TTSEC signs Protocol with Securities Dealers Association

On January 8, 2014, the Trinidad and Tobago Securities and Exchange Commission (TTSEC) conducted its first official stakeholder engagement for 2014 with the Securities Dealers Association of Trinidad and Tobago (SDATT). At this meeting, a Protocol governing their relationship was executed and formalised by Chairman of the Commission, Professor Patrick Watson and President of SDATT, Gregory Hill.

The TTSEC-SDATT Protocol recognises and formalises the ongoing collaborative working relationship between the TTSEC and SDATT. This Protocol was drafted on the premise that both the Commission and SDATT must continue to engender and nurture a long term, positive relationship wherein both organisations may consult with each other and work together to identify and address industry concerns.

Section 19(2) of the Securities Act 2012 (‘SA 2012’)mandates the Commission to co-operate with, provide information to, and receive information from other self-regulatory bodies or organizations . Whilst there is no legal requirement for the creation of a Protocol between the two entities, the Commission believes that this agreement will go a long way in mitigating and alleviating issues that have arisen over time regarding the regulation of the industry.

At this meeting, the TTSEC presented an update to the members of SDATT on the preparation of the Securities Sector for the 4th Round Caribbean Financial Action Task Force (CFATF) Mutual Evaluation and facilitated a presentation through PricewaterhouseCoopers entitled “An Introduction to the Foreign Account Tax Compliance Act (FATCA)”

The Commission intends to convene official meetings with its main stakeholder organisations in order to ensure that partnership, collaboration and cooperation remain common ethos.