must be able to swiftly and adequately respond to complaints and inquiries; and we must promote investor education and the creation of appropriate and effective materials for that education,” she said.

During the three-day conference, the delegates will focus on the legal and regulatory framework for supervision and cross-jurisdictional collaboration as well as examine and explore the implementation of international best practices for financial inclusion; and to coordinate a regional response to addressing common issues, such as market growth and product innovation.