JIS News

Osborne Nurse, Chairman of the Trinidad and Tobago Securities and Exchange Commission, has called for increased cooperation among the region’s securities regulators or a single regional exchange, to reduce market complications.
Mr. Nurse, who was addressing the launch of the second annual Caribbean Securities Regulators Conference yesterday (Oct.11) at the Hilton Kingston Hotel, said that, “regulators need to collaborate more closely in order to help simplify the requirements for business activity and to ensure that all investors, wherever resident, benefit from the same level of knowledge or information about market actors, and about issuers.”
Citing the securities market in Trinidad and Tobago as an example, Mr. Nurse said that cross-listed entities, which essentially were companies that traded in securities both within, and outside of the country, “are a bit unsure about the requirements they have to satisfy on each of their listed markets.”
He pointed out, that increased cooperation among regulators, in addition to the development of a single regional approach would simplify the requirements for firms seeking to enter the market.
He explained that securities regulators established standards for the disclosure of information, and for market behaviour that require issuers and market actors to observe, as the key mechanisms for ensuring the protection of investors, the efficiency of the markets and the minimisation of systemic risks.
Mr. Nurse said that while it may seem to be a relatively simple job to establish standards, it was not one without cost, “and all market participants seek to minimise these costs wherever possible by playing in the areas of difference”.
He said the Association of Caribbean Securities Regulators was founded in 2003, to develop appropriate standards based on internationally accepted norms that govern disclosure and behaviour in regional markets.
The association, he continued, was “also designed to facilitate the development, widening and deepening of integrated regional securities markets”.
There are four stock exchanges in the Caribbean on which equity securities of Caribbean companies may be listed. Mr. Nurse informed that there are fewer than 120 listings on these exchanges and several of these were by companies listed in more than one of the markets. In Jamaica, there are 46 listings, with six of these listings domiciled elsewhere in the Caribbean.
The second annual Caribbean Securities Regulators Conference is slated to take place from November 7 to 8 at the Jamaica Conference Centre in downtown Kingston under the theme, ‘Securities Market Regulation: Balancing Protection and Development’.
Participants expected to attend include stakeholders in the financial services sector including issuers, investors, market intermediaries, local and regional government officials, academics and other interests.
The conference will be comprised of five technical presentations and seven panel discussions. Among discussion topics are: Prosecuting Securities Market Abuse: Practices and Pitfalls; Corporate Governance Standards for Issuers and Dealers; and The Implications of the Caribbean Single Market and Economy (CSME) for Securities Market Regulators.
The inaugural conference was hosted last year in Trinidad and Tobago.